Please find attached, the spreadsheet(s) with the updated estimated costs of the project. Although we received F&O’s numbers yesterday, we haven’t been able to have a follow up conversation on their figures, so there are a few open questions there, but we are hoping those answers will not result in significant changes.
Here are a few notes: (although I have placed the EDU cost below, it is probably easiest to look at the costs by looking at the first sheet, “Summary Sheet”, of the attached spreadsheet).
- Based on the analysis, the Bond Resolution would be for $22.5 million – line 51, column K. Less the $9.7 million already approved, would result in this resolution amounting to $12.8 million.
- The amount for the sewers would be limited to $18.7 million (line 52, column E), less the $9.7 million previously approved, or $9.0 million for this resolution.
- We have estimated the bids to be received, based upon the 2021 bids, and added in the escalation that was seen on the most recent bids for Shared, OC, and SV, or a 40% escalation.
- We have also added an additional 5% inflation figure for delays, as 1) the shared bid awards are being delayed, and some of the low bidders have suggested they would increase costs for the delay (and one or two parts may have to go out to rebid), and 2) we don’t yet know when we will go out to bid (it could be much later than after May 24, as we will need to determine where the other beaches are with approvals, where the shared is with re-bidding, and hopefully link our timing with theirs).
- F&O have suggested a contingency of 8%. We have added an additional 15% contingency. We can discuss those reasons at tonights meeting.
- There are other assumptions in the schedules for legal, admin, stormwater financing, operating costs which we could discuss if others are interested in.
Marty
Excel Link: Revised Budgets – April 30
