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Finance Committee rejects technical amendment raising Island Home supplemental appropriation to $125.39 million
Summary
A proposed technical amendment to Article 13 that would increase the Island Home/Sherburne Commons supplemental appropriation to $125,392,502 failed 5-4 after lengthy discussion about guaranteed maximum price contracts, contingency funding, enterprise retained earnings and cost-per-bed comparisons.
The Nantucket Finance Committee voted 5-4 on May 1 to reject a technical amendment that would have increased Article 13's appropriation for the Island Home/Sherburne Commons project to $125,392,502.
Town staff told the committee the supplemental article reflects construction bids that exceeded earlier estimates and that the total appropriation needed is $125,392,502. Brian, a town staff member presenting the item, told members the committee previously voted on a borrowing authorization of $105,000,000; the supplemental article adds appropriations and funding sources to cover the higher guaranteed maximum price (GMP).
Under the technical amendment staff proposed: transfer $1,500,000 from certified retained earnings in the Sewer Enterprise Fund; use $7,585,000 of retained earnings in the Island Home…
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