Earlier this year, American School and University’s (ASU) resident facility planning blogger, James E. Rydeen, published a post on controlling the costs of major construction projects. His post holds 4 key takeaways for containing the cost of your next capital project.
1. Plan for the long-term needs of your school.
2. Develop a total budget – include everything needed to move into the building. (e.g. furniture, equipment, supplies, technology).
3. Begin containing costs on day one, not after bids have been taken.
4. Update and reevaluate your budget on a regular basis.
Overall, Rydeen’s post focuses on the need for detailed planning during all stages of the construction process. This point rings true for many capital projects, but thorough planning can be difficult if you don’t have an organized system. Today, many schools are still using paper and pencil to manage their all-important capital budget, but with Planning Direct, a web-based capital planning solution, you can centralize your budget data and plan long-term and short-term budgets and projects using a Technology Assisted Renewal Analysis (TARA) model. This also enables you to more accurately forecast future needs with real-time data.
Too good to be true? Read about how Gresham-Barlow School District more effectively prioritizes capital requests with PlanningDirect. Also find out how Terry Taylor, operations and maintenance supervisor at Gresham-Barlow, generates custom capital fund reports in under 3 minutes!