4-Step Facility Capital Planning Checklist
Facility capital planning can be a bit like going to the dentist…slightly uncomfortable in the short term but highly beneficial in the long run. That’s why we compiled this checklist – to make your capital planning process a bit more (dare we say) pleasant.
What is a Facility Capital Plan?
A facility capital plan is a detailed physical and operational assessment of the systems and buildings in your entire campus, from building systems to physical plant to exterior components. It documents the corrective actions in priority order – including financial estimates and physical safety risks – so you can take action strategically. Unlike a feasibility study, Facility Capital Planning is quick and cost-effective, delivering a list of detailed, actionable items. The facility capital plan provides a strategic view of your facilities from an investment perspective – what equipment, systems, and technologies will need to be replaced or upgraded over time to understand and plan for how much capital will be needed and when.
Where to Start
1. Establish Vision and Goals
These vary by organization, but common themes from CM3 customers include:
- Comply with changes in building codes
- Align systems with building utilization needs
- Satisfy new state requirements on educational spaces
- Address deferred maintenance issues
- Resolve life safety and security concerns
- Maximize energy efficiency
- Improve operational efficiency
- Enhance flexibility or adaptability of buildings and spaces
2. Establish Vision and Goals
Benchmarking is the cornerstone of a capital plan. Work with a facility modernization expert to conduct a comprehensive assessment and analysis of your buildings’ current conditions.
The facility site assessment should include all buildings, grounds, and infrastructure within the campus. Typically, an organization will engage a facility capital planning partner, like CM3, to manage this aspect of the process. Your facility planning partner should have experience in general construction, as well as all major building systems (electrical, plumbing, heating, cooling, security, telecom). This will enable them to assess systems, buildings, and grounds across all functional factors: age, capacity, condition, and risks to pinpoint improvement prospects, critical repairs, and energy-saving initiatives.
Upon completion of the assessment, you should be able to:
- Identify enhancement opportunities for improved performance and potential cost savings.
- Prioritize investments by discerning facility needs and allocating resources judiciously.
- Make data-driven decisions aligned with industry standards and best practices.
3. Establish Vision and Goals
Part of the facility site assessment should include three essential elements to drive the project plan:
- Prioritize needs
- Assign cost estimates
- Identify operational savings
Once these factors are known, you can determine an appropriate implementation path, which may include funding some initiatives through savings (i.e., LED lighting, kitchen efficiencies, building envelope savings).
At this point, a phased approach might be agreeable for long-term implementation, incorporating prioritized projects and renovation timelines.
4. Establish Vision and Goals
Beyond energy and operational savings, there may be funding avenues to help finance your initiatives. These can include public grants, private partnerships, or community fundraising campaigns. Leverage the expertise of finance professionals to identify optimal funding strategies and navigate the application process seamlessly.
CM3 provides facility capital plans under its facility modernization solutions portfolio. Reach out for more information.