Agenda - Council - 04/10/2001 - Laserfiche WebLink

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SCOPE OF SERVICES I I E&V Integrated Budget and Cost Control Sy~t'em Following evaluation and execution of construction contracts, we track all costs related to the project with our computerized Cost Control System. The financial details of all project contracts are accurately recorded using a Schedule of Vahtes. Contractor monthly Applicaa'onsfor ?ayment are weighed against percentages of' work completed on the Schedule of Values. This process is also used as a vehicle for approval of contractor invoices for payment. Monthly, E&V prepares an Applicatz'on and Cert~ficatwnfor Payment from which the owner reimburses the (separate) contractor(s) updated cost status. We also prepare Sworn Statements of Payment and Partial Lien Waivers for all payments made. Timely and accurate comparisons of actual costs to date versus budget are important to keep the project within budget. Monitoring the budget carefully allows for informed decisions on the use of project funds that will maximize the scope of work without overspending. E&V provides monthly executive updates of the project budget. The budget report is subdivided into the major project costs to include administrative costs, project contingency, construction costs, and furnishings, fixtures and equipment. This format provides an at-a-glance review of the changes to .the project budget over the previous . month. E&V will work closely with the Owner to tailor the budget and cost control report to comply with your needs. Our cost control system has been utilized by many clients as a complete audit-grade accounting of all project expenditures. Benefit: Allows the Owner to be in control without committing excessive amounts of staff fime. I I I I I I I I I I I I I' I I