Banks SD 13 bond update: program contingency at roughly $4.7 million (8.1%), above target
Summary
Cornerstone told the board the bond program contingency across projects is about $4,707,000 (8.1%), exceeding the 5% target; a $58 million program budget and interest income were discussed and staff promised ongoing monthly updates.
Casey presented a program-level budget recap and contingency status, saying the program budget began near $58,000,002.24 and that interest earned has pushed the spendable total closer to about $59 million. "So we within both the 5 Star and PNC... those 4 numbers, as we stand today, is 4,707,000, which is 8.1%. Our goal before we start construction is to be above 5%." he said.
Board members asked about contract risk and how market pressures (tariffs, fuel) are being handled; contractors and staff said they are locking key materials early and structuring subcontract terms to reduce exposure. Casey said using some contingency to cover timely, cost‑effective wish-list items (including a proposed team-room shell) would keep the program above the target buffer.
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