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Council reviews Stratford High School closeout credits as project nears finalization
Summary
Council staff and the construction manager explained that recent credits are part of the Stratford High School project closeout reconciliation (GMP allowances, change-order reconciliation) and that the credited amount is bonded money to be credited back to the town; there is no plan to repurpose the funds now.
Councilors asked for context on a reconciliation credit tied to the Stratford High School renovation. CAO Chris Timniak said the town is "in the final phases of submitting all our paperwork" and that credits returned during reconciliation reflect allowances, holds and contingencies within the project's guaranteed maximum price and the project closeout process. "Our hope is to have all the paperwork done and given to the state of Connecticut so they can give us back their percentage," Timniak said, noting the state's share was about 62–63% of eligible costs.
A Turner representative explained that credits stem from reconciling subcontractor change orders and allowances and that the funds are bonded money. The council and mayor agreed the intent is to close out the project and credit the town; there is no current plan to reallocate the refunded amount to new projects while the bonds and closeout process are completed.
Why it matters: The $126 million school project (council-authorized construction amount referenced by staff) involved bonded financing and state reimbursement; closeout credits affect final accounting and how much the town ultimately pays.
What comes next: Staff will complete closeout paperwork and submit final reconciliations to the state, after which credited amounts will be reconciled per bond and state reimbursement rules.
