City Manager Matthews stated that she had provided the City Council with two financial reports--one for the period ending February 28, 2005 and another for the period ending March 31, 2005. In preparing the report for March, she had noted several errors in the February report that were attributable to the timing of certain payments to James F. Knott Construction Company and the processing of certain change orders. The City Manager added that the "bottom line" for the February report was unchanged.
In regard to the March 31, 2005 financial report, City Manager Matthews noted a number of changes. The contract price with James F. Knott Construction Company increased by $51,490 as a result of Change Order No. 17. Project revenues reflected the $350,000 in bond bill proceeds that the City had recently secured from the State for FY06. Project expenditures included estimated costs for the design and purchase of an interior signage system for the facility. The City Manager noted that the amount of the Proposed Change Orders submitted by the contractor totaled approximately $1.0 million. Assuming that that City accepted all items at the submitted dollar value, available project funding for the Community Plaza Level and other project costs would equal $1,080,435.
City Manager Matthews informed the City Council that she and other members of the project management team would be meeting with Mr. Paul White, Vice-President of James F. Knott Construction Company, during the coming week. Issues to be discussed included the project completion date and other scheduling matters.
The City Manager further informed the City Council that staff would be meeting with the project architect to again review the bid specifications for the Community Plaza Level. Staff's goal was to ensure the specifications were as clear and complete as possible to reduce the likelihood of change orders. This review process was estimated to take approximately two more weeks and, as a result, a recommendation on award of a contract for the Community Plaza Level would come before the City Council in early June rather than mid-May as originally envisioned.
City Manager Matthews concluded her report by addressing the status of the $2.6 million bond issue. She advised the City Council that the closing on the bond issue would take place in May.