Updated 1 Feb 10. As of 20 January 2010, the Committee decided to reduce the estimate for the value of volunteer labour to $130,000. There has been no change but the previous value of $179,000 was considered to be too optimistic. Changes in this text since October are shown in italics. A "Cash on Hand" column has been added to the table for easy comparison.
The total project budget, including all indirect costs and contingencies, is estimated at $559,000. From this can subtracted the value of volunteer labour and equipment use with an estimated value of $130,000.
The cash requirement to lockup is estimated at $106,000, plus $21,000 contingencies. Since we had more than this in the bank last August, the land clearing was commenced at that time.
| Item | Estimated cost | Value of Volunteered Time | Cash Needed | Cash on Hand |
|---|---|---|---|---|
| Site preparation | 21 | 12 | 9 | 205 |
| To lockup | 119 | 13 | 106 | |
| Lockup to occupancy | 271 | 73 | 198 | |
| Design and Construction Mgt | 42 | 30 | 12 | |
| Permits and insurance | 9 | 0 | 9 | |
| Fundraising | 34 | 0 | 34 | |
| Office & Acct'g | 5 | 2 | 3 | |
| Contingencies | 58 | 0 | 58 | |
| Totals | 559 | 130 | 429 |
The estimated cost of the building alone is $457,000. This includes construction management and contingency. It does not include design or site preparation. The floor area of the building is 2150 square feet, giving a unit cost of $213 per square foot.
As of 18 January 2010, the cash and equivalent on hand was $205,000. This is after fundraising costs of $30,000 have already been paid. Thus the cash shortfall is estimated at $224,000. It should be stressed that all funds so far have been raised on the island.
Site preparation includes logging the second growth timber, pulling of stumps, burning of slash, levelling the site and gravelling as required. The service entrance to the back of the building requires a culvert and second entrance from Sollans Road. The estimate allows for a pumped connection to the existing septic system. Potable water will be drawn from the existing well.
The estimate is based on slab-on-grade construction with in-floor heating. Now that the overburden has been removed, it has been decided to use a crawl space design. This is expected to be less costly and will provide some extra storage space. Allowance has been made for both solar and geothermal heat capture. Roof water will be captured for non-potable use.
Some furnishings will be transferred from the existing building. Some of the furnishings for the Emergency/Treatment Room will be provided by Vancouver Island Health Authority. The amount in the budget essentially covers adding seating, upgrading chairs and tables, and stocking another interview room.
This section includes three items: the search for sources of grants (7688), print advertising (5853) and costs incurred in fundraising events (20,860). To simplify the accounting, we have not separated general infomation advertising from advertising for specific events. It can be argued that all advertising is in aid of fundraising. This section includes overhead costs, such as hall rental, for special events, which have been paid and are not a future obligation. This is awkward, but does present the actual amount of money transferred from the public, as shown on the thermometer at the Co-op corner.
At this time, this line item overstates the future cash obligations by about $30,000.
There is general contingency of 10% on the whole scope of work, plus a special contingency of $7500 for gravel in Site Preparation.
This estimate has been prepared by Andrew Carmichael, based on material take-offs and unit costs by retired builder Chris Weixelbaumer. At this point, elecrical and mechanical estimtes are based on typical industry factors as available in the Means Construction Cost handbook. The overall cost estimate is current as at 1 September 09. It is planned to update the budget early in January.