Estimate the cost of each capital facility project

If your project cost has been estimated in the functional plan (e.g., Parks Plan, Stormwater Management Plan, etc.), then use that information and enter it into the inventory as project cost.

Otherwise, you will need to determine the best way to get an estimated cost.  This can be done by:

• Hiring an engineer, architect, or other consultant
• Using the CTED template for Capital Facility Project Cost Summary Workbook
• Asking your knowledgeable staff for an estimate
• Getting an estimate from another jurisdiction that has recently constructed a similar project

Of course, the more precise your estimate, the more accurately you can plan for your revenue needs.

Use the CFP Project Costs Worksheet to be sure that you have included the full cost of doing the project.  Often, engineers estimate construction costs but leave out the cost of public information.  Don’t forget site acquisition costs, permitting, and other cost elements.

Examples:

Note in the following example:
• The name is specific and includes location
• The cost includes a contingency, cost of public communication and permitting

 Financial Plan

The tool used for constructing a six-year financial plan is the CFP Project Costs Summary Workbook.  This spread sheet is one that compiles the costs and revenue sources for each project and combines them into a six-year financing plan.

Each project is entered into a separate box on the page, and the spread sheet is set up to automatically calculate the combined six-year costs.  This tool looks much more intimidating than it actually is, once you start using it.  Here are the steps:

a. Upper left corner – This is the roll-up.  Don’t change it at all; it will calculate automatically.

b. Note that the categories on this top left corner are the same as in the boxes set aside for each project to be entered.  That is because when you enter a cost or a funding source in any project box, it rolls up to the total in the upper left corner.

c. As you scroll down the worksheet on the left side, you will see that there are also roll-up boxes for each type of project:  Transportation, Water, Sewer, Stormwater, Parks, and a number of unlabeled categories, for which you can insert your own titles.  These boxes will sub-total only the projects entered to the right of them in that category on the spread sheet.

d. So, to use this form, go to the category of the project (Transportation, Water, Sewer, etc.), then go to the first empty box to the right of that category, and enter the Project Name followed by the cost and funding source data by year for that project.

e. The roll-ups tell you how much money your jurisdiction will need for that category (and total of all projects) and what the fund source totals are as well, for the period of the Capital Facilities Plan.

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