9/21/04 SHORTAGE OF FUNDS TO PAY ESI

MOPR Notes:  See LEV20040921-5 thru 10 for cmts re this hand-out & consider that in section 13 of that mtg, 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.


 

 

21 September 2004

 

               J. Zerega

VALLEY PARK, MISSOURI PROJECT

SHORTAGE OF FUNDS TO PAY ENVIRONMENTAL SPECIALISTS, INC.

FISCAL YEAR 2004 SITUATION

$1,322,800 paid to Contractor thru August 2004

Unpaid Contractor Billings  
   Apr  2004 $   597,515.85
   May 2004      537,053.36
   Jun  2004      949,680.82
   Jul   2004   1,699,483.22
   Aug 2004   1,511,462.34
Total Unpaid Contractor Billings   5,295,195.59
   
Projected Unpaid Contractor Earnings in Sep 2004   1,400,000.00
Approximate interest earned by contractor in FY 04       30,000.00
   
Federal Valley Park project funds moved into contract in Sep 2004         -   80,000.00
Federal funds St Louis District transferred to project in Sep 2004   -  200,000.00
   
Total projected debt to contractor at end of FY 04   6,445,195.59
Round to   6,400,000.00
   
Additional Federal funds needed in FY 04 $ 6,000,000.00
   
Approx additional sponsor cash contributions required with an  
  additional $6,200,000 of Federal funds $   400,000.00
   
   
  FISCAL YEAR 2005 SITUATION IF NO $6 MILLION TRANSFER IN FY 04
   
Contractor will complete the job, and will have earned  
  the total contract amount plus mods and interest, say... $14,800,000.00
   
Payments to contractor in FY 2004  -  1,602,800.00
   
Approximate Fed amount that will be paid to contractor  -  1,000,000.00
  from the President's $2,060,000 FY 05 Budget request  
   
Contractor will be owed about $12,197,200.00
Round to $12,000,000.00