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Buda council hears mid-program bond update; staff flags roughly $14 million shortfall and readies $64M in bids
Summary
City staff told the council the 2021 bond program is about halfway complete ("54.3% of the way through the bond program"), outlined $64 million in upcoming bids and identified a shortfall of roughly $14,000,000 that will require prioritization, phased delivery or use of alternate funding.
The Buda City Council received a mid-program briefing on the 2021 bond program, where staff said the program is now more than 1,100 days in and about 54.3% complete. The presentation focused on schedule, current and expected costs, and a set of near-term construction packages the city plans to bid next year.
Program staff said widespread increases in labor and material costs — particularly steel, concrete and fuel — have generally plateaued at a higher-than-expected level and have consumed much of the contingency that the program assumed in 2020. "This isn't the hitting of the panic button or sounding of alarm," the program manager said, but the city faces a shortfall the staff estimated in the low tens of millions and…
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