File #: 18-0946    Version: 1 Name:
Type: Action Item Status: Consent Agenda
File created: 7/27/2018 In control: Board of County Commissioners
On agenda: 8/13/2018 Final action:
Title: Budget Ordinance Amendment No. 19BCC000007 to Appropriate $4,000,000 of Capital Financing Plan Fund fund balance and transfer the funds to the Pay As You Go Fund and Capital Project Amendment No. 19CPA000004 to Amend the Durham Technical Community College (DTCC) Newton Building Capital Project
Attachments: 1. DTCC Supplemental Item 8.06.18, 2. DTCC Capital Project Budget, 3. CPA-04 Legal Form DTCC Newton Building Project ($4,000,000), 4. AAF-07 Legal Form Appropriate Capital Financing Plan Fund fund balance for DTCC Newton Building Project ($4,000,000), 5. DTCC PowerPoint
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Item:

Title
Budget Ordinance Amendment No. 19BCC000007 to Appropriate $4,000,000 of Capital Financing Plan Fund fund balance and transfer the funds to the Pay As You Go Fund and Capital Project Amendment No. 19CPA000004 to Amend the Durham Technical Community College (DTCC) Newton Building Capital Project

Body
Date Of BOCC Meeting: August 6, 2018

Request For Board Action:
Agenda Text
The Board is requested to authorize an additional $4 million in Capital Financing Plan Fund fund balance to support Durham Technical Community College capital projects for a new Applied Technology building, renovation of the existing Newton Building and the construction of a new Facilities Services building. The increase is needed to offset cost resulted from the overall construction market. Estimate actual construction costs have increased since the original project were developed in 2015. The economic factors that have resulted in rising construction costs have impacted both residential and commercial construction projects.

Durham Technical Community College requests an additional $4 million in county funds to support the construction of the new Applied Technology building, renovation of the existing Newton Building and the construction of a new Facilities Services building. The original project cost totaled $22,061,016 and was funded by a combination of local and state funds. Of this amount, $18 million was funded from the 2016 bond referendum. Due to the construction market factors, project costs are above the original budget projections.

The Durham Technical Community College Board of Trustees supports the request for additional funds. Upon authorization of the additional funds, the project moves forward for review and approval by the State Board of Community Colleges and construction oversight by the Office of State Construction. Although Pay as You Go funds will address the budget gap due to increased construction costs, the actual funds expenditures will not occ...

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