Agenda - 03-19-2002 - 9a - Laserfiche WebLink

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4 Table 2 below outlines total available funding for Elementary#9: Table 2. Funding Available for Elementary#9 Project Funding Savings from Smith Middle School $380,000 School Capital Fund Balance $192,462 Appropriation 2001 Bond Funds $12,800,000 Total CHCCS/County Funds Available for Elementary#9 $13,372,462 Town of Chapel Hill Contribution $750,000 East West Partners Contribution $824,052 Total Funds Available for Elementary#9 $14,946,514 Actual site and construction work have not started for Elementary #9, so it is difficult to accurately project any ultimate project savings. As with all new construction projects, there are many uncertainties. For example, there is a potential that as site work begins, contractors may encounter large rock beds that require a significant amount of work over and above the current contract price. As outlined in the School Facilities Planning and Funding Policy, the final phase of level 2 projects is the Final Accounting Phase. At the close of the project, this phase will reconcile actual project expenditures with the approved budget and provide the Board with a "final accounting" of the project. If a project balance exists at the completion of the Elementary#9 project, CHCCS has indicated that they would like the Commissioners to consider establishing a Future Projects Planning Fund. That mechanism would allow project balances remaining after the final accounting phase to be used for preliminary planning for other high priority approved Capital Investment Plan projects. It would also permit the District to proceed on schedule with the project prior to total project funding being identified and secured. RECOMMENDATION (S): The Manager recommends that the Board of County Commissioners receive the project update for CHCCS Elementary School #9 and adopt the attached Elementary School #9 Construction Capital Project Ordinance.