Funding Shortfall on Cameron Street Bridge
By 250 News
Prince George, B.C. – City Staff say there is a funding shortfall for the construction of the Cameron Street Bridge.
The amount short is $184,950
The Mayor wasn't willing to kick in the extra dollars to cover it, nor was Councilor Glen Scott. Councilor Don Zurowski says he isn't one to support "$200 thousand dollar bills, but this one I will." Councillor Debora Munoz supports the expenditure saying it is to "preserve an important piece of our history." The motion passed.
IDL Projects has been given the approval to construct the Cameron Street Bridge and while it submitted the lowest bid, City staff trimmed a little more, reducing the estimated cost for saving a small section of the Bridge, moving it and setting it up at the Forestry and Railway Museum
Here’s how the dollars both in form of income and expenditures shape up so far:
Funding Sources for Design & Construction Budget:
Amount
Debenture (borrowing authority in place) $5,952,000
Municipal Rural Infrastructure Fund $2,000,000 (gas tax program Fed/Prov)
City Roads-DCC Reserve $1,548,000
Provincial Cycling Infra Partnership Prgm. $ 200,000 (Anticipated funding)
Total Budget $9,700,000
Expenses/Commitments To Date: Amount
City activities in support of Design $ 10,500
Engineering & Construction Insurance $ 46,500
Consultant Functional & Detailed Design $ 442,260
Construction Tender Cost** $9,054,000
The Construction Supervision/Administration $ 128,690
Allowance for commemorative plaque $ 3,000
Proposed Contingency Allowance $ 200,000
Total Expenditures $9,884,950
Funding Shortfall $184,950
**The $9,054,000 amount represents the tender bid less the GST amount and less the difference between the $312,000 submitted Heritage components (shown in Table 1) and the recommended expenditure of $205,000 for Heritage considerations.
The difference between the approved budget and total expenditures indicates that there is an anticipated budget shortfall of $184,950. It is recommended that $130,000 this shortfall be funded through surpluses from other 2008 capital projects and the remaining $54,950 be funded from capital expenditure reserves brought forward from 2007.
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