Working Smarter initiative on track to meet — or surpass — financial goal
The University of California has generated $460.9 million in cost savings and new revenue by operating more efficiently over the past three years and funneled that money directly to campuses to support the university’s core academic and research missions.
Whether by buying insurance in bulk or rethinking the way campuses invest working capital, UC has found $294.3 million in cost savings and produced $166.6 million in fresh revenue since launching the Working Smarter initiative three years ago. The initiative is on track to reach or exceed its goal of producing $500 million in positive fiscal impact over five years.
In its third year, the initiative produced $171.3 million in administrative efficiencies through 10 different projects, making it Working Smarter’s best year so far. Successful projects included negotiating discounted rates for employees traveling on UC business to save $7.9 million and better managing liabilities to save $32.0 million in insurance and workers compensation claims.
“Working Smarter is a critical investment in our future,” said Nathan Brostrom, executive vice president of business operations. “These projects save UC money, generate new revenue and help the university become a more efficient, financially sustainable public institution. Although we are proud of our progress so far, we know there is a lot more work to be done systemwide.”
Brostrom and Chief Financial Officer Peter Taylor will discuss Working Smarter’s progress at the Board of Regents meeting on Sept. 18.
Go to the UC Newsroom for Communications Coordinator Katherine Tam’s full story.