Budget Updates and Savings from Potential VE Items Discussed

On January 8th, the TSBC met and reviewed updates to the project budget. The total project costs were submitted to the Massachusetts School Building Authority (MSBA) at $46,969,476 (Tisbury share of $33,377,807) including construction, soft and continuous costs. The MSBA has raised the Tisbury School project reimbursement percentage slightly to 41.26% and increased the square-footage cap, reducing the overall Town share.

A detailed list of “Value Engineering” (VE) items was reviewed and discussed to determine where project costs could be reduced. Several items were taken/accepted as changes, reflecting a savings of approximately $287,500.

The full presentation can be viewed on the Documents page. The next TSBC meeting is scheduled for January 22nd. More information can be found on the Meetings & Events page. At the next meeting, the TSBC will vote on Design/Bid/Build (DBB)or Construction Manager at Risk (CM-R) for a delivery method, as well as the bid alternates.