The University of Wisconsin Budget Model Review Committee is recommending the university create a new budget model, saying waiting to do so is a risk for the school.

A white paper issued by the committee, which consists of faculty, students and staff, said there is a “clear and growing sentiment” at UW that a new budget system is crucial to maintaining the university’s quality as an institution.

In a UW statement, Chancellor Rebecca Blank said the committee has been working since October to identify problems with the existing budget framework. The statement said the committee has now identified possibilities for a new model moving forward.

The white paper outlines problems with the current budget model, including a lack of incentives for academic units to involve themselves in financial planning, little to no transparency in the connection between resource decisions and the outcomes of those decisions and few clear financial incentives for innovation.

The white paper also said the the budgeting process can become politically charged, which is a problem for the school.

The culmination of the committee’s work is just a first step in the process, the statement said, and the white paper recommends the establishment of a cross-campus committee to further evaluate the options.