STUDENT HOUSING AT THE COLLEGE OF WILLIAM AND MARY TODAYS - PowerPoint PPT Presentation

STUDENT HOUSING AT THE COLLEGE OF WILLIAM AND MARY

TODAY’S PRESENTATION  COLLEGE POLICY AND THE DEMAND FOR HOUSING WHAT ARE THE DECISION POINTS? - Ginger Ambler  CURRENT CONDITION OF RESIDENCE HALLS – Anna Martin  FUNDING THE CONSTRUCTION, OPERATIONS AND MAINTENCE OF RESIDENCE HALLS – Sam Jones

Buildings to Build Community Residence Halls at the Heart of the Undergraduate Experience at W&M

The Beauty of 75%  Residential Experience is Central  The W&M “brand” is engaged learning  Our enviable position as a residential campus  Housing decisions based on longitudinal data

College of William and Mary Percentage of Undergraduates Housed 80.00% 76.44% 76.12% 76.03% 75.61% 75.47% 75.01% 75.02% 74.50% 74.23% 73.98% 70.00% 60.00% 50.00% 40.00% 30.00% 20.00% 10.00% 0.00% 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

Decisions in the Recent Past Jamestown North and South Dillard Complex -- 3 miles from Across from Barrett, Chandler, Landrum campus Near baseball’s Plumeri Park  Closing of Dillard Complex  Construction of the Jamestown Residences  Bring all undergraduates back to campus  Elimination of Triples in freshman dorms

Today’s Decisions  Increase capacity by 200-250 beds  Opening of Tribe Square Apartments  New Fraternity Housing

Determining Demand  Number of students on Housing Wait List  Trends in Undergraduate Enrollment  Town-Gown Relationships  Students Studying Abroad  New Initiatives (Joint Degree Program)  Demand is dependent on the availability of HIGH QUALITY housing on campus

Wait List Trends 2001-2011 Number of Paid Deposits that Exceed our Residential Capacity 450 403 394 388 391 400 350 321 322 300 242 246 250 Women 200 179 Men 150 TOTAL 87 100 80 50 0

RESIDENCE HALLS CURRENT CONDITIONS

BUILDINGS  Residence halls are composed of 63 buildings totaling 1,133,973 sq.ft  The buildings range in size from 1216 sq. ft to 66,696 sq. ft.  The oldest was constructed in 1913. The newest in 2006

MAINTENANCE AND REPAIR BACKLOG  Project planning is based upon known deficiencies in each building  Deficiencies are prioritized  Life Safety  Major Structural Issues  General Renovation

CATEGORIES OF WORK  Structural Repair  Exterior Repair  Roof Replacement  Window, Ceiling, Floor Replacements  ADA Accessibility  Heating and Cooling Systems  Electrical Systems  Plumbing  Fire Alarms, Sprinklers  Kitchens, Bathroom Renovation

MAINTENANCE AND REPAIR BACKLOG  A workbook of potential projects by building was developed in 2008 in order to establish priorities and forecast funding requirements.  A review of the requirements for each building is conducted annually.  The total cost of the current requirements is $98.8 million

FACILITIES CONDITION INDEX  FCI is a ratio of deferred maintenance requirements to current replacement value (CRV)  W&M estimates CRV using recent construction cost data modified by inflation  FCI is significantly affected by changes in CRV

Facilities Condition Index  In 2008 the State began to require the College to use a program called VAFICAS to enter FCI data on auxiliary buildings.  Currently data on 57% of our buildings has been entered  As currently documented, the composite FCI for residence halls is 22%  The highest is Chandler at 62%  The lowest is Jamestown at 0%  5% or less indicates good condition, 5%-10% indicates fair, and 10% and above is poor.

AVAILABLE FUNDING  Residence hall renovation program began in 1993  Expended approximately $5-$6 million each biennium  Graduate Housing Exterior Repair has absorbed majority of funds available since 2003  Funding request in Six year Capital Plan based on debt capacity is:  $5 mil for 2012-2014  $3.5 mil for 2014-2016  $3.5 mil for 2016-2018

College of William and Mary DEBT MANAGEMENT  Debt Management Policy o Guidance for using long-term debt to benefit the College o Structured framework for issuing long-term debt o Process to evaluate annual debt service and consolidated debt burden o Document due diligence in managing the College’s debt portfolio  Annual Debt Management Report o Update on bond rating (currently rated AA by Standard &Poor’s) o Current debt position o Anticipated debt issues (current year) o Annual debt service as percent of total operating expense o Authorized but not executed debt service projects  Active Debt Management o Annual Debt Service as Percent of Total Operating Expense  Per policy, should not exceed 10% o Funds available from paying off previously issued debt o Impact on cost to students

College of William and Mary Annual Debt Service as Percent of Total Operating Expense 9% 7.64% 7.61% 8% 7% 5.87% 6% 6.29% 6.27% 5.27% 5.03% 5% 4.23% 4.86% 3.62% 4% 4.24% 4.20% 3% 3.44% 2.94% 2% 1% 0% FY 2005 FY 2006 FY 2007 FY 2008 FY 2009 FY 2010 FY 2011 William & Mary Consolidated {W&M, VIMS, RBC}

College of William and Mary Residence Life Debt Analysis $90 $78.7 m $80 $70 $60 Millions $47.9 m $50 $40 $29.5 m $30 $18.5 m $20 $10.9 m $10 $5,906,000 $3,593,000 $2,210,000 $1,385,000 $817,000 $0 FY 2014 FY 2018 FY 2022 FY 2026 FY 2030 Potential New Debt Funds Available from Pay Off of Previously Issued Debt

College of William and Mary College-Wide Debt Analysis (All Programs and Sources) $270 $250.3 $240 $210 $180 Millions $150 $120 $90.8 $90 $53.0 $60 $37.8 $18.772 $30 $6.807 $3.972 $2.837 -$3.660 $0 -$30 FY 2014 FY 2018 FY 2022 FY 2026 FY 2030 Potential New Debt Funds Available from Pay Off of Previously Issued Debt

College of William and Mary Comparison of Representative Double Rates: State Institutions $3,500 $3,150 $3,110 $2,800 $2,687 $2,473 $2,675 $2,450 $2,556 AVERAGES $2,535 $2,428 $2,325 $2,100 $2,014 $2,013 $1,750 $1,400 $1,050 $700 $350 $0

College of William and Mary Comparison of Representative Double Rates: Peer Institutions $7,000 $6,500 $6,627 $6,000 $5,873 $5,500 $5,000 $5,030 $4,500 $4,190 $4,414 $4,370 $4,000 AVERAGES $3,500 $3,517 $3,418 $3,278 $3,000 $2,991 $2,500 $2,556 $2,386 $2,000 $1,500 $1,000 $500 $0