Risk Analysis:
There are no risks associated with accepting this report.
Financial Matters:
There are sufficient funds in Project ID 7171077 (Banwell Improvements) and Project ID 7191037 (Tecumseh Rd Storm Water Study) to proceed with the scoped work as outlined in CR385/2020.
For Project ID 7171077 – Banwell Improvements, a summary of the financials are as followed:
| Revenues | |
|---|---|
| Approved Funding | $6,442,168 |
| Expenses | |
| Consulting Services RFP 110-19 | $199,000 |
| Banwell Phase 1 (Tecumseh to Palmetto)RFT 87-20 | 2,244,700 |
| Non-recoverable HST | 43,014 |
| Internal Costs | $100,000 |
| Miscellaneous (i.e. Financial costs, contingencies) | $500,000 |
| Total Expenses | $3,086,714 |
The remaining funds of $3,355,454 will be used for the utility relocation and the property requisitions required prior to the construction of Banwell Improvements, Phase 2 and the roundabout at Banwell and Mulberry. Road will commence tentatively in 2022 when additional capital funding becomes available.
For the Tecumseh Road E. Corridor. Project ID 7191037 currently has surplus of approximately $432,400. The budget estimated for this study is $49,783.00 plus tax. There are sufficient funds in the project account to complete this project.