Description:

This is the ratio of the cost of the repairs identified in the Facilities Condition Audit to the Building Replacement Value calculated by Risk Management for insurance purposes expressed as a whole number.  The formula is

(1-(Total Deficiencies/Replacement Cost)) x 100=FCI

Buildings with an FCI of 30% or less are candidates for replacement with a new structure.

Notes:

1)  The Building Replacement Value is often less than the cost of constructing the same building new because it is assumed that some portion of the building would be salvageable.

2)  The industry standard is to express the FCI as strictly the ratio of deficiencies to replacment costs.  Colorado expresses the ratio in terms of how good the building is.