| Institutions of higher learning fulfil a number of key roles within society. However, a university's performance in the advancement of core academic knowledge is difficult if not impossible to measure. Academic and consequently societal knowledge is advanced through the two key roles of institutions of higher learning: teaching and research. Universities are required to ensure the optimal use of limited financial resources and the equitable allocation of these limited resources in an effort to ensure optimal results. Expectations of internal and external stakeholders continue to be demanding and demands for greater accountability continue to be expressed.;The equitable allocation of limited funds becomes imperative to the successful delivery of services for a university. This thesis examines the issues and the constraints that are likely to arise during the development of a formula based budget allocation model; and suggests a sequence of steps for its implementation which should minimize institutional resistance and enhance faculty/departmental recognition of equity. Development of such a model requires the input of numerous internal and external stakeholders, and, the acceptance and the co-operation of internal stakeholders is vital to its effective implementation and operation.;The key benefit of the budget allocation model described herein, is the explicit prioritization of institutional and faculty objectives required to drive the allocation process. Once these priorities have been accepted, the model provides, a systematic, clear-cut method for the budget process. |
