Trustees Approve $93 Million Budget for 2014-2015 Year

The Academy’s trustees kicked off their official spring term meetings May 15, approving an operating budget of $93 million for the 2014-15 academic year, a $2 million increase from the current year. Concerns for utilities, health expenses, salaries and benefits for faculty and staff prompted the increase. The school is also aiming to slow expense growth in order to avoid inflation.After approving the budget, the trustees examined the fundraising plans for the year, including an effort to build a new performing arts center. All of the school’s construction plans are dependent upon successful fundraising, and with extra donations to the Exeter Fund, all fundraising for the year looks to be on schedule. More information will be revealed upon the conclusion of the Exeter Fund drive, June 30.The trustees opened the meeting with Principal Tom Hassan’s report, which detailed upcoming initiatives and renovations, recently achieved milestones and a variety of relevant Academy news.Hassan’s report highlighted two major projects, which will begin in the upcoming summer. A construction crew has already started laying out plans to renovate Webster Hall and has come up with public floorplans for the complete remodeling of Elm Street Dining Hall.Danielle Doucette, lead host at Elm Street, emphasized the impact of the changes taking place in the dining hall. “Everything is going to look different, it's going to be very modern. Everything is going to be updated. The food is going to be prepared out here, so you’ll be able to see it,” Doucette said. “It’s going to change dramatically.”In his report, Hassan further explained the details of both projects. “A major interior renovation to Webster Hall will begin immediately following graduation and will end by the start of school in September. Last summer, as you may recall, work on the exterior was completed. Significant upgrades to Elm Street Dining Hall will continue, and the magnitude of construction required in the coming months will mean that Elm Street needs to be closed for the entire summer,” the report read.History instructor Kent McConnell pointed out pros and cons of the renovation and expansion. “You’re going from a dorm with about 40 kids to about 60, and in some ways, I think that’s negative; when you expand the numbers, the ability of faculty to attend to students closely is diminished. On the flip side of that, the renovations will allow space for more full time faculty, so that helps alleviate some of those issues,” McConnell said.During Thursday’s meeting, the trustees also examined investment and financial reports. In an effort to protect the Academy’s endowment, the trustees discussed and voted on changes to the school’s spending policy.Chief of Planning and Facilities Roger Wakeman also revealed exciting new plans about upcoming projects. The Academy will begin renovations later this summer, scheduled to end spring 2015, on a new fitness center, located on the ground level of the Thompson Gym.In addition, an announcement about the finalizations of a lead gift for a second turf field area behind Phelps Stadium was released. As a part of athletics facilities planning, a committee was charged with possible solutions to the deprecated nature of the Thompson Cage and tasked with generating possible recommendations and solutions. The success of the new fitness center and synthetic turf field rely on additional fundraising, however.Along with athletics facilities, the trustees discussed the advancement of the arts at Exeter, with a focus on two separate projects: an addition to the current music building and a new theater and dance performing arts center. While the upgrading of the music center has already reached 80 percent of its goal for funding, the new performing arts center still requires much fundraising.The trustees weighed the pros and cons of placement at the corner of Water Street and Main Street, near St. Anthony’s Bakery and the town barber shop. After analyzing information from the Federal Emergency Management Agency, the committee discovered that a variety of insurance changes and restrictions would limit construction, and thus the site was eliminated from consideration.Many students reacted positively to the news. “St. Anthony’s was actually like a part of the town and I would have felt wrong if we took that away. While Court Street would be personally inconvenient, it does seem like one of the better alternatives to St. Anthony’s,” upper Jad Seligman said.With the need for a new theater facility growing with each year, the trustees are now looking to Court Street for a possible location. Although a viable option for development, the Court Street site would require extensive relocation of tennis courts.Lower and varsity tennis player Torrey Foster disagreed slightly with Seligman’s opinion. “I think that Water Street would have been a better location, but given the flooding problems, it's probably best not to build there," Foster said. "But we really need a new theater for increased space and easier use.”The trustees ended the meeting and moved on to a dinner at the Saltonstall House, where retiring science instructor and former Dean of Faculty Kathleen Curwen was thanked and honored for her service. Saturday morning, trustees Bill Rawson ’71, Doug Smith ’83 and Tom Hutton ’73 were in attendance at a special faculty meeting in which the school report received its final composition recommendations.