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Monroe St/Friendly St. Bikev~~av ~ Page 1 of 2 <br /> SMITH Tammy D <br /> From: KEASEY Ted W [fed.W.KEASEY@odot.state.or.us] <br /> Sent: Friday, March 14, 2008 10:16 AM <br /> To: SMITH Tammy D <br /> Cc: LEEP Steven R <br /> Subject: Monroe St/Friendly St Bikeway <br /> I received the information regarding the reconciliation of costs for this project and possible additional <br /> reimbursement. I worked throu h the amounts and came u with $36 005 in over a ment to the Cit for ro'ect <br /> 9 P ~ p Y Y p J <br /> costs eligible for reimbursement. Here is how I got there: <br /> These first set of calculations begins with the current total of Project Payments, which includes payments to the <br /> contractor, payments to the City, and payments for ODOT Staff time ($391,025)**. I then subtract the amount <br /> already reimbursed to the City ($103,712), which gives the amount of the payments made to the contractor and <br /> for ODOT staff time. The result ($287, 313) is then multiplied by the Federal Rate of reimbursement for this <br /> project (89.73%); the result is $257;806 in federal funds are used for contractor payments and ODOT staff time. <br /> $ 391,025 ODOT Project Payments <br /> $(103,712) Less Amount Reimbursed to City <br /> $ 287,313 Net ODOT Project Costs (w/o City Charges) <br /> $ 257,806 Federal Funds Used for ODOT Project Costs ($287,313 x 89.73%) <br /> The nett set of calculations starts with the total amount of Federal Funds Available for the project ($325,513). <br /> The amount of Federal Funds used for contractor payments and ODOT staff time ($257,803) is then subtracted <br /> from the total Federal Funds Available. The result ($67,707) is the amount of Federal Funds available for city <br /> project costs. <br /> $ 325,513 Federal Funds Available for Project <br /> $(257,806) Net ODOT Project Costs (w/o City Charges) <br /> $ 67,707 Federal Funds Left for City Charges <br /> The following set of calculations takes the City's total project costs ($230,708), subtracts the Non-Participating <br /> Project Costs ($89,119), and ends with a result for the Net City Participating Project Costs ($141,589). This result <br /> is then multiplied by 89.73% to give the amount reimbursable to the city if federal funds are available ($127,048). <br /> $ 230,708 Total City Project Costs <br /> $ (89,119) Less Non-Participating Project Costs <br /> $ 141,589 Net City Participating Project Costs <br /> $ 127,048. Amount Reimbursable of City Project Cost If Federal Funds available ($141,048 x 89.73%) <br /> This final set of calculations takes the amount previously reimbursed to the City (103,712), then subtracts the <br /> Federal Funds available for reimbursement of eligible City Costs on the Project ($67,707). The result shows an <br /> overpayment to the City ($36,005) because of the limited Federal Funds available for the project. <br /> $ 103,712 Amount Previously Reimbursed to City <br /> $ (67,707) Federal Funds Available for Reimbursement <br /> $ 36,005 Amount of Reimbursement over Federal funds available. <br /> Conclusion: <br /> <br /> The reimbursable City Project Costs ($127,048) are well over the amount initially billed ($103,712), so no <br /> reimbursement is needed for the non-participating costs previously billed to ODOT. However, the amount of <br /> reimbursement already made ($103,712) is more than the Federal funds available, so the city vvill need to <br /> <br /> reimburse ODOT for the X36,005 that was over-paid. Sinee this is an'active project that is very close to the final <br /> 3/14/2008 <br /> <br />