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Staff reports progress on bond program: closeouts improving, contingencies narrowing for 2019 referendum; 2023 projects underway
Summary
Bond program staff reported project closeouts improved from 30 to 25, contingency savings in November of about $879,000, and that 2019 referendum expenditures remain close to budget with ~$2.2M available. Updates on 2023 referendum projects and cash‑flow modeling were provided; staff said they will remodel cash flows based on contractor burn rates.
Bond program staff updated the committee on progress related to both the 2019 and 2023 bond referendums.
For the 2019 referendum, staff said remaining project closeouts decreased from 30 to 25 and reported paid and committed funds near $373.46 million against a $375.7 million budget, leaving roughly $2.2 million available. November contingency activity yielded approximately $879,000 in savings and a net contingency balance around $918,000. Staff said they expect a “soft landing” but noted several large closeouts remain.
Staff also briefed the committee on the 2023 referendum: a budget in the vicinity of $439 million, paid/committed funds roughly $177.63 million, and remaining available funds at about $261.4 million (including contingency); project contingencies were reported near $13.9 million. They noted permitting and kickoff milestones for May River Elementary and multiple high‑school CTE and ECC projects and said pricing and Guaranteed Maximum Price (GMP) analyses are underway.
Finance questions focused on cash flow and the gap between forecasted contractor burn rates and actual contractor billing; staff said they will remodel the cash‑flow forecast based on contractor‑provided schedules and GMPs to better align bond sales and funding needs. Staff also noted several anticipated RFP/selection steps for design services in January and upcoming contract pricing reviews.
