01-11-1993 Council Packet - Laserfiche WebLink

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TO: FROM: DATE: Mayor and City Council Ron Moorse, City Adn ; ’.trator January 8, 1993 i i j f SUBJECT: New City Facilities Financial Update At the January 4 special council meeting, the architect and construction manager updated the Council on the new city facilities progress and budget status. The budget status is that with the deletion of the cold storage building and the police security system the project has a contingency amount of $27,666. The attached cost summary sheet from Kraus-Anderson dated 12/1/92 reflects the deletion of the cold storage building and the police security system beginning with the November 6th cost estimate. The summary sheet includes the cost related to all change orders presented to the Council through the January 11 Council meeting. At the January 4 Council meeting the Council requested an update of project expenditures from a cash flow perspective. I have attached two tables to show the current status of expenditures and cash. The first table titled Expenditure Status Update shows the amounts remaining to be paid in each budgeted expenditure area. The second table titled Cash Position Vs. Expenditures Remaining shows the current and projected cash status of the bond proceeds fund and the building fund. The two tables together show that the total amount of expenditures remaining, $1,163,510, is very close to the budgeted funds remaining $1,167,314. In reviewing the expenditures made f"*.jm the construction fund, it was determined tnat several expenditures charged to the construction fund have not been accounted for in the project budget or in the project budget updates. It appears these expenditures were assumed to be charged to the building fund outside of the project budget. Staff is reviewing these expenditures to determine if they have been correctly charged to the construction fund, and whether the amounts- are correct. The expenditures are as follows: A.Surveying fees related to the platting of the property- $5,000. B.Title insurance. This is to obtain additional insurance to cover the value of the buildings in response to the litigation concerning the St. Cloud group's option on the property- $5,661. C.Legal fees related to the purchase of the land and the negotiation of the construction manager contract-$*1,009. D.Soil testing fees related to soil borings at the corners of the buildings»$10,773. E.Engineering fees related to the construction of the frontage road-$21,000.