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Finance team gives bond budget update; staff report 15% contingency in project budget
Summary
Finance staff presented an early bond financial report showing project accounting in fund 425, initial disbursements, and a total project contingency of about 15% covering construction, professional services and owner costs.
During the Oct. 24 work session, the district finance team presented a preliminary bond budget update and reporting format that will be provided regularly to the bond oversight committee. Staff said fund 425 is the district’s main building fund and that monthly and weekly updates will track expenses and encumbrances against the project budget.
Finance staff explained the budget categories: construction costs, professional services (architect, owner's rep, surveyor, geotechnical work) and owner’s costs (technology, furniture and other items needed to open and operate the new school). "We have about a 15% contingency total throughout construction and professional services and owner costs," a finance presenter said.
Staff said initial payments have been processed without major issues and that more detailed budget vs. actual variance reporting will be provided as spending increases. Board members requested future budget vs. actual and variance details; staff agreed those will appear in the regular reports to the bond oversight committee and business meetings.
No financial approvals were required this evening; the update was informational and intended to keep the board and the bond oversight committee aligned with early spending patterns and contingency planning.
