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School construction cash-flow update: projects tracking on schedule and budget, reimbursements lag on a short cycle
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 compiles monthly ledgers, staff review reimbursement requests and the superintendent signs them before submission to the state; payments commonly arrive about 30 days later. Dan noted the state typically holds 5% retainage until project closeout, which means reimbursement percentages will often lag percent-complete on the work.
Dan said South Norwalk School spending is progressing through interior finishes and site work scheduled for summer, with some close-out items into September. Norwalk High School construction is out of the ground and moving into structural steel erection. When asked, Dan said both school projects were tracking on budget and schedule at this point, though he acknowledged the usual risks that can emerge in construction.
Board members asked about timing and whether spending was back-loaded; staff said the spending pattern reflects the construction schedule (steel and envelope work earlier followed by interior finishes, equipment and FF&E) and that the team expects further progress payments and reimbursements in coming weeks.
