New projects represent slightly less than a third of the total project costs.
Indeed, of the original 16 projects presented in 1995, the campus has either completed or made significant progress on all except the garage repairs. As noted in our 1999 narrative, a study completed last year significantly increased the estimated project cost, and we have been able to make only emergency repairs as we develop an implementation plan for the total repairs. Our ability to move forward on many projects simultaneously, even as we faced the costs of emergency repairs brought on by two transformer fires, convinces us that our capital planning is on target. Our ten years plan will no doubt change over time as market forces and unexpected emergencies emerge. We will continue to work on many other projects simultaneously so that we will be able to take advantage of funding opportunities as they arise.