Financial Matters:
Based on the low tender for Strabane Road, the funds estimated to be required is as follows.
| EXPENSES | |
|---|---|
| Low Tenderer – Sherway Contracting (Windsor) Ltd. | $1,423,041 |
| Engineering (Baird AE Architecture) | 88,061 |
| Non-Recoverable HST | 26,598 |
| Testing, Internal PM costs & Inspection services | 184,328 |
| Surface Asphalt 2020 (Estimated) | 50,000 |
| Miscellaneous (Advertising, Legal Searches, etc.) and Contingencies | 187,972 |
| Financing Charges for 2023 funding | 20,000 |
| GROSS ESTIMATED PROJECT COSTS | $1,980,000 |
| REVENUE | |
| Previously Approved Funding | $1,550,000 |
| Additional Funding Required | 430,000 |
| TOTAL REVENUE | $1,980,000 |
A total of $430,000.00 in additional funding is required to complete this project. Administration recommends that $430,000.00 in surplus (Sewer Surcharge) funding from the two projects below be transferred to the Strabane project 7152000
Project 7171084 – Dominion/Northwood Intersection Improvements - $250,000.00
Project 7164008 – Curry/McKay/College - $180,000.00
Both of the projects above are in their final stages and as such the surpluses are certain to occur. The Curry/McKay/College projects funding is currently available and as such a transfer of the funding to the Strabane project will happen immediately upon approval of the recommendations.
The Dominion/Northwood Intersection funding surplus is precommitted 2023 funding for the project which is no longer required. As such the recommendation to use this funding for Strabane requires the original precommitment to the Dominion/Northwood