2013-14 Operating & Capital Budget Plan - Cornell University ...

Capital Plan – 2013-14Capital Plan — 2013–1440The university’s capital plan details the capital project activity anticipated over a 5-yearhorizon in order to meet the university’s objectives. The plan examines the financial impactsof these projects, including the ability and priority for gift fundraising, the availabilityof New York State funding, the need for central institutional support, and the ongoing costof operating and maintaining the physical assets. Each of those financial considerations isweighed in relation to other competing demands on constrained resources. In addition,the timing of the projects is considered as they relate to other projects and the internalresources and external workforce required for a given level of concurrent constructionactivity. The resultant capital plan is a manifestation of Cornell’s priorities and initiatives.The schedules on subsequent pages highlight plans toaddress the university’s strategic initiatives, programenhancements, and the maintenance, renewal, and improvementof its buildings and campus infrastructure.CAPITAL ACTIVITYThe projects in the approved capital plan includethose with budgets greater than $250,000 and plannedactivity in the 2013-14 budget year (see Table 6 for asummary and Appendix O for detail). They are projectsthat have been approved for planning, design, orconstruction; projects that represent academic orprogrammatic priorities for use of unit resources;necessary ongoing investments in maintenance andinfrastructure projects; or projects undertaken aspart of the 2009-13 State University ConstructionFund (SUCF) capital plan. All projects have completefunding plans in place. Proposed projects that are relianton uncertain sources of funding (gifts to beraised, future New York State capital plans, grant proposals,etc.) or those that require new debt have beendeferred until a certain funding plan is in place. Inaddition, projects planned for years beyond the 2013-14 fiscal year are not included in this plan.Capital Plan HighlightsThe university has already authorized $1.13 billion (64percent) of capital activity on projects with an estimatedtotal ultimate budget of $1.76 billion. Of thetotal project costs, $800.4 million (45 percent) is estimatedto be spent by the end of the 2012-13 fiscal year.If future projects proceed as planned, the capitalbudget for expenditures during 2013-14 will total$418.3 million, of which $242.4 million has alreadybeen authorized. An estimated $542.7 million will bespent over the remaining years of the plan.Projects that have been fully authorized and areunderway make up $972.8 million (55 percent) of thetotal capital plan. They include the Weill CornellMedical College’s Belfer Research Building, the renovationof Stocking Hall and construction of a newFood Science Building, the phased renovations ofMartha Van Rensselaer Hall, the construction ofGates Hall, and the renovation of Warren Hall.Major new projects (project budgets greater than $10million or new construction) planned for the Ithacacampus represent $197.8 million (11 percent) of project