TO: Chair and Members of the Board
FROM: Cotter Christian, Project Manager
DATE: August 21, 1017
Title
AMENDING THE FY 2017 BUDGET BY TRANSFERRING $40,871.00 FROM THE “CIP-PROJECTS CONTINGENCY” ACCOUNT TO THE “COPANS ROAD MEDIAN IMPROVEMENT” ACCOUNT TO PROVIDE FOR DESIGN AND CONSTRUCTION OF THE COPANS ROAD MEDIAN IMPROVEMENT PROJECT.
BACKGROUND: The Copans Road Median Improvement project is designed to beautify the medians with new landscape and hardscape at a key entry point to the City of Margate. This project has been a long term CRA objective and has been through a lengthy approval process with Broward County, requiring formal agreements between the City, County and CRA.
The $350,000 budget for these improvements was originally established in FY 2016 and costs have increased since that time. The agreement for construction of these improvements includes a base bid of $345,110, which is within the budget amount; however the agreement also provides for a 10% contingency and permit fees, which increases the total contract amount to $384,621. In addition, the existing contract with Kimley-Horn for engineering services during construction in the amount of $6,250 must also be accounted for in this project budget.
There is currently $46,891 available in the general contingency account for capital projects (340-0510-590.91-02). It is therefore appropriate to re-allocate a portion ($40,871) of the general contingency fund to this specific project. As we are currently near the end of FY 2017, it is unlikely that any of the general contingency funds will be needed for other CRA capital projects.
RECOMMENDATION: Approve the Resolution amending the CRA budget by transferring funds from Capital Projects Contingency to the Copans Road Median Improvement project.
FISCAL IMPACT: The total funding in the CRA Capital Budget is unchanged as this is a transfer between Capital accounts.
CONTACT PERSON: Cotter Christian, Project Manager (954-969-3638)