Financial management and budgeting strategies for LIS programmes

Abstract

PurposeWith the dwindling state funding to support higher education, Universities have been forced to initiate many private programmes to not only generate income for the Universities but also to respond to the high demand for higher qualifications and skills demanded for globally. This in turn has put on pressure on University departments to initiate new programmes, budget for them and manage the resources accruing from these programmes. The central question is how these academic programmes are budgeted for and the budgeting strategy adopted by Library and Information Science (LIS) schools. The purpose of this article is to examine the budgeting strategies applicable in LIS and recommends appropriate strategies to be adopted for budgeting for LIS programmes. It also recommends financial management issues that LIS school educators/managers should consider.Design/methodology/approachThis paper is based on analysis of relevant literature and experience of the authors in designing several courses at Makerere University.FindingsThe paper makes a review of budgeting strategies applicable to LIS institutions and makes recommendations for the key areas that should be considered by LIS schools in budgeting for new academic programmes. It concludes by making emphasis on financial management and proper budgeting as an important tool in surviving the closure in the global re‐organisation in higher education.Originality/valueSome LIS schools have closed especially in South Africa. The issue is financial sustainability. This article addresses this central issue that need to be carefully considered by LIS schools to ensure that LIS programmes are budgeted for properly.