SR 06:144 - Laserfiche WebLink

Based on the above bid amounts for the various options, below are the potential funding deficits by option for consideration. TABLE 1 Option 1 Option 2 Option 3 Option 4 Balance Available for $947,500 $947,500 $947,500 $947,500 Construction Project Construction $977,256 $1,175,813 $1,311,151 $1,461,952 Costs Funding Deficit $29,756 $228,313 $363,651 $514,492 To meet the project funding shortfall, staff is recommending utilization of the Capital Improvement Reserve (CIPR) that will be established as part of the Mid-Term CIP. While this funding will not be available until the Council adopts the Mid-Term budget in June, it will be available consistent with project expenses. While the Council has not formally approved the CIPR concept, it has directed staff to include it as part of the Mid-Term budget. As a result, staff is assuming it will be approved. With this transfer of $29,756 to the Kottinger Creek Project, the CIPR will have a projected fund balance of $1,911,240 after funding is transferred to the Veteran's Memorial Building, Phase I Bernal Sports Park, Alviso Adobe Community Park and the Firehouse Arts Center. SCHEDULE The proposed schedule for the subject project is as follows: Council A ward of Contract Start of Construction Contract End of Construction May 16, 2006 June 2006 October 2006 The lead-time for bridge delivery, as well as the limited construction window for work in the creek (April 1, to October 15), requires that the project be awarded at the May 16th Council meeting in order to meet the construction schedule. Current lead time on ordering steel bridges is 12 weeks, and has forced this project to bid earlier than planned, since regulatory agency permitting is not yet complete. On May 9th, staff will conduct a walk-through with the environmental regulatory agencies for permitting of the stream's alteration. These types of projects are supported by the environmental regulatory agencies and we do not anticipate any delays in obtaining permits. What may have an impact on the project funding, is the level of regulatory reporting that may be required over the next 5 years. It is recommended that the reporting and initial oversight will be contracted out and costs for this are typically between $30,000 and $40,000 for oversight, reporting and maintenance for a 5-year period for projects of these types. SR 06:144 Page 5 of6