Title
Receive a report on the Projected Cash Flow for the New Juvenile Hall and Jail Housing Addition projects.
Report
RECOMMENDATION:
It is recommended that the Board of Supervisors receive a report on the Projected Cash Flow for the New Juvenile Hall and Jail Housing Addition projects.
SUMMARY/DISCUSSION:
A cash-flow analysis of the New Juvenile Hall and Jail Housing Addition projects was requested by the County Budget Office to ascertain the monthly impact that construction expenditures and grant reimbursement/financing sources will have on County finances. To satisfy this request, a month-to-month schedule has been established for each project based on historic construction data with percentages allocated during the overall construction duration. Both projects were combined into one overall report. Key parameters and assumptions in developing the projected cash flow are summarized below.
Board of State and Community Corrections (State) Reimbursement: The County may only invoice the State for reimbursement after issuance of a "Notice to Proceed" for each project. The anticipated start of construction for the New Juvenile Hall is May 2016; for the Jail Housing Addition, June 2016.
Time Frame for Reimbursement: The anticipated duration of reimbursement from issuance of an invoice to the State to County receipt of funds is 90 days.
State Held Retainage: The State retains five percent (5%) of the invoiced amount until final project completion. The County will retain five percent (5%) of the contractors request for payment prior to submittal to the State. The five percent (5%) retainage will be held by the County until completion of the project.
Projects Schedule: Both the New Juvenile Hall and the Jail Housing Addition projects will be in construction at the same time and for the same duration. The New Juvenile Hall and Jail Housing Addition Projects Projected Cash Flow Graph reflects cash flow for each project separately, and fo...
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