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Pratt and Sons has earned $6.14M on Wilton waterline; town holds $307K retainage, manager says
Summary
Jim Ward told the board Pratt has earned $6,141,459 to date and the town has paid roughly 78% of the contract; total project expenses were cited as about $6.6 million with roughly $1.2 million in contingency remaining.
In a detailed financial update on the Wilton waterline project, Jim Ward reported Pratt and Sons had earned $6,141,459 so far and that the town had paid about 78% of the contract value. "As of today, Pratt has earned $6,141,459," Ward said, adding the contract is "just under 7.9" (million) and the town holds roughly $307,000 in retainage.
Ward said total project expenses to date were about $6,600,000 and that roughly $1,200,000 remained in contingency prior to unit-price balancing. He added that final unit balancing may reduce the contract amount and that some contingency could be transitioned to other projects, such as Main Street watermain work, after reconciliation.
