Risk Analysis:
There are no significant or critical risks associated with the recommendations in this report.
Financial Matters:
The project has been completed and is projected to finish with an estimated surplus of approximately $260,000.
The following summarizes the project expenditures.
| EXPENSES DESCRIPTION | BUDGET* |
Actual to Date * | Variance Surplus /Deficit |
|---|---|---|---|
| Professional Fees | $306,000 | $345,092 | ($39,092) |
| Fit-Up Costs | $267,500 | $100,319 | $167,181 |
| Construction Costs | $7,596,711 | $7,902,121 | ($305,410) |
| Miscellaneous (survey, events, financing, permits etc.) | $1,474,730 | $1,384,290 | $90,440 |
| Contingency | $684,920 | $338,039 | $346,881 |
| Total | $10,329,861 | $10,069,861 | $260,000 |
*Values are as of March 3, 2020 and include non-recoverable taxes. Additional expenses for financing costs are also included in the Miscellaneous expense line.
Following the Species at Risk identification, a budget of $10,329,861 was approved through the following sources:
With the exception of the sale of Fire Station No. 5, project revenues were distributed in accordance with the approved project budget. Previous Fire Stations No. 2 (located on Walker Road at Richmond Street) and No. 6 (located on Tecumseh Road East at Jos. St. Louis Street) have been sold.
- $9,000,000 initial project funding for both Fire Station No. 2 and No. 5.
- $218,000 in park land dedication costs initially transferred from the Fire Station No. 2 project were recovered, as the Fire Station No. 5 project incorporates the improvement of various sites within the Spring Garden Area of Natural and Scientific Interest.
- $900,000 proceeds from the sale of surplus Fire Stations No. 2, 5, and 6.
- $76,941 from the Unallocated Capital Placeholder Contingency.
- $134,920 in surplus funding from Project 7052089 (Station 7 – New Fire Hall).