Yes. In 2010-11, $2 million is allocated annually to Renovations and Alterations. For example, some of this funding is going towards the Richardson Hall and University Avenue renovations.
There are also previous capital projects that were not fully funded. These are being charged to the operating budget over 30 to 40 years. Examples are the BioSciences Complex, Chernoff Hall, the Queen’s-KGH Co-Generation Facility etc. The annual impact on the operating budget of such allocations is $2.6 million. Most of these charges (referred to as internal loans) are being deferred until 2012-13 to temporarily help address the projected budget shortfalls.
In 2010-11, the University has planned for two significant projects:
We are not facing a choice between constructing new buildings or funding academic programs; the choice is between constructing new buildings or making do with the old ones, regardless of how inadequate they may be. If Queen's expects to remain competitive in the future, there is no choice but to continue to build, renovate and restore.
Elsewhere in Ontario and across the country, the cautious assumption of capital debt in order to maintain a quality learning environment is an accepted and prudent practice. In the current economic environment, it is in Queen’s best interest to protect and improve campus facilities and infrastructure.