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Staff reports big Charter Brothers invoice and updated town-hall budget format
Summary
Staff updated council on the town-hall project budget format and attached change requests; the most recent Charter Brothers invoice exceeded $600,000 and bond interest is accumulating faster than expected, per staff report.
Town staff reported changes to the town-hall budget reports intended to make vendor payments and funding sources clearer and to align change-request documentation with Charter Brothers' invoices.
"The last Charters Brothers invoice of the over 600,000 is much greater than we've seen in the past," staff said, and noted that bond interest has been accruing faster than expected. The revised budget sheets now allocate each line item to a funding source so councilors can see projected remaining balances.
Staff attached descriptions of change requests and noted that while there are many change orders, the speaker said the costs were "very minimal" as they affect the bottom line. Councilors asked follow-up questions about whether contingency and prior allowances would cover upcoming invoices.
