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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.
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21 September 2004 |
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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 |
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|
|
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