The Waverley Underpass project is coming significantly under budget, with the latest projections showing a nearly $60 million surplus.
The latest report from city administrators shows a current surplus of $58.359 million, and will be presented to the Standing Policy Committee on Finance Friday.
The total cost for the project is now $98 million, down from the original $156 million budgeted. The project is slated to be completed in 2020.
There are several reasons behind the projected surplus, mostly due to contingency amounts of about $43 million for various risk factors that have not materialized, according to the report.
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“As the project has progressed, ongoing project risk management has allowed for the reduction of these contingency amounts as risk factors reduce.”
The report also said construction market conditions were in the buyer’s favour when they were tendering contracts, and a design change to eliminate having to move two major electrical distribution lines saved money.
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