HomeMy WebLinkAboutArts and Science budget update presentationSam & Margaret Lee Arts and
Sciences Center Budget Update
April 19, 2010
VISION POINT AND KEY RESULT AREAS
This item supports the following Vision Point and Key Result Areas:
We are Leaders
Premier educational facilities and programs
Producing well educated future leaders and thinkers
High quality services delivery coupled with financial stewardships
BLUF
•Estimated project cost savings with the
repayment of $201,084 to the utility fund
from the WAF is estimated at $280,753
•Staff recommendation is to enhance the
project by extending the parking area in
front of the Sam & Margaret Lee Art and
Sciences Center
Project Cost
•Construction $4,155,221
•Town Soft cost $1,034,168
•Total $5,189,389
CM cost include - Construction management fee,
site work, concrete, steel, interior and exterior finishes,
Preconstruction cost
Soft cost include- Design, engineering, legal, utility
relocation, low voltage package and FF & E, classroom
supplies
YTD Cost
Construction cost $4,155,221
Amount paid $3,830,729
Balances $324,492
Soft cost $1,034,168
Amount Paid $1,033,138
Balances $1,030
Estimated Balances of outstanding invoice $44,769
Total Project Funding Sources
G.O. Bond Funds $2,500,000
Texas Student Housing $500,000
Lee Gift $500,000
Interest $64,921
Westlake Academy $200,000 Miscellaneous $460
Utility Funding $7,756
Remain of utility Relocation $201,084 ________
Sub Total $3,765,381
Westlake Academy Foundation
Payments $1,195,340
Cash $46,818
Outstanding Pledge $168,598
Unfunded amount $10,668
Variance $2,584
Sub Total $1,421,424
Total Project Cost $5,189,389
WAF Funding Sources Balance
Capital Campaign receipts $1,242,158
WAF payment ($1,195,340)
Sub Total Balance $46,818
Outstanding pledges $168,598
Sub Total $215,416
Utility relocation payment ($201,084)
Sub Total $14,332
Estimated shortfall in pledges $25,000
Unfunded $(10,668)
Key Decision Points
Where does the credit get applied?
•Project enhancement,
–Parking area(80- 123 spaces) $305,000
–Covered walkway $350,000
•Cover long term pledge commitments
from the Foundation
•Fund estimated shortfall in pledges
•Apply credit to Debt service payment
Sam & Margaret Lee Arts and Sciences
Center Enhancement parking area
80- 123 spaces