SR 05:003 - Laserfiche WebLink

referred to as CIP No. 025071A and the electrical conversions are referred to as CIP No. 025071B. The Street Lighting Project was awarded on October 5, 2004. CURRENT EXPENDITURES First Street Lighting Construction Contract (025071A) First Street Lighting Contingency 15% Construction Services (Survey/Soils) Design Consultant (Street lighting and Service Lateral conversions) Subtotal FUTURE EXPENDITURES Individual Electrical Property Conversions (025071B) (estimated) Installation of 5 remaining light fixtures (estimated) Subtotal Total Projected Expenditures PROJECTED FUTURE FUNDING First and Kottinger Undergrounding Phase I & II Street Lights and Electrical Service Laterals (CIP NO. 025071) Current Project Balance Reimbursement Rule 20A Funds (SAY 80% of $200,000) Appropriation of additional funding (10/5/04) Street Lighting Project Commercial Property Reimbursement (estimated) Total Projected Funding $480,342 $72,051 $10,000 $138,210 $7O0,603 $200,000 $25,000 $225,000 $925,603 $560,490 $160,000 $114,113 $35,000 $869,603 Based on the above estimates, the total project deficit, once reimbursements from PG&E and commercial properties are received, is estimated to be $56,000. However, in addition to the projected funding short-fall of $56,000, it is anticipated that approximately $200,000 will need to be added to the project until such time that the City is reimbursed from either Rule 20A funds or from private commercial reimbursements. Until such time as bids are received, the projected revenue short-fall is an estimate. Staff will be able to better assess the funding needs for the project at the time of project award. SR:05:003 Page 3 of 4