HomeMy WebLinkAboutSolana PID mid year presentation
Solana PID #1
Mid-year Update
Service and Assessment Plan (SAP)
•The SAP was approved by the Town January 2015, with the approval of the PID
bonds; requires annual SAP update by Council
•SAP update (including SAP budget) are approved by the Council towards the end of each
fiscal year, about August/September
•SAP budgets are allowed by the SAP to be adjusted as costs savings or overruns
occur as the development is constructed, however the total amount of revenues in
the Project Fund will not change
•Mid-year update allows Council to see projected budgetary changes occurring as
development proceeds and prior to the required review of the SAP budget in the
fall
Current Budget vs 2016 Projected Budget
Budget Adjustments
Savings
•$88,000 TC MUD waterline
relocation
•$200,000 Landscape (hard contract)
•$600,000 Retaining Walls (hard contract)
•$310,000 Geo Tech & Erosion
Control
•TOTAL $1,198,000 Savings
Increases
•$200,000 Water & Sewer (TRA meter station)
•$1,000,000 Road (paving stone changes)
•$250,000 Engineering Fees
•$200,000 Wetland Mitigation Fees
•TOTAL $1,650,000 Increases
(Need $452,000 to balance)
2016 Budget
•Moving $1,198,000 from project savings to cover increases
•Moving $452,000 from contingency to cover remaining increases (unless there are
further savings in other categories)
•The original Contingency Budget included Public Parking so this leaves
$60,000 in contingency NI Public Parking
•Future cost overruns that exceed the PID Project Funds will be the
responsibility of the developer
•No action from Council today; expect to see these changes in 2016 SAP budget
update (Aug 2016)