How can the city ensure that the projected costs are accurate, and that the actual construction costs won be higher?
Even with an unprecedented spike in construction costs over the last three years, Clearwater has completed the majority of its construction projects on time and under budget. To ensure that the construction figures were conservative, we asked two companies to provide estimates based on their projected costs to build the facility in 2007. A third consulting company also provided estimates based on the costs of other, similar projects. The Finance Department then used these figures and increased them by 7% annually, then added a 15% contingency.
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