February 9, 2011 Board Meeting, Audit Division Presentation

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Audit Division PowerPoint presented at the February 9, 2011 MSBA Board of Director's Meeting.

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February 9, 2011 Board Meeting, Audit Division Presentation

  1. 1. Audit Status Update February 9, 2011Steven Grossman Katherine P. CravenChairman, State Treasurer Executive Director
  2. 2. Audit Status Update• Former Program Projects – MSBA has completed final audits of 767 of the 789 Former Program projects totaling over $14 billion in submitted costs; – Achieved audit savings of over $1.1 billion, and – Audited over $750 million in costs for the 22 remaining Waiting List projects currently submitting monthly requests for reimbursement.• New Program Projects – MSBA has completed final audits for 27 projects totaling over $144 million in submitted costs, and – Audited over $471 million in costs for the 97 projects currently submitting monthly requests for reimbursement.February 9, 2011 2
  3. 3. Today’s Board Votes• Prior Grant/ Waiting List Final Audits (Exhibit A) – Everett Lafayette School – Everett Madeline English School – Quincy High School – Wachusett RSD Glenwood Elementary School – $119.9M in MSBA grants to be voted on today• New Program Final Audit (Exhibit D) – Avon Ralph D. Butler Elementary School – MSBA New Program grant totaling $787K to be voted on todayFebruary 9, 2011 3
  4. 4. Everett Lafayette School Close-out Audit• Prior Grant Project - New Construction• Original Approved Project Costs: $17,887,100• Original Approved Interest Costs: $19,362,416• Total Project Costs Submitted: $28,390,054• Total Interest Costs Submitted: $14,732,961• Total Audited Eligible Project Costs:$19,736,841• Total Audited Eligible Interest Costs: $12,290,898• Reimbursement Rate: 60.0%• Final Total Facilities Grant: $18,980,213• Audit Savings: $11,095,276February 9, 2011 4
  5. 5. Everett Madeline English School Close-out Audit• Prior Grant Project – New Construction• Original Approved Project Costs: $19,269,100• Original Approved Interest Costs: $16,801,258• Total Project Costs Submitted: $20,715,840• Total Interest Costs Submitted: $10,748,147• Total Audited Eligible Project Costs:$19,605,581• Total Audited Eligible Interest Costs: $10,723,170• Reimbursement Rate: 60%• Final Total Facilities Grant: $18,024,768• Audit Savings: $1,135,236February 9, 2011 5
  6. 6. Quincy High School Close-out Audit• Waiting List Project – New Construction• Original Approved Project Costs: $80,228,598• Estimated Budget: $126,759,607• Total Audited Eligible Project Costs:$80,228,598• Reimbursement Rate: 90%• Final Total Facilities Grant: $72,205,738• Audit Savings: $46,531,009February 9, 2011 6
  7. 7. Wachusett RSD Glenwood Elementary School Close-out Audit• Waiting List – New Construction• Original Approved Project Costs: $15,564,300• Original Approved Interest Costs: $12,559,106• Total Project Costs Submitted: $19,437,741• Total Interest Costs Submitted: $0• Total Audited Eligible Project Costs: $16,727,151• Total Audited Eligible Interest Costs: $0• Reimbursement Rate: 63.84%• Final Total Facilities Grant: $10,678,613• Audit Savings: $2,710,590February 9, 2011 7
  8. 8. Avon Ralph D. Butler Elementary School Close-out Audit• New Program• HVAC, Window Repair Project• Estimated Budget: $1,416,962• Final Project Costs Submitted: $1,396,192• Total Audited Eligible Project Costs: $1,353,940• Reimbursement Rate: 58.12%• Final Total Facilities Grant: $786,910• Audit Savings: $63,022February 9, 2011 8

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