Chancellor Hank Huckaby has led the Board of Regents through a careful review of the PPV and GHEFA financing programs for University System of Georgia facilities, culminating in a Capital Liability Management Plan that was released on December 12, 2012. The report praised the success of these programs in addressing the demand for various support facilities, noting that 175 projects totaling over $3.6 billion in cost have been successfully completed using this program. However, the report also identified a need for better planning, evaluation and management of these programs to ensure their ongoing viability. The new policies and procedures approved by the Regents will provide for an integrated review process to assure that projects address critical needs and are fiscally viable. Staff will closely monitor performance of projects through a new PPV audit process. Specific new policies now mandate a limit of 5% of USG revenues as a system limit and as an institutional target (down from 7% in the past), although some flexibility is provided on an institution by institution basis. In addition, new reserve requirements are being implemented, as well as a renewed focus on refinancing opportunities in the current low interest rate environment.