8/31/04 PROJECTED SHORTAGES OF FED FUNDS TO PAY ESI

MOPR Notes:  Ref LEV20040921-5 where JZ mentions that this info was prepared & handed out on 8/31 at a briefing for Jim Mitas & Loren Ellis (both from Cgsm Akin's office).  He continues thru section 10 of that levee mtg to explain the 9/21/04 update;  & in section 13, DC stated that in the wet early Spring, ESI didn't do very much work at all;  it was really slow;  & he thought that in the month of May, they only had about 4 or 5 days that they actually worked.


 

 

31 August 2004

 

                J. Zerega

MERAMEC RIVER - VALLEY PARK, MISSOURI

FLOOD PROTECTION PROJECT

PROJECTED SHORTAGES OF FEDERAL FUNDS TO PAY

ITEM IVB CONTRACTOR (ENVIRONMENTAL SPECIALISTS, INC.)

FISCAL YEAR 2004 SITUATION

Paid Contractor Earnings thru April 2004 $1,300,000.00
   
Actual Unpaid Contractor Earnings  
   Apr  2004     597,515.85
   May 2004      537,053.36
   Jun  2004      949,680.82
   Jul   2004   1,699,483.22
   
Projected Unpaid Contractor Earnings  
   Aug 2004   1,500,000.00
   Sep 2004   1,300,000.00
   
Total Actual & Projected Unpaid Earnings in FY 04  $6,583,733.25
Approximate interest earned by contractor in FY 04        30,000.00
Total approximate debt to contractor in FY 04   6,613,733.00
Round to  $6,600,000.00
   
   
   
Additional Federal funds needed in FY 04 = approximately  $6,300,000.00
Additional sponsor cash contributions when Fed $ arrive, approx      300,000.00
   
   
FISCAL YEAR 2005 SITUATION  
   
President's Budget  $2,060,000.00
Approximate Fed amount that will be paid to contractor          1,000,000.00
   
   
Contractor will complete the job, & will have earned  
the total contract amount plus interest, say..... $14,800,000.00
   
   
Contractor will have been paid about    2,300,000.00
   
   
Contractor will be owed about $12,500,000.00