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10/18/04 SHORTAGE OF FUNDS TO PAY
ESI
MOPR Notes: See LEV20041018 for cmts re this hand-out
there.
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18 October 2004 |
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J. Zerega |
VALLEY PARK, MISSOURI PROJECT
SHORTAGE OF FUNDS TO PAY ENVIRONMENTAL
SPECIALISTS, INC.
FISCAL YEAR 2004
$2,093,500 in fed funds reprogrammed into
the VP project in 9/04. These funds were expended on the ESI
contract.
| ESI earnings in FY 04 (including
est'd Sept earnings of $1.4M) |
$ 8,017,996 |
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|
| Payments & accruals in FY 04 (excluding
interest) |
3,510,300 * |
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| Owed to ESI at the end of FY 04
(excluding interest) |
4,507,696 |
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| Interest paid in FY 04 |
22,809 |
| Interest owed on unpaid billings thru
Aug billing |
5,974 |
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| * Sponsor funds expended
in FY 04; cash contributions $178,008, sewer relocations |
| $22,800. Fed funds
expended in FY 04: $3,309,492 |
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| FISCAL YEAR 2005 |
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| ESI will complete the contract & will
have earned the |
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| total contract amount
plus mods & interest, say... |
$14,800,000 |
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| Payments to ESI in FY 04 |
- 3,510,300 |
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| Approximate fed amount that will be
paid to ESI |
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| from the President's
$2,060,000 FY 05 Budget request |
- 1,000,000 ** |
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| Approximate sponsor funds that will
be paid to ESI |
- 250,000
** |
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| ESI will be owed about |
10,039,700 |
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| ** We are
paying ESI as early in FY 05 as possible to reduce interest
payments. Corps |
| paid ESI $950,000 in
principal & interest in early 10/04 using fed funds. Corps
requested |
| $120,000 in sponsor cash
contributions related to the fed funds received in 9/04. Corps |
| withdrawing $65,000 of
FY 05 cash contributions related to the initial FY 05 CRA funding. |
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