The problem with most financial projections is they often look at present cost instead of future cost. When school districts first begin planning for the future, the timelines and even funding needs can be somewhat obscured leading to inaccurate financial forecasts.
Facility Insite has solved that. We make it easy to setup, adaptable if conditions change, and transparent for those who need the history behind the numbers. Developed with the help of several key school district leaders, we equip our users with a unique ability to communicate needs through valid and realistic financial projects.
Facility Insite will help you provide your school board and constituents with a more valid financial prospectus on all of your school district’s upcoming projects.
Contingency Rates Specific to Your Area
School leaders can now leverage custom contingency rates which may be applied to a variety of factors specific to their school district to more accurately depict and account for the time and value of money.
Have new construction projects happening in the next five years? No problem. What about renovation or refresh projects that need to be addressed next summer? Again, no problem. Each contingency rate can be customized by project type, timeline, even down to the campus level.
Applied Contingency View (ACE™)
Our ACE view allows for Facility Insite to do all the heavy lifting. With a few clicks of a button, school districts can add specific projects along with beginning costs and Facility Insite can automatically apply all the preset contingencies to that project to give realistic future cost.
Imagine receiving preliminary costs for a new elementary school – let’s say $26 Million. If somehow the school district were able to start, build and complete that project in the next twelve months that figure may be accurate. The problem is the district doesn’t plan to start construction on that school for another two years.
Market conditions may shift. Construction costs may rise. All sorts of costs associated with a project of that size can increase. How do you account for the future value of money? Your school district uses Facility Insite, that’s how.