Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Budget Revisions topic
No spam. Unsubscribe anytime.
Design subcommittee approves two accounting housekeeping moves for Perkins Eastman contract and builder's‑risk insurance
Summary
The committee approved BRR 11 to realign allowances inside the Perkins Eastman contract (no net change) and BRR 12 to reallocate a $2,000,000 builder's‑risk plug into the owner's insurance line; staff said the actual premium was about $1,600,000 and will seek MSBA reimbursement confirmation in writing.
The Revere City design subcommittee approved two budget revision requests intended to tidy contract accounting as the project moves from design into bidding and construction.
BRR 11 reconciles line items inside the Perkins Eastman contract to reflect completed design-phase allowances and does not add or remove money from the approved contract, presenters said. BRR 12 moves a previously included $2,000,000 builder's‑risk plug out of the construction contract and into the owner's insurance line so the premium can be billed against the correct budget line.
Brian (presenter) said the actual premium for the policy "ended up about 1,600,000.0," producing an approximate savings versus the $2,000,000 plug. He also said procuring the policy through the city's insurance agent rather than the contractor produced some savings. A committee member asked staff to obtain written confirmation from MSBA that the city will be reimbursed for the eligible insurance cost; Brian said MSBA had indicated via email that reimbursement was allowable and that staff would follow up with documentation.
A committee member moved to approve BRR 11 and BRR 12; another seconded. Roll-call voting recorded ten affirmative responses and several absences. The chair announced the motion passed. Staff said they will complete the accounting moves and submit any supporting documents to MSBA to pursue reimbursement eligibility.
