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Waverley Underpass project expected to come $60M under budget, says report

A rendering of the new Waverley Underpass. City of Winnipeg

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.

READ MORE: Underpass construction will close parts of Waverley in July

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.

“As the project has progressed, ongoing project risk management has allowed for the reduction of these contingency amounts as risk factors reduce.”

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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.

WATCH: City of Winnipeg releases graphic on what the new Waverley Underpass will look like when completed.

Click to play video: 'City of Winnipeg releases graphic for Waverley Underpass proposed design' City of Winnipeg releases graphic for Waverley Underpass proposed design
City of Winnipeg releases graphic for Waverley Underpass proposed design – May 5, 2017

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