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Smith’s facilities have an estimated
replacement value of $930 million. This figure has been increasing in recent years
due to construction of new facilities as well as high construction inflation. To
avoid deferred maintenance, funding has been added to the financial plan to achieve
a goal equal to 2 percent of facilities value for renewal and replacement each year.
Benchmarking against other institutions indicates that Smith has more square footage
per student than its peers; the additional space can be found in both the residential
and academic sectors. This is an expensive leadership position, as it affects the
budget not only in maintenance and renovation costs but also in expenses such as
cleaning and utilities.
A review of a number of academic, residential and administrative
buildings in the perimeter areas of the campus has begun, to determine which buildings
the college might discontinue using. Building location, use and condition are key
factors in the review.
To achieve savings in facilities, the plan calls for:
- Reducing the college’s use of space by 5 percent, or 150,000 square feet
- Adjusting projected building values for a lower-than-anticipated rate of construction
inflation, reducing the amount necessary to reach targeted renewal and replacement
funding.
To further progress on the college’s sustainability
goals and to reduce costs, a number of capital investments are planned over the next
two years. To achieve savings in utilities, the plan calls for:
- Funding a number of conservation-oriented projects through the capital budget,
such as replacing lighting with energy efficient alternatives, insulating attic
spaces in a number of buildings, insulating steam pipes and replacing inefficient
kitchen equipment and refrigeration units
- Reducing annual energy costs through operation of the co-generation facility,
covering the costs of project funding from capital rather than from savings in
utilities
- Locking in more favorable pricing for natural gas than had been anticipated for
2010-11.
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Message from
the President
Introduction
Employee
Compensation
Student-to-Faculty
Ratio
Comprehensive
Fee
Revenue
Facilites & Utilities
Study
Abroad
Libraries &
Information
Technology
Services
Administrative,
Student & Academic Support
Revenue
Generation
Investment
Required
Appendix
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