Strategic Direction 5: Enhance Financial Stability & Stewardship
Pittsburgh Technical College will implement a business and financial model that will institute efficient and consistent policies and procedures to ensure accountability and support innovative business solutions for a diverse college environment.
SD #5 Work Group
*Co-Chairs
Jay Clayton*
Denise Fisher*
Vince Gratteri
Cindy Klein
Jeff Leedstrom
Bill Showers
Connie VanCamp
Tuition dependent higher education institutions seek additional revenue sources
outside of academic programs through opportunities and ideas that leverage existing assets.
– 2019 Annual Higher Education Outlook
OBJECTIVE 1
Launch a new business and financial model that incorporates the necessity of program profitability and alternative streams of revenue.
Strategies
- Build a sustainable financial model that utilizes a transparent and collaborative budgeting process where resources are directed to strategic priorities.
- Ensure all areas of the College are operating efficiently and seek opportunities to contain costs through shared services and new technologies.
- Improve student success to ensure that the College is able to support the region and the public good created by the College’s education.
- Develop an entrepreneurial approach to partnering with local businesses, organizations, philanthropies, and community groups in ways that help sustain the College.
- Optimize the use of financial resources to improve infrastructure and operations.
OBJECTIVE 2
Develop a comprehensive plan to expand College space utilization, facilities master-planning, information technology, and financial planning.
Strategies
- Implement a plan for systematically upgrading the facilities and infrastructure.
- Expand campus space utilization, when feasible, for increased evening and weekend operations.
- Ensure the College’s continued financial stability through a review of current fiscal practices and the development of new financial strategies that will enable the College to react to abrupt changes.
- Develop strategic planning documents to support Information Technology and facilities planning to meet current and projected needs.
- Fortify the College’s data security systems to reduce the risk of loss and potential for malicious activities.
OBJECTIVE 3
Pittsburgh Technical College will evaluate all service contracts and conduct a cost-benefit analysis to determine continuation.
Strategies
- Conduct food service evaluation to determine best course of action resulting from challenges due to COVID-19.
- Further explore implementation of various food and service delivery models to support students and personnel.
- Streamline management systems and policies for better services and stronger results.
- Improve efficiency through top-performing administrative teams aligned with vision and mission.
- Establish automated and integrated infrastructure to support operations through a highly collaborative culture with enhanced core technology and data capabilities.
OBJECTIVE 4
Pittsburgh Technical College will develop a comprehensive examination of campus and space utilization.
Strategies
- Conduct a comprehensive space utilization evaluation and develop a plan to maximize utilization.
- Expand micro-certifications and associate and bachelor’s degree programs, where feasible, to evenings and weekends.
- Develop an institutional efficiency model and acquire benefits from energy audits and other industry enhancements to support Pittsburgh Technical College.
- Develop campus facilities plan, which considers the new requirements since COVID-19.
- Review, on a regular basis, all institutional contracts for consideration of renegotiations and implement a campus facilities lease protocol for revenue generation.
OBJECTIVE 5
Pittsburgh Technical College will ensure sound financial practices that are accountable to stakeholders and which fairly allocate budget and resources.
Strategies
- Examine current tuition pricing and fee structure to ensure cost of attendance remains competitive.
- Develop and launch new revenue streams that address strategic priorities, provide new net revenue, and utilize technology and data to advance operational effectiveness and business process improvement.
- Allocate funding based on strategic priorities, data analyses, and a well-researched funding model which includes ongoing cost-saving initiatives.
- Inclusive and Transparent Processes: Promote inclusive and transparent financial and budgeting processes by providing financial training, engaging stakeholders in financial planning, and sharing clear financial information and data.
- Compliance with Financial Standards: Review and implement a financial structure and auditing process to ensure compliance with local policy standards and applicable state and federal laws.
