TITLE

District of Columbia: Status of the New Convention Center Project: AIMD-00-262

PUB. DATE
August 2000
SOURCE
GAO Reports;8/30/2000, p1
SOURCE TYPE
Government Documents
DOC. TYPE
Article
ABSTRACT
Estimated project costs for the new D.C. Convention Center rose 2.8 percent ($22.9 million) from June 1999 to April 2000, according to the Washington Convention Center Authority (WCCA). Net changes included $17.4 million in estimated construction costs, $25.1 million in other estimated costs, $.3 million in addition to the WCCA project budget, and a $19.9 million cost savings in financing costs. With the $22.9 million increase, excess of total estimated funding sources have been reduced to $8.3 million. The increase in WCCA's financing plan included more than $6 million of additional committed federal grants and $4.9 million of administrative costs funded by WCCA's operating budget. However, WCCA's contingency (reserve funds) may be reduced if vendor contracts do not fund the $10 million cost of certain equipment and the $10 million included in the District of Columbia's capital budget request is not approved. Nonetheless, WCCA's contingency can absorb the $20 million. WCCA's records indicated that $40.5 million of dedicated taxes were collected for the first nine months of fiscal year 2000.
ACCESSION #
18208861

 

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