Financing the Strategic Investment
Texas Tech will need to utilize several complementary strategies to fund the initial and recurring investments, which are needed. Initially, the existing IT fund balances should be made available to finance needed investments. The Communication Services fund balance at the System level will be available for system-wide priorities and likewise, the institutional balances will be available for investments at the University level.
The budget authority for these fund balances will be assigned to the CIOs under the direction of their CEOs. The Communication Services fund balance will be assigned to the CIO Council. Subject to the approval of the Chancellor, these resources will be available to provide the seed money to finance the broad aspects of the strategic initiative and the priority implementation projects which are identified.
In Fiscal Year 2001, the budget authority of the current IT departments should be consolidated under the CIOs. This consolidation will permit the CIOs to align the resources of these departments strategically. Resources that become available through collaboration, efficiencies, or the elimination of duplication will be available to improve services. The CIOs will be the focal point in developing relationships with various constituencies in order to pool resources and to leverage our ability to meet our needs. Texas Tech will begin a coordinated process of defining financing strategies in order to provide the investments, meet the needs of our customers, and achieve a competitive standing with our peers.
During Fiscal Year 2001, the Universities will implement an IT procurement review and approval process. The objective of this process will be the development of a consistent strategic direction to achieve an integrated information environment for Texas Tech. Additionally, this process will identify opportunities to reduce redundancies and maximize the impact of our investments. Review and approval thresholds will be set at $25,000.
Strategies will be developed to reduce the number of vendor relationships we have and create strategic relationships with the private sector. We will pursue opportunities to aggregate our purchases in order to leverage our procurement authority. Additionally, opportunities to maximize resources through collaboration or by outsourcing operations will be developed.
IT investment should become an essential element in our priorities for allocating funds from our HEAF, tuition revenue bond, and commercial paper programs. Additionally, acquisition of extramural support to finance IT infrastructure and services will be critical.
For Fiscal Year 2002 and beyond, customer-focused strategic planning and governance processes that align IT direction and priorities, with the mission and goals of Texas Tech, will be the basis for allocating recurring and project investment.