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EXPLANATION OF KPJVUS AJIDERSON CONSTRUCTION CONTRACTSTATUS SPREADSHEETThe attached spreadsheet shows the status of all construction contracts. The spreadsheet amounts reflect approved contracts and change orders. An explanation of the spreadsheet columns is as follows: <br />1. Scheduled value: This shows the amount of each contract <br />based on approved contracts and change orders. <br />2. Work completed/previcus application: This is the amount <br />that has been previously requested for payment. The City has <br />paid 90% of this amount. The remainder is a 10% retainage. <br />3. Work completed/this application: This is the current <br />request for payment. Again, Che City would pay 90% of this <br />amount. <br />4. Stored materials: This is materials that have been <br />purchased and received by the contractor and are being stored <br />to be used on the project. <br />5. Total completed and stored to date: This is the total of <br />all work completed and materials stored. <br />6. Balance to finish; This is the amount remaining to be <br />billed from each contrac W • <br />7. Retainage: This is 10% cf the total amount completed and <br />stored to date. This amount is not paid out until final <br />approval of the work. The only exception to the retainage is <br />for materials-only contracts. These are paid in full once the <br />materials are delivered, inspected and approved. <br />Isv