Funds recouped from the sale of Alan Hutton to Spurs will be made available for Smith to strengthen the squad.
"We've won the League Cup and are still involved in three other competitions. It has been a marvellous season and extremely eventful," said Murray.
"It has been memorable in terms of how we've turned things around from last season. Remember we were losing to St Johnstone and Dunfermline.
"I hope we have at least one more trophy on the table at the end of the season. Don't forget this is a new team but I feel we are on the way up as a club and we want to keep moving forward.
"Funds will be available to Walter and we will look at quality rather than quantity.
"Walter had several million to spend in January and chose not to. But we will strengthen the squad in the summer," promised Murray.