Facilities constructed using PECO begin with approval by the university Board of Trustees of a prioritized funding request known as the Five Year Capital Improvement Plan. Using an extensive process of evaluation, the Office of Finance and Facilities assists the Board's Facilities Committee in evaluating each project. Projects selected for consideration are presented by the universities at the annual Facilities Workshop. Following the Workshop, the Board of Governors adopts the PECO Fixed Capital Outlay Legislative Funding Request for the upcoming Legislative Session.
Additionally, the Office coordinates all Educational Plant Surveys, administers the Capital Improvement Fee Trust Fund, and maintains an historical record of all university funding requests for Fixed Capital Outlay. The Educational Plant Survey process is required by Florida Statutes of all public educational entities. For the State University System it is a requirement that at a minimum of every five (5) years, that each university reports on the use of its existing facilities and project out five (5) years its future facility needs. This projection must be based on an examination of data on its existing facilities and a projection of future needs based on anticipated university growth.
Board of Governors authorization is required before a university may proceed with a new project using a financing mechanism, whether this is traditional revenue bonds, bank qualified noted, certificates of participation, or a form of public private. University forms, schedules and other process information is maintained by the Office of Finance and Facilities.