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As you are aware, based on information provided to us by Barnhill Construction (the CM@Risk or Construction Management at Risk Contractor for the EGHS project), we will need approximately $30M for construction and soft costs for Eastern Guilford High School (EGHS) in fiscal year 2007-08 (see chart and calculation below).
(A) |
(B) |
(C) |
(D) |
(E) |
(F) |
PROJECT
PHASE |
EGHS
PERMANENT
SITE BUDGET |
EGHS
MODULAR
VILLAGE
BUDGET |
TOTAL
EGHS
BUDGET |
2007-08
CASH FLOW
PROJECTIONS |
2007-08
CASH FLOW
PROJECTIONS
LESS MODULAR
VILLAGE BUDGET |
|
|
|
(B+C) |
|
(E-C) |
GMP1 |
$ 2,800,175 |
$ 141,395 |
$ 2,941,570 |
$ 1,563,280 |
$ 1,421,885 |
GMP1A |
$ 2,325,281 |
$1,567,133 |
$ 3,892,414 |
$ 3,160,000 |
$ 1,592,867 |
PHASE 2 |
$38,519,216 |
$ 0 |
$38,519,216 |
$25,700,000 |
$25,700,000 |
|
$43,644,672 |
$ 1,708,528 |
$45,353,200 |
$30,423,280 |
$28,714,752 |
$28,714,752 2007-08 EGHS cash flow projections less modular village costs
$ 1,300,000 soft costs
$30,014,752 estimated construction + soft costs needed for EGHS in 2007-08
We proposed using $14M in insurance proceeds and making $16,014,752 in temporary transfers from various existing Capital Improvement Plan (CIP) projects in order to fund the $30M.
Our Board attorney and the County attorney have been working on language for a resolution that will address how the funds that are temporarily transferred are to be replenished by the Board of County Commissioners. At the Commission meeting of September 20, 2007, we were asked to calculate how the replenishment of such funds might be phased versus recouped in a lump-sum.
Finance and facilities staff members have met and recommend phasing the replenishment of funds as follows
$ 1,492,593 in 2007-08
$10,669,635 in 2008-09
$ 3,852,524 in 2009-10
$16,014,752
RECOMMENDATION: I recommend Board approval of the phased replenishment of the $16,014,752 in funds proposed to be temporarily transferred from existing CIP projects to EGHS as outlined above. Upon Board approval, staff will contact County Manager David McNeill and ask that the resolution addressing how the funds that are temporarily transferred to EGHS are to be replenished by the Board of County Commissioners be revised so as to incorporate the phased replenishment outlined above and that the revised resolution be placed on the County Commission agenda of October 18, 2007.
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