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'" HIGHER EDUCATION BOND OVERSIGHT COMMITTEE j ., I i-- ~ \ SEMI -A~r~-~r~-AuL REPO R T : . JUNE 2004 5 C .k",. .,. ~ ;i~~ .: Table of Contents Letter of Transmittal i Committee Membership ii Executive Summary 1 Higher Education Bond Oversight Committee Report 2 HEBOC Organization and Structure 2 State Treasurer's Office 3 Office of State Construction 3 North Carolina Community College System 4 TEhxece Upntiiovnesrs Ritey poofr tN orth Carolina 57 ~. Attachments Completed Community College Projects A Completed University Projects B Bond Usage Information C NC Community College System Required Match D NC Community College System Cash Flow Projections E NC Community College President's Association Ad Hoc Committee on HUB Participation F NC Community College System Watch List G UNC Bond Program Cash Flow and Bond Sale H I , ffiGHER EDUCATION BOND OVERSIGHT COMMITTEE ~ ~n"" ~ ' _: ~~ ~i ~ July 6, 2004 TO THE MEMBERS OF THE JOINT LEGISLA TNE COMMISSION ON GOVERNMENTAL OPERATIONS: Attachedf or your considerationis the June2 004S emi-Annuarl eportt o the Joint Legislative Commissiono n GovernmentaOl perations.T he Higher EducationB ond OversightC ommitteep reparedth is report,p ursuanto G. S. 116D-5. RespectfullyS ubmitted, t~~4-1 D~~ 17{:7(...fI1~-O;~~~:>:'=:::: Charles T. Davidson Paul Fulton Co-Chair Co-Chair Committee Membershi~ Co-Chairs Mr. Charles T. Davidson Mr. Paul Fulton P.O. Box 471501 BassettF urniture Charlotte, NC 28247 3801 Knollwood Street (704) 759-9360 Winston-SalemN, C 27103 (704) 759-9361 (fax) (336) 725-7994 davidsoncharles@'bellsouth.net (336) 725-7993 (fax) pf ult on@b,a sse ttfumiture.c om Members Mr. Marshall B. Bass Mr. Edward (David) Redwine 3726 Spaulding Dr. PO Box 283 Winston-SalemN, C 27105 Shallotte,N C 28459910-754-4326 (336) 659-7898 910-754-9185(f ax) EstellaBa@aol.com edredwine@atmc.net Ms. PeachesG unterB lank Mr. William G. Smith 605 Westview Avenue 4005 Westfield Drive Nashville, TN 37205 Durham, NC 27705 (615) 292-1787 (919) 382-9472 pgb0902@aol.com wsrnith(ii>MCSBK.com Mr. Kelly Barnhill, Sr. Mr. William A. Long CEO Hendrix-Barnhill Company, Inc. Yadkin Valley Bank PO Box 1904( 1819P rogressR oad) Post Office Box 888 Greenville, NC 27835 (27834) Elkin, North Carolina 28621 (252) 752-4122 (336) 526-6315 (work) kbsr@'hendrix-barnhill.com (704) 872-1645 (home) (704) 881-5295 (cell) Mr. Malcolm (Mac) E. Everett, m 1501 Maryland Avenue Charlotte, NC 28209 704-370-0753 mac .ev eret t@'firstunion.com .Lemslative Staff ComlDlttee Clerk Kristine Leggett Ms. Ann Faust (919) 733-4910 " (919) 733-5807 (919) 715-3589 (Fax) a1exanderla@.ncleg.net kristinel@ncleg.net ii _ffiGHEEDRU CAnBOONNO DV ERSCIGOHMr Mm:EE . Executive Summary The Higher Education Bond Oversight Committee is pleased to report that the Bond Program is progressing at a rapid pace, with 51 University facilities and 63 community college projects already completed. Overall, 66%-of the 389 community college projects and 92% of the university system's 319 projects are in an active stage (design, construction, or complete). For a complete listing of completed Community College and University projects, please see attachments A and B. Of the 51 completed university facilities valued at $243 million, a savings of $12.9 million was achieved. 40% of the 51 projects were completed on or ahead of the baseline schedule, with most schedule changes reflecting completion of the projects as per revised coordinated schedules by the individual campuses. While there may be several projects considered either ahead or behind, in aggregate the University Bond Program is considered to be basically on schedule and rwlning slightly under budget at this time. Although university projects under construction have progressed in a manner that has utilized available funds at a rate anticipated in the legislation, spending must noW increase by about 30% over the next nine months to meet projected targets. In addition, rising steel prices are expected to put pressure on future project cost projections. The State's 58 community colleges and the NC Center for Applied Textile Technology received $600 million from the bond package. Given that the community colleges had no specific spending plan itemized in the bond referendum, the Committee is satisfied with the $157.6 million in expenditures they have achieved to date (26% of the total program). The Bond Oversight Committee closely monitors the cash flow for the University and Community College Systems. The State Treasurers Office has indicated their willingness to work with the University on cash flow needs as necessary. This could include additional bond sales, as long as the total amount in bonds sold does not exceed statutory limits. As of July 1, 2004, the University's contractual commitments totaled approximately $1.352 billion (54.1 %). The State Board of Community Colleges has approved $450 million (75%) in new construction and repair and renovation projects as of May 17, 2004. The Community Colleges have also done an outstanding job in meeting their match obligations with only $21.4 million (22.6%) remaining to be matched. The Universities and Community Colleges continue to see an increase in Historically Underutilized Business (HUB) participation. The total HUB participation rate is 14.1 % for the University System and 12.45% for the Community College System. To date, both the Universities and the Community Colleges have done an outstanding job managing their respective cash flow and construction schedules. However, over the next nine months, spending in the University system must increase in order to meet projected targets. The Committee will continue to monitor cash flow and construction schedules throughout the year to ensure that the bond projects continue to progress in a manner consistent with the intent of Higher Education Facilities Financing Act. 1 -ill GHER ED U CA 11 ON BOND OVEllSIGHT COMMrrrEE . Higher Education Bond Oversight Committee Report ~-::.:~' Organizational Structure/Infonnation There is currently one vacant seat on the Higher Education Bond Oversight Committee. Committeea ssignmentsa re listed below. Active campusesa re campusesw hich receivep ersonal , evaluationsf rom the committeem embersin 2004 anda rel isted in bold. . Higher Education Bond Oversight Committee Assignments Co-Chairs Charles Davidson General Administration of University of North Carolina StateC onstructionO ffice Paul Fulton The State Treasurer Community College System Office Board Members Malcolm Everett Community College System Office William Long Community Colleges Appalachian State University Marshall Bass University of North Carolina at Greensboro North Carolina Agriculture and Technical State University North Carolina State University E. David Redwine North Carolina Central University Fayetteville State University East Carolina University Kelly Barnhill, Sr. University of North Carolina Center for Public Television University of North Carolina at Wilmington University of North Carolina at Asheville / Arboretum Vacant Seat Western Carolina University Winston-SalemS tateU niversity University of North Carolina at Chapel Hill PeachesG unterB lank North CarolinaS choolo f the Arts " University of North Carolina at Charlotte Schoolo f Sciencea nd Math William Smith University of North Carolina at Pembroke Elizabeth City State University . The committeen ow has a web site. The site addressis . http://www.ncleg.net/HEBOC2/higheredbond.htrTnhl.e site providesg enerali nfonnation on the committee, its charge, duties, various reports, and upcoming meetings. 2 --- ffiGHEERD UCAnOBNO NOD VERSIGCfOfi'M Mrn'EE .6 ..SWt. . Office of the State Treasurer .~-~ Previous Bond Sales Community Date Colle es Universities Interest Rate March 7,2001 $48,400,000 $201,600,000 4.747% fixed March 12,2002 $58 100000 $241 900000 1.65% variable (March) May 1, 20021 " "4.0583% fixed (May) March 20032 $81 000000 $483900000 4.34% (February) , , "4.30% (March) March 2004 $133,200,000 $483,900,000 3.93% fixed Future Bond Sales Year Communi es Universities 2005 $135,500,000 $564,500,000 2006 $125,800,000 $524,200,000 As of June 1, 2004, the Community Colleges have expended $157,600,000 out of the total $320,700,000 issued in the four previous bond sales. The Universities expended $940,854,987 of the $1,411,300,000 issued in the three previous bond sales. The unexpended balance remaining as of June 1, 2004 was $470,445,013 in University Bonds and $163,100,000 million in Community College Bonds3. (Attachment C) Adjustments to the schedule of bond sales allowed the Community College and Universities to better align their cash flow models with bond funds available. This practice has also helped reduce debt service costs for the State and should continue to be used in the future. State Construction Document Review/ ApQroval Status Since the beginning of the bond program in 2000, the State Construction Office has conducted approximately 316 reviews for bond projects. As of May 1,2004, there were 15 Bond projects in the State Construction Office for review. The Committee finds that review of projects by State Constroction has not resulted in any significant project delays. 1 This bond sale occurred in two parts. 2 This bond sale occurred in two parts. 3 This amount includes approximately $27,938,182 million from the March 2001 bond sale. 3 --- illGHER EDUCAnON BOND OVERSIGHT COMMrrrEE . Community Colleges - The Community College bond program is continuing to progress in an efficient and effective manner. There are 389 community college bond projects, 63 of which are complete. . Matching Funds The CommunityC ollegesh aved onea n outstandingjo b in meetingm atcho bligations. There are only 12 Community College sites that have yet to fully match Bond funds. Out of the " $94,155,998 originally needed to fulfill the Community College match requirement, only $21,366,262 (22.6%) remains to be matched as of May 2004. Approximately 63% of the funds yet to be matched are at larger institutions located in counties with a history of providing funds for their CommunityC olleges. (AttachmenDt ) Are the bond issuances adequately timed to reflect cash-flow requirements of the projects? Last year, the actual expendituresla ggedb ehind the projectede xpendituresin the Community College cashf low model by approximately$ 26 million. Adjustmentst o the cashf low model and delayingb ond salesi n FY03-04a llowedt he Systemt o significantlyi mprove its expenditurer ate. As of April 30, 2004, the System Office is reporting a cash flow model deviation of only $631,927. (Attachment E) TheH igher EducationB ond OversightC ommitteec ommendsth e CommunityC ollegeS ystemfo r its work in updating and maintaining the cash flow model, and will continue to work with the SystemO ffice to monitor cashf low requirementsin thef uture. Are the expenditures of the proceeds from the bonds issued under the act in compliance with the provisions of the act? There are 389 Community College Bond projects planned. There are currently 260 projects in some active stage, of which 63 are completed (including land purchases).A s of May 21,2004, $449,679,317o r 75% of the communityc ollegeb ond money has been committed (i.e. identified and approved for use in a specific project). Historicallv Underutilized Business (HUB) The HUB participation for the Community College Bond Program is 12.45% (approximately $22,147,139 spent on HUB vendors). That includes 2.70% Black, 0.86% Hispanic, 0.28% Asian, 1.00% Native American, 0.26% socially and economicallyd isadvantageda, nd 7.34% Women. The Community College President's Association continues its efforts to increase HUB participation. As a result of the recently created ad hoc HUB committee, the President's Associationh as initiated a "Plan of Work". (AttachmenFt ) Therei s hope that thesee ffortsw ill further improve HUB participation. Are the awarded contracts consistent with the budget and scope of the approved projects? . Community College Trustees have the authority to change the budget and scope of projects. Consequentlyb, udgetsa nd scopesc hangef requently. Even after the StateB oard of Community Colleges has authorized a project, a local board may change the scope and magnitude o~ a . project. Changes in budget or scope must be re-approved by the State Board of CommunIty Colleges. 4 illGHERE DUCAnOBNO NDO VERSIGCHOT MMrrn:E (8 Could changes in construction methods enhance cost savings and promotion of on-time completion of projects? There still is no clear feedback regarding the use of CM at Risk (currently being used on two projects) in the community colleges. Early feedback suggests that the community colleges are pleased with the use of Single Prime because of the convenience of dealing with one contractor. However, there have been some unexpected issues arising from the use of a Construction Manager. Central Piedmont Community College has employed a CM-which resulted in several sets of multi-page contracts. The amount of additional paper work was much more than expected. A CM at Risk contractor is at risk for the performance and prices of its subcontractors and vendors, unlike a CM functioning as an agent for the owner. The committee will monitor and collect data regarding the use of Single Prime, Construction Manager, and Construction Manager at Risk projects and report on information received. The Watch List There are currently twelve Community College Projects on the Watch List (currently defined as projects $10 million or more in cost). (Attachment G) University of North Carolina The University Bond program is continuing to progress in an efficient manner. 92.8% of the Bond program is in an active stage (design, construction, or complete). Out of the 319 total bond projects, 91 are in design, 162 are under construction, and 51 are complete. ASU, NCSA, UNCA, UNCC, UNCW and WSSU, as well as the three Affiliates have 100% of their program underway. Are the bond issuances adequately timed to reflect cash-flow requirements of the projects? The University of North Carolina-General Administration (UNC-GA) continues to closely monitor the actual versus projected expenditures for bond projects. UNC-GA has reported that the March 2004 bond sale was timely and made funds available just in time to pay March invoices. While UNC-GA constantly reviews and revises the cash flow model, they have reported that it is more difficult to accurately forecast cash requirements for construction than it is for design, making it imperative that funding is continued on a regular basis. (Attachment H) The State Treasurers Office has indicated their willingness to work with the University on cash flow needs as necessary. This could include additional bond sales, as long as the total amount in bonds sold does not exceed statutory limits. Based on the information received to date, the bond issuances are adequately timed to reflect cash flow needs. Are the expenditures of the proceeds from the bonds issued under the act in compliance with the provisions of the act? As of June 1, 2004, the Universities expended $940.854,987 of the $1, 4 11 ,3 00,000 issued from the three Previous bond sales. The Universities' cumulative contractual commitments total approximately $1.352 billion (54.1 %) out of the $2.5 billion available in Bond funds. Historically Underutilized Business HUB participation (construction and design contracts) is 14,1%, approximately $232.3 million in dollar value. This number represents participation by 4.4% Black, 6.6% Women, and 3.5% 5 HIGHEEDRU CA'BI1O0NNOD V ERSCIGOHMTM rrn!E . Other. The University of North Carolina is working diligently to improve HUB 'VI participation. Several "good faith efforts" are underway at all levels, from the Office of the Presidento eachi ndividual campus. Basedo n the current Bondf und expendituresit doesa ppear that the expendituresa re within the provisions of SenateB ill 912. . Are the awarded contracts consistent with the budget and scope of the approved projects? . To date,t en scopec hangesh aveb eena pprovedb y thel egislature: 1. UNCCH -Renovation of 440 West Franklin St. changed to Infonnation Technology Office Facility 2. NCSU -Alterations to Meat ProcessingC enterc hangedt o Animal and Food Sciences Facilities 3. NCSA -Residential Facility changedto High SchoolS tudentR esidentialF acility 4. UNC-A -Cannichael Hall ClassroomB uilding Renovationsc hangedto CarmichaelH all ClassroomB uilding Demolitiona nd New Construction 5. UNCP -Replacement of Jacobs and Wellons Halls reduced and new General Purpose ClassroomB uilding added 6. WSSU -Anderson Center Comprehensive Renovation reduced and Coltrane Hall Renovationto HouseG erontologya nd New Facility for Early ChildhoodP rograma dded 7. WSSU -Health CenterB uilding and Old Nursing Building ComprehensiveR enovation for StudentH ealthc hangedto New StudentH ealthC enter 8. ECSU -Doles Residence Hall Comprehensive Renovation changed to Campus InfrastructureI mprovements 9. NCCU -Pearson Cafeteria ComprehensiveR enovationc hangedt o PearsonC afeteria Expansion;O ld SeniorD onn Conversionto AcademicU se deleteda nd FarrisonN ewton reduced 10. NCCU -Mold Remediation added. Funds were shifted from Hoey Building ($2.7 million), CodeC ompliance( $3.3 million), ElectricalI nfrastructure( $3 million) and Land Acquisition ($1.4 million) totaling $10.4 million. Based on the information that the committeeh as received,w e do believet hat awardedc ontracts are consistenwt ith the budgeta nd scope ofa pprovedp rojects. Could changes in construction methods enhance cost savings and promotion of on-time completion of projects? There are currently 29 bond projects in the University System using the ConstructionM anager at Risk method. Full GuaranteedM aximum Price contractsh ave been awarded for 13 of these projects. ConstructionM anager-at-riskc ontinuest o be an effective construction delivery method for larger projects or for managing an aggregation of related smaller proje ct. ConstructionM anagera t Risk has showna higherl evel of minority participation to date than other delivery methods, with 6.3% African American and 18.8% overall HUB ..." particIpatIon. . The committee will continue to monitor and collect data regarding the use of Single Prime, ConstructionM anager, and ConstructionM anager at Risk projects and report on information received. 6 illGHEERD UCA'l1B0ONN ODV ERSICGOHMT Mm:EE '8 ExceptRioenpso rt ~ The Higher Education Bond Oversight Committee has made it a point to provide "exceptions reports" in order to provide a quick view of issues that could have a negative impact on the ability to complete the bond program on time and on budget. The recent, unexpected increase in construction costs have resulted in delays in negotiating Guaranteed Maximum Prices with Construction Manager-at-Risk, projects bidding over budget, general contractors not holding their bid prices and the time delays inherent in re-bidding projects. For a complete listing of exceptions, please refer to: http://www.northcarolina.edu/vendors/bnis.cfm 7 HIGHER EDUCATION BOND 0 VERSI G HT C 01\1~lITTEE . ! , A TT A CH1\1ENTS -- Attachment A 0> - "0'> "1' 0 "0'>"'0> 10 .c lOCO .c u .c.c u ~ uuc ~.. ,;' ~ "~"~0-"" II) Q. Cl.Q.tj ~ Eo 'C -o'C2 ~ CU c: CCin.. U; aI alaIc.! 'C -J ..J-Jo { S S S S S S S S S S S S S S S S S S S S S S S S ssu S S S S.9!.9!$$.9! o. .9!.9!$$.9!.9!.9!$$$$$ $$$$.9!.9!$.9!m $.9! ~ 0. 0. 0. 0. 0. 0. 0. 0. 0. 0. 0.0. 0. 0. ~ Eo E E E E E E E E E E E E E E E E E -g E E ~ 00000000 0000000 oo=> 00 ~ U U U U U U U U U U U U U U U U UU- U U ~ """NN"'"""..,. 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C 0.. ~ 01 00) 10 0 IC ~ 0) ~ ...IC ~ 0 01 ~ 0) 0) ...0 IC 0 0 0 '" ;.., ...'" 0 UI ..."0 -.., ..".CD o. [ ~~ lO"'IO"'I»~C1I"'O~IO~"'I»~O"""OO"'o)~IOOOO1"'10 1O001C»O)C1I"'0C»C1I"'0""""'01"'00C»IOOOIOO)O",00~"'C1I .. ~~C II0 C1I 3 ;, '" ",.,Co '" '" '" '" ~ ~ -"" 0 <0 ...01 '" 01 0 ~ '" :.c: C1I~-..,CO :.. '0 ;""10 j[ .'.".0 0 '" '" 0 0 ....."."0"C 1I ...0) 0 0 '0"'" 0 0 "'.0 0 0 ~ 01) 0 0 0 -~ ~ ~ .0. .0 0 ~1'"0 ...0 fit n cnom ...,. ~ fit -fit :1."'3 » cn '-» 0 ~ 0'" '- '- ,-"" 0 '- cn." 0 Z""»»» ~ '-""»)0 Coo Coo ~~~ C _~CD -~oCo '6" ;, (0") m'" 03~ .,003 o8f 0 '; CDD" I -n-C D N , 0 Co i :? ;, ,.0- ~ CD CD CD CD '" CD CD m to CD CD ~ ~ ~ CD ~ CD CD CD ~ ~ m ~ m CD CD CD ~ CD ~ m ~ m m m m m m m m CD CD CD CD m m m CD m CD CD CD CD CD CD CD m m CD CD CD m m 1- r- r- cn -CJ 0) ... ~ j j DI 9' Co Co C '2"C "C .. .c: c~ n g. :T 0) 0) '" ~ ~ The UNC Bond Program AttachmentB The Bond Oversight Committee June 21,2004 Completed Projects Based on 319 Projects Institution Code/ltem Project Budqet Variance Schedule 1 ASU 40080-302 Science Building $849,435 45 days behind baseline 2 ASU 40080-304 living and leaming Center $332,100 7 1/2 months behind baseline 3 ASU 40080-309 B.B. Dougherty Hall -$332,100 2 1/2 months behind baseline 4 ASU 40080-311 land Acquisition $0 5 months behind baseline 5 ECSU 40083-314 Physical Education Facilities -$195,000 7 months behind baseline 6 ECSU 40083-304 Williams Hall Renovation $268,128 On scheduie 7 ECU 40086-301 Science laboratory and Technology Building -$4,410,116 31/2 months behind baseline 8 ECU 40086-311 Campus Computing Center $0 45 days ahead of baseline 9 ECU 40086-312 land Acquisition $5,687. 29 months ahead of baseline 10 ECU 40086-313 Technology Infrastructure $4.218 14 months behind baseline 11 FSU 40084-312 Student Residence Halls -Fire Safety Improvements $0 5 weeks behind baseline 12 NC A&T 40087-316 Replacement of Steam lines and Access Holes -$74,681 3 months ahead of baseline 13 NC A&T 40087-323 Campus Security Improvements $0 16 months ahead of baseline 14 NCCU 40085-309 Mclean Residence Hall $0 5 months behind baseline 15 NCCU 40085-320 Pubiic Safety Building $0 On schedule 16 NCCU 40085-321 Technology Infrastructure $100 2 years ahead of baseline 17 NCCU 40085-322 B.N. Duke Addition $0 On schedule 18 NCCU 40085-817 Hoey Administration CANCEllED 19 NCCU 40085-318 Code Compliance Corrections CANCEllED 20 NCSA 40088-302 Stevens Center Renovation -$225,000 3 weeks ahead of baseline 21 NCSA 40088-303 Film Archives Building $0 15 days behind baseline 22 NCSU 40074-313 Clark Hall $237,810 2 months ahead of baseline 23 NCSU 40074-323 Horticulture Classroom $23,810 4 months behind baseline 24 NCSU 40074-338 Research and Teaching Feed Mill $0 7 months behind baseline 25 NCSU 40074-340 lake Wheeler Rd Field lab -Beef Educational Unit $34,823 14 months ahead of baseline ~ I 26 UNCA 40077-305 Campus Primary Electrical Distribution $51,190 2 months behind baseline 27 UNCA 40077-307 Technology Infrastructure $0 7 days ahead of baseline 28 UNCC 40076-312 Chiller Replacement $0 2 months behind baseline 29 UNCC 40076-313 Technology Infrastructure $1,000,000 10 months behind baseline 30 UNCCH 40072-311 Medical Biomolecular Research $0 1 month behind baseline 31 UNCCH 40072-313 Carolina living and learning Center $0 On schedule 32 UNCCH 40073-303 Murphey Hall Classroom Building -$203,000 1 week ahead of baseline 33 UNCCH 40073-307 Peabody Hall Classroom Building $1,821,265 18 months ahead of baseline 34 UNCCH 40073-310 Institute of Marine Science Renovation $0 13 months ahead of baseline 35 UNCCH 40073-322 School of Medicine Bioinformatics $0 1 month ahead of baseline 36 UNCCH 40073-337 R. B. House library $0 4 months behind baseline 37 UNCG 40075-301 Science Instructional Building $2,674,537 7 weeks behind baseline 38 UNCG 40075-317 Science Instructional Building $0 6 weeks behind baseline 39 UNCG 40075-315 Technology Infrastructure $205,065 5 months ahead of baseline Residence Hall -Replacement of Jacobs & Wellons Halls 40 UNCP 40081-307 CANCEllED 41 UNCW 40078-313 Academic Support Facilities $3,216,605 41/2 months behind baseline 42 UNCW 40078-315 land Acquisition $0 5 months behind baseline 43 WCU 40079-303 McKee Classroom Renovation $0 2 months behind baseline 44 WCU 40079-304 Bird Building $0 3 months behind baseline 45 WSSU 40082-306 Replace Underground Steam and Hot Water Piping $80,213 5 weeks behind baseline 46 WSSU 40082-307 Chilled Water loop System $0 5 weeks behind baseline 47 WSSU 40082-310 F.l. Atkins Additions and Renovations $0 3 months behind baseline 48 WSSU 40082-301 Computer Science Facility $1,039,318 6 months behind baseline 49 WSSU 40082-311 Computer Science Facility -Planning $0 6 months behind baseline 50 UNC- TV 40089-302 Mobile Satellite Uplink -$600 On schedule 51 UNCSSM 40069-302 Royall Center Renovation $0 2 months behind baseline $6,403,807 Current as of 5/3/2004 Updated 6/11/2004 1 of 1 Attachment C \.. 1 N r'"I 0 11"1 0 0 r-. N ~ M ~ r'"I ~ 0 N ~ r-. N -- cj= -\t"I \0 r'"I 0 -~ 0 ~'-' 0' o~ c= MOO ~ j INI" I'~' v r1-.1 "1' ...r,:.: {I) 0\ " 11"1 r'"I " r-. ~ 11""1' . ~ ~..,. ] ~ ~ ~ i==: u ~ ~ ~ ~ u ~ ~ --U fA ..,...,. u ~ fF} u ~ fA e e ~ ~ . . u u ! -~~ ~ ~~, f~ ~. ! ~! -~ -~ ~ ~, ~ ' \0 "0\ 0 ".0\ 11"1 ~ ,0 or-. CV\ ,N, 11"1 ~ .c.~ """ '0 ,~ 0\ ~ 10 ~ ~ ~- ~ ~ I.~ IE ~ ~ II ~ I g ~QQ N r-. N It1 , . , .;;=~ -< 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 ., , .., , , .~ tIJ 0 0 0 0 0 0 0 0 0 0 '"' ~ 0 0 0 0 0 ~ 0 0 0 0 0 ,.-..,u ..,. ~,.,' -0 N r-. ~ ~-\"0' " 0\ 0\ 0\ r'"I -{I) ~ ~ -r'"I 0 {I) --r'"I r'"I- ~ {I) ~ 11"1 ~ r'"I N ~ 0 ~ ~ ~- U fF} ~ ~ -r'"I N N ~ ~ ~ 0 fF} fF} fF} fF} fF} fF} -~ ~ ~ ~ ~z0 = -- Z S S 0 0 0 ~ E-- ~ 0 0 0 0 0 0 0 0 r-' 0 0 0 0 0 0 0 0 -< ~ o. 0, -.o~ ~ 0, 0, 0, o~ U u 0 0 0 0 U 0 0 0 0 ;J .~ ~ ~ ~ ~, .~ ~, ~, ~, ~, B ~ 0 ~' ~' \0' \0 ~ --r'"I r'"I -bII ..s ..,. 11"1 --~ 0 ~ ~ 00 N ~ ~ fF} fF} --~ N N ..,. ..,. ~= == -< ~ fF} -< fF} fA ~ fA c U ~ ...c ~ = "a "- ~ ~ c 0 =... -N r'"I ~ ~... -N r'"I ~ ~ == Uc u 0 0 0 0 "a Uc u 00 00 00 00 ~ U >- ~ ~ ~ ~ ;J >- N N N N 0~ ~~ ;~,{:;; Attachment D North Carolina Community College System New Non-State Match Required For The 2000 State Bond Construction Funds as of 5/21/04 TOTAL CONSTRUCTION 2000 FUNDS CONSTRUCTION MATCH COLLEGE OR COUNTY STATE BOND MATCHED FUNDS REQUIRED FOR AND AVAILABLE NOT YET CONSTRUCTION FUNDS* FOR USE MATCHED FUNDS Transylvania Cty. (Blue Ridge CC) 1,801,615 941,628 859,987 859,987 Chatham Cty. (Central Carolina CC) 627,805 130,722 ,497,083 496,487 Cleveland CC 3,887,036 3,305.125 581.911 417,936 Dare Cty. (College of Albemarle) 742,724 452.070 290,654 290,654 Durham TCC 13,275.320 11.932.250 1,343.070 1.343.070 Fayetteville TCC 34,977,201 24,296,080 10,681,121 8,532,984 Lenoir CC 8.251,563 7,737.632 513,931 366,088 Pamlico CC 2.187,555 1.562.209 625,346 420,208 Piedmont CC 2.343,199 1,835.951 507,248 464.678 ! Pitt CC 16,393,265 11.830,309 4,562.956 3,524,524 ! Rowan-Cabarrus CC 5,207,129 3,088,735 2,118,394 1,726,939 t' Southwestern CC 6,232,770 3.310.064 2,922,706 2,922,7f 06 TOTAL 12 95.927,182 70,422,774 25,504,408 21,366,262 *This total does not include the "Repair and Renovation" funds which are not required to be matched. Notes: 1. As of November 2000, the "MATCH REQUIRED FOR CONSTRUCTION FUNDS" was $94,155,998. 2. As of May 17,2002, the "MATCH REQUIRED FOR CONSTRUCTION FUNDS" was $65,588,245. 3. 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C f-()0 f- f-()0 f- f-()0 f- f-()O f- f-,-, f- r-'-' 0-L- r- Q ,., l.'i,,~jIIM ,.""".,, Attachment F Nor1h Carolina Association of Community College Presidents Ad Hoc Committee on HUB Par1icipation Plan of Work .All community colleges review current HUB Plans in light of Senate Bill 914 requirements, with specific focus on good faith efforts required of the college, contractors, and d.esigners. . .Community colleges should visit the HUB website www.doa.state.nc.us/hub/ and click on HUBSCO to become familiar with data they should be collecting related to Senate Bill 914 and begin preparing for HUBSCO online reporting. .Community colleges need to designate two people (capital project coordinator (CPC) and his/her staff member that will enter the data) to be trained on HUBSCO reporting software at community college locations to be announced at a later date in collaboration with the HUB office training schedule. .Survey all community colleges to determine names/address/phone numbers of fsourc cpeossssfiubll e aussseo cibayti oanll so thweitrh cHoUmBm uvneintyd ocrso lleing easll. caCtoemgomriuensi tyo f Ccoolnlesgtreusc tiosnh ousledr vuicsees I . HUB website including Vendor Link NC and outreach lists to enlarge pools of i candidates for bids. -, .Community colleges should become familiar with MWBE Coordinators (list attached) and inform them of construction activities thus increasing the potential number of bids from HUB contractors. .Community colleges should investigate creating a local HUB advisory committee, with representatives from HUB organizations and HUB contractors from all governmental agency projects, to increase knowledge, collaboration and participation of HUB vendors. .Recommend that HUB updates be given quarterly at NCACCP meetings, and that the summer meeting at Blue Ridge Community College have a special focus presentation on HUB vendor utilization, good faith efforts with related point values, as well as "best practices". .Community colleges might consider developing a site on their web page devoted to construction information and designer/contractor opportunities. HUe/Pres Com/ Plan ofWo(KJ 4/22/03 -""-,, "4 ,.. Attachment H ' 600"l' Nvr .,: aOO"l' 1:)0 t: aOO"lnl' r aOO"'dl' d'v' aOO"Nl' vr : 'ia LOO"1l': )0 (/) "C LOO"l' lnr 6m .LOO"l' 'dd'v' I LOO"Nl' vr I I 900"l1' :)0 cn 900"ll'n r .! 900"l'ddV .! C'a co' e= U) 900"lN' 'v'r .aCJ 5i> -g gOO"1l': )0 oCt -0~ a0J gOO"l'lnr f I ~ ...I ~ 'co -g gOO"'dl' dV 00 ~ § ~ C'a gOO"Nl' vr I ~ \wi ~ U 0 VOO"1l': )0 -; -co Z L1. VOOl"nl'r ~ ~ .c I.. cn VOO"'dl' dV ~ C'a - U vQO"Nl' 'v'r ; I.. I.. £OO"1l': )0 ~ U £OO"lnl' r £OO"'dl' dV I £OO"Nl' vr ~OO"1l': )0 ~OO"lnl' r \ ZOO"'dl' dV ~ 0 ~OO"Nl' vr 0 ""-t 0 0 0 0 0 0 N 0 0 0 0 0 0 th c:??I 0. 0- o. 0- 0- ::J u 0 0 0 0 0 ~ c 0 0 0 0 0 I ~ 0- 0. o. 0- o. ~ ~ 0 0 0 0 a 0 I 0 a a 0 a It) a It) 0 It) Q. t: C'\i C'\i ~ ~ th Q,) 0 th th th th ~ fl' ~
Object Description
Description
Title | Higher Education Bond Oversight Committee semi-annual report |
Date | 2004-07-06 |
Description | June 2004 |
Digital Characteristics-A | 3 MB; 21 p. |
Digital Format | application/pdf |
Full Text |
'"
HIGHER EDUCATION BOND
OVERSIGHT COMMITTEE j
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\ SEMI -A~r~-~r~-AuL REPO R T :
. JUNE 2004
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Table of Contents
Letter of Transmittal i
Committee Membership ii
Executive Summary 1
Higher Education Bond Oversight Committee Report 2
HEBOC Organization and Structure 2
State Treasurer's Office 3
Office of State Construction 3
North Carolina Community College System 4
TEhxece Upntiiovnesrs Ritey poofr tN orth Carolina 57 ~.
Attachments
Completed Community College Projects A
Completed University Projects B
Bond Usage Information C
NC Community College System Required Match D
NC Community College System Cash Flow Projections E
NC Community College President's Association
Ad Hoc Committee on HUB Participation F
NC Community College System Watch List G
UNC Bond Program Cash Flow and Bond Sale H
I
,
ffiGHER EDUCATION BOND OVERSIGHT COMMITTEE
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July 6, 2004
TO THE MEMBERS OF THE JOINT LEGISLA TNE COMMISSION ON
GOVERNMENTAL OPERATIONS:
Attachedf or your considerationis the June2 004S emi-Annuarl eportt o the Joint
Legislative Commissiono n GovernmentaOl perations.T he Higher EducationB ond
OversightC ommitteep reparedth is report,p ursuanto G. S. 116D-5.
RespectfullyS ubmitted,
t~~4-1 D~~ 17{:7(...fI1~-O;~~~:>:'=::::
Charles T. Davidson Paul Fulton
Co-Chair Co-Chair
Committee Membershi~
Co-Chairs
Mr. Charles T. Davidson Mr. Paul Fulton
P.O. Box 471501 BassettF urniture
Charlotte, NC 28247 3801 Knollwood Street
(704) 759-9360 Winston-SalemN, C 27103
(704) 759-9361 (fax) (336) 725-7994
davidsoncharles@'bellsouth.net (336) 725-7993 (fax)
pf ult on@b,a sse ttfumiture.c om
Members
Mr. Marshall B. Bass Mr. Edward (David) Redwine
3726 Spaulding Dr. PO Box 283
Winston-SalemN, C 27105 Shallotte,N C 28459910-754-4326
(336) 659-7898 910-754-9185(f ax)
EstellaBa@aol.com edredwine@atmc.net
Ms. PeachesG unterB lank Mr. William G. Smith
605 Westview Avenue 4005 Westfield Drive
Nashville, TN 37205 Durham, NC 27705
(615) 292-1787 (919) 382-9472
pgb0902@aol.com wsrnith(ii>MCSBK.com
Mr. Kelly Barnhill, Sr. Mr. William A. Long
CEO Hendrix-Barnhill Company, Inc. Yadkin Valley Bank
PO Box 1904( 1819P rogressR oad) Post Office Box 888
Greenville, NC 27835 (27834) Elkin, North Carolina 28621
(252) 752-4122 (336) 526-6315 (work)
kbsr@'hendrix-barnhill.com (704) 872-1645 (home)
(704) 881-5295 (cell)
Mr. Malcolm (Mac) E. Everett, m
1501 Maryland Avenue
Charlotte, NC 28209
704-370-0753
mac .ev eret t@'firstunion.com
.Lemslative Staff
ComlDlttee Clerk Kristine Leggett
Ms. Ann Faust (919) 733-4910
" (919) 733-5807 (919) 715-3589 (Fax)
a1exanderla@.ncleg.net kristinel@ncleg.net
ii
_ffiGHEEDRU CAnBOONNO DV ERSCIGOHMr Mm:EE .
Executive Summary
The Higher Education Bond Oversight Committee is pleased to report that the Bond Program is
progressing at a rapid pace, with 51 University facilities and 63 community college projects
already completed. Overall, 66%-of the 389 community college projects and 92% of the
university system's 319 projects are in an active stage (design, construction, or complete). For a
complete listing of completed Community College and University projects, please see
attachments A and B.
Of the 51 completed university facilities valued at $243 million, a savings of $12.9 million was
achieved. 40% of the 51 projects were completed on or ahead of the baseline schedule, with
most schedule changes reflecting completion of the projects as per revised coordinated schedules
by the individual campuses. While there may be several projects considered either ahead or
behind, in aggregate the University Bond Program is considered to be basically on schedule and
rwlning slightly under budget at this time. Although university projects under construction have
progressed in a manner that has utilized available funds at a rate anticipated in the legislation,
spending must noW increase by about 30% over the next nine months to meet projected targets.
In addition, rising steel prices are expected to put pressure on future project cost projections.
The State's 58 community colleges and the NC Center for Applied Textile Technology received
$600 million from the bond package. Given that the community colleges had no specific
spending plan itemized in the bond referendum, the Committee is satisfied with the $157.6
million in expenditures they have achieved to date (26% of the total program).
The Bond Oversight Committee closely monitors the cash flow for the University and
Community College Systems. The State Treasurers Office has indicated their willingness to
work with the University on cash flow needs as necessary. This could include additional bond
sales, as long as the total amount in bonds sold does not exceed statutory limits.
As of July 1, 2004, the University's contractual commitments totaled approximately $1.352
billion (54.1 %). The State Board of Community Colleges has approved $450 million (75%) in
new construction and repair and renovation projects as of May 17, 2004. The Community
Colleges have also done an outstanding job in meeting their match obligations with only $21.4
million (22.6%) remaining to be matched.
The Universities and Community Colleges continue to see an increase in Historically
Underutilized Business (HUB) participation. The total HUB participation rate is 14.1 % for the
University System and 12.45% for the Community College System.
To date, both the Universities and the Community Colleges have done an outstanding job
managing their respective cash flow and construction schedules. However, over the next nine
months, spending in the University system must increase in order to meet projected targets. The
Committee will continue to monitor cash flow and construction schedules throughout the year to
ensure that the bond projects continue to progress in a manner consistent with the intent of
Higher Education Facilities Financing Act.
1
-ill GHER ED U CA 11 ON BOND OVEllSIGHT COMMrrrEE .
Higher Education Bond Oversight Committee Report ~-::.:~'
Organizational Structure/Infonnation
There is currently one vacant seat on the Higher Education Bond Oversight Committee.
Committeea ssignmentsa re listed below. Active campusesa re campusesw hich receivep ersonal ,
evaluationsf rom the committeem embersin 2004 anda rel isted in bold.
. Higher Education Bond Oversight Committee Assignments
Co-Chairs
Charles Davidson General Administration of University of North Carolina
StateC onstructionO ffice
Paul Fulton The State Treasurer
Community College System Office
Board Members
Malcolm Everett Community College System Office
William Long Community Colleges
Appalachian State University
Marshall Bass University of North Carolina at Greensboro
North Carolina Agriculture and Technical State University
North Carolina State University
E. David Redwine North Carolina Central University
Fayetteville State University
East Carolina University
Kelly Barnhill, Sr. University of North Carolina Center for Public Television
University of North Carolina at Wilmington
University of North Carolina at Asheville / Arboretum
Vacant Seat Western Carolina University
Winston-SalemS tateU niversity
University of North Carolina at Chapel Hill
PeachesG unterB lank North CarolinaS choolo f the Arts "
University of North Carolina at Charlotte
Schoolo f Sciencea nd Math
William Smith University of North Carolina at Pembroke
Elizabeth City State University .
The committeen ow has a web site. The site addressis .
http://www.ncleg.net/HEBOC2/higheredbond.htrTnhl.e site providesg enerali nfonnation on the
committee, its charge, duties, various reports, and upcoming meetings.
2
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ffiGHEERD UCAnOBNO NOD VERSIGCfOfi'M Mrn'EE .6 ..SWt. .
Office of the State Treasurer .~-~
Previous Bond Sales
Community
Date Colle es Universities Interest Rate
March 7,2001 $48,400,000 $201,600,000 4.747% fixed
March 12,2002 $58 100000 $241 900000 1.65% variable (March)
May 1, 20021 " "4.0583% fixed (May)
March 20032 $81 000000 $483900000 4.34% (February)
, , "4.30% (March)
March 2004 $133,200,000 $483,900,000 3.93% fixed
Future Bond Sales
Year Communi es Universities
2005 $135,500,000 $564,500,000
2006 $125,800,000 $524,200,000
As of June 1, 2004, the Community Colleges have expended $157,600,000 out of the total
$320,700,000 issued in the four previous bond sales. The Universities expended $940,854,987
of the $1,411,300,000 issued in the three previous bond sales.
The unexpended balance remaining as of June 1, 2004 was $470,445,013 in University Bonds
and $163,100,000 million in Community College Bonds3. (Attachment C)
Adjustments to the schedule of bond sales allowed the Community College and Universities to
better align their cash flow models with bond funds available. This practice has also helped
reduce debt service costs for the State and should continue to be used in the future.
State Construction
Document Review/ ApQroval Status
Since the beginning of the bond program in 2000, the State Construction Office has conducted
approximately 316 reviews for bond projects. As of May 1,2004, there were 15 Bond projects
in the State Construction Office for review.
The Committee finds that review of projects by State Constroction has not resulted in any
significant project delays.
1 This bond sale occurred in two parts.
2 This bond sale occurred in two parts.
3 This amount includes approximately $27,938,182 million from the March 2001 bond sale.
3
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illGHER EDUCAnON BOND OVERSIGHT COMMrrrEE .
Community Colleges -
The Community College bond program is continuing to progress in an efficient and effective
manner. There are 389 community college bond projects, 63 of which are complete.
. Matching Funds
The CommunityC ollegesh aved onea n outstandingjo b in meetingm atcho bligations. There are
only 12 Community College sites that have yet to fully match Bond funds. Out of the "
$94,155,998 originally needed to fulfill the Community College match requirement, only
$21,366,262 (22.6%) remains to be matched as of May 2004. Approximately 63% of the funds
yet to be matched are at larger institutions located in counties with a history of providing funds
for their CommunityC olleges. (AttachmenDt )
Are the bond issuances adequately timed to reflect cash-flow requirements of the projects?
Last year, the actual expendituresla ggedb ehind the projectede xpendituresin the Community
College cashf low model by approximately$ 26 million. Adjustmentst o the cashf low model and
delayingb ond salesi n FY03-04a llowedt he Systemt o significantlyi mprove its expenditurer ate.
As of April 30, 2004, the System Office is reporting a cash flow model deviation of only
$631,927. (Attachment E)
TheH igher EducationB ond OversightC ommitteec ommendsth e CommunityC ollegeS ystemfo r
its work in updating and maintaining the cash flow model, and will continue to work with the
SystemO ffice to monitor cashf low requirementsin thef uture.
Are the expenditures of the proceeds from the bonds issued under the act in compliance
with the provisions of the act? There are 389 Community College Bond projects planned.
There are currently 260 projects in some active stage, of which 63 are completed (including land
purchases).A s of May 21,2004, $449,679,317o r 75% of the communityc ollegeb ond money
has been committed (i.e. identified and approved for use in a specific project).
Historicallv Underutilized Business (HUB)
The HUB participation for the Community College Bond Program is 12.45% (approximately
$22,147,139 spent on HUB vendors). That includes 2.70% Black, 0.86% Hispanic, 0.28%
Asian, 1.00% Native American, 0.26% socially and economicallyd isadvantageda, nd 7.34%
Women.
The Community College President's Association continues its efforts to increase HUB
participation. As a result of the recently created ad hoc HUB committee, the President's
Associationh as initiated a "Plan of Work". (AttachmenFt ) Therei s hope that thesee ffortsw ill
further improve HUB participation.
Are the awarded contracts consistent with the budget and scope of the approved projects? .
Community College Trustees have the authority to change the budget and scope of projects.
Consequentlyb, udgetsa nd scopesc hangef requently. Even after the StateB oard of Community
Colleges has authorized a project, a local board may change the scope and magnitude o~ a .
project. Changes in budget or scope must be re-approved by the State Board of CommunIty
Colleges.
4
illGHERE DUCAnOBNO NDO VERSIGCHOT MMrrn:E (8
Could changes in construction methods enhance cost savings and promotion of on-time
completion of projects? There still is no clear feedback regarding the use of CM at Risk
(currently being used on two projects) in the community colleges. Early feedback suggests that
the community colleges are pleased with the use of Single Prime because of the convenience of
dealing with one contractor. However, there have been some unexpected issues arising from the
use of a Construction Manager. Central Piedmont Community College has employed a CM-which
resulted in several sets of multi-page contracts. The amount of additional paper work was
much more than expected. A CM at Risk contractor is at risk for the performance and prices of
its subcontractors and vendors, unlike a CM functioning as an agent for the owner.
The committee will monitor and collect data regarding the use of Single Prime, Construction
Manager, and Construction Manager at Risk projects and report on information received.
The Watch List
There are currently twelve Community College Projects on the Watch List (currently defined as
projects $10 million or more in cost). (Attachment G)
University of North Carolina
The University Bond program is continuing to progress in an efficient manner. 92.8% of the
Bond program is in an active stage (design, construction, or complete). Out of the 319 total bond
projects, 91 are in design, 162 are under construction, and 51 are complete. ASU, NCSA,
UNCA, UNCC, UNCW and WSSU, as well as the three Affiliates have 100% of their program
underway.
Are the bond issuances adequately timed to reflect cash-flow requirements of the projects?
The University of North Carolina-General Administration (UNC-GA) continues to closely
monitor the actual versus projected expenditures for bond projects. UNC-GA has reported that
the March 2004 bond sale was timely and made funds available just in time to pay March
invoices. While UNC-GA constantly reviews and revises the cash flow model, they have
reported that it is more difficult to accurately forecast cash requirements for construction than it
is for design, making it imperative that funding is continued on a regular basis. (Attachment H)
The State Treasurers Office has indicated their willingness to work with the University on cash
flow needs as necessary. This could include additional bond sales, as long as the total amount in
bonds sold does not exceed statutory limits. Based on the information received to date, the bond
issuances are adequately timed to reflect cash flow needs.
Are the expenditures of the proceeds from the bonds issued under the act in compliance
with the provisions of the act? As of June 1, 2004, the Universities expended $940.854,987 of
the $1, 4 11 ,3 00,000 issued from the three Previous bond sales. The Universities' cumulative
contractual commitments total approximately $1.352 billion (54.1 %) out of the $2.5 billion
available in Bond funds.
Historically Underutilized Business
HUB participation (construction and design contracts) is 14,1%, approximately $232.3 million in
dollar value. This number represents participation by 4.4% Black, 6.6% Women, and 3.5%
5
HIGHEEDRU CA'BI1O0NNOD V ERSCIGOHMTM rrn!E .
Other. The University of North Carolina is working diligently to improve HUB 'VI
participation. Several "good faith efforts" are underway at all levels, from the Office of the
Presidento eachi ndividual campus.
Basedo n the current Bondf und expendituresit doesa ppear that the expendituresa re within the
provisions of SenateB ill 912. .
Are the awarded contracts consistent with the budget and scope of the approved projects? .
To date,t en scopec hangesh aveb eena pprovedb y thel egislature:
1. UNCCH -Renovation of 440 West Franklin St. changed to Infonnation Technology
Office Facility
2. NCSU -Alterations to Meat ProcessingC enterc hangedt o Animal and Food Sciences
Facilities
3. NCSA -Residential Facility changedto High SchoolS tudentR esidentialF acility
4. UNC-A -Cannichael Hall ClassroomB uilding Renovationsc hangedto CarmichaelH all
ClassroomB uilding Demolitiona nd New Construction
5. UNCP -Replacement of Jacobs and Wellons Halls reduced and new General Purpose
ClassroomB uilding added
6. WSSU -Anderson Center Comprehensive Renovation reduced and Coltrane Hall
Renovationto HouseG erontologya nd New Facility for Early ChildhoodP rograma dded
7. WSSU -Health CenterB uilding and Old Nursing Building ComprehensiveR enovation
for StudentH ealthc hangedto New StudentH ealthC enter
8. ECSU -Doles Residence Hall Comprehensive Renovation changed to Campus
InfrastructureI mprovements
9. NCCU -Pearson Cafeteria ComprehensiveR enovationc hangedt o PearsonC afeteria
Expansion;O ld SeniorD onn Conversionto AcademicU se deleteda nd FarrisonN ewton
reduced
10. NCCU -Mold Remediation added. Funds were shifted from Hoey Building ($2.7
million), CodeC ompliance( $3.3 million), ElectricalI nfrastructure( $3 million) and Land
Acquisition ($1.4 million) totaling $10.4 million.
Based on the information that the committeeh as received,w e do believet hat awardedc ontracts
are consistenwt ith the budgeta nd scope ofa pprovedp rojects.
Could changes in construction methods enhance cost savings and promotion of on-time
completion of projects? There are currently 29 bond projects in the University System using the
ConstructionM anager at Risk method. Full GuaranteedM aximum Price contractsh ave been
awarded for 13 of these projects. ConstructionM anager-at-riskc ontinuest o be an effective
construction delivery method for larger projects or for managing an aggregation of related
smaller proje ct. ConstructionM anagera t Risk has showna higherl evel of minority participation
to date than other delivery methods, with 6.3% African American and 18.8% overall HUB
..."
particIpatIon.
.
The committee will continue to monitor and collect data regarding the use of Single Prime,
ConstructionM anager, and ConstructionM anager at Risk projects and report on information
received.
6
illGHEERD UCA'l1B0ONN ODV ERSICGOHMT Mm:EE '8
ExceptRioenpso rt ~
The Higher Education Bond Oversight Committee has made it a point to provide "exceptions
reports" in order to provide a quick view of issues that could have a negative impact on the
ability to complete the bond program on time and on budget. The recent, unexpected increase in
construction costs have resulted in delays in negotiating Guaranteed Maximum Prices with
Construction Manager-at-Risk, projects bidding over budget, general contractors not holding
their bid prices and the time delays inherent in re-bidding projects.
For a complete listing of exceptions, please refer to:
http://www.northcarolina.edu/vendors/bnis.cfm
7
HIGHER EDUCATION BOND
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OCLC number | 50575900 |