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School construction cash-flow update: projects tracking on schedule and budget, reimbursements lag on a short cycle
2956026 · April 7, 2025
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Summary
School construction program staff told the Board the South Norwalk School and new high school projects are on schedule and within budget; state reimbursements lag typical monthly processing and 5% retainage is held until project closeout.
School construction staff provided the board an update on cash flow for ongoing facilities projects and said overall spending and reimbursement are tracking to the published schedules.
Dan Phillips summarized cash-flow figures included in the meeting packet and explained the quarterly-to-monthly reimbursement timing: the Board of Education…
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