Construction Cost at Award as a Percent of Construction Budget
Monthly Cumulative Construction Cost at Award as a Percent of Construction Budget — Federal Fiscal Year 2012—
Maintain total construction costs at the time of contract award within 10 percent of the programmed amount at the beginning of the fiscal year.
Why This Is Important
Stakeholders and the public expect ITD to deliver all highway projects to construction that are programmed each year. This requires projects to be delivered within budget. Projects on which costs at contract award are as close as possible to the project programmed amount allow ITD to better invest limited funding and maximize benefits.
How We Measure It
ITD totals the construction costs of projects awarded in the fiscal year and compares them to the total construction budget programmed at the beginning of the fiscal year for the same projects. GARVEE projects are reported separately.
What We're Doing About It
ITD employs value engineering and practical design principles to ensure projects provide the benefits desired at the lowest practical cost. ITD closely monitors construction bids and price trends to keep construction estimates accurate. Collectively, these methods allow more projects to be provided at or under the programmed amount.
— CURRENT STATUS — Construction Cost at Award as a Percent of Construction Budget
NOTE: No projects were awarded in October 2010 or in October and November 2011.
Annual Construction Cost at Award as a Percent of Construction Budget