diff --git a/TODO b/TODO
index b8cfa0796..1cdb597db 100644
--- a/TODO
+++ b/TODO
@@ -33,7 +33,8 @@ Refactorings
 
 Make devices dynamically loadable (perhaps use framework from glib)
 
-Separate out analysis code in much the same way as the devices code
+Separate out circuit builder from the analysis code and put it in a
+separate src/builder directory
 
 Separate ngspice and nutmeg; i.e., no more SIMULATOR define