The table highlights Fiscal Year 2017, the most recently completed year, and Fiscal Year 2020, which is the first year New Hall will be in operation. It demonstrates the impact to revenues and expenses of adding 400 beds and meal plans, and shows the first bond payment. It also demonstrates that the reserves are adequate and that the Housing and Dining group can continue work to improve buildings and reduce deferred maintenance. The detailed financial pro forma in Appendix D shows fiscal years across the top and the row categories are at the left. It is presented in cash-basis rather than accrual accounting in order to understand the cash-flow implications in each year. The main assumptions are shown in the yellow box at the top and these address the main drivers of the housing and dining operation, which are occupancy and room and board rate assumptions. This spreadsheet shows the entire operation and is the same planning template that the group has used since 2006. The effects of building New Hall can be seen by comparing the columns for 2017 (the most recently completed fiscal year) and the column for 2020. Fiscal Year 2020 would be the year New Hall opens, rents are collected and operating costs increase for the new building. It is also the year that the bond payments of approximately $2.8 million begin. Revenues for both the Housing portion (residence halls) and the Dining portion increase. The new facility will have approximately 400 beds and this will also lead to nearly 400 new meal plans for the Dining operation. The dining operating costs will increase more, on a percentage basis, than the housing costs, because the first 35 cents of each dollar of dining revenue is needed to purchase food. This plan assumes that the annual repair and improvement project work (preservation) continues at $1.7 million annually and that the amount would increase over time. It also assumes that the large-scale renovations to various buildings would continue and these amounts are listed as “projects funded from reserves.” There is a list of buildings relating to these amounts, but the actual project work will go to whichever building has the greatest prioritized need over the years. The plan would maintain reserves at a level above the 1.0 Maximum Annual Debt Service required in the CWU Reserve Policy (CWUP 2-10-105). These additional reserves, should they materialize according to plan, would allow for some flexibility in the future for additional repair and improvement work. Projected Total Cost for the Project: Costs for professional services (specialty consultants, etc.) $ 538,000 Design & construction costs estimated (construction contingency) $ 31,716,000 Demolition and Site Development Costs $ 2,000,000 Equipment and furnishing costs $ 2,300,000 Contract administration costs (owner, construction management, etc.) $ 923,000 Contingencies (design & owner) $ 1,509,000
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