Special Board of Aldermen Page 4
May 31, 2016
Alderman Moriarty
Going back a step, in general how is the Broad Street Parkway working and | will rephrase by saying that
roughly $30 million is city and $30 million is federal. Is there some account somewhere that the federal money
goes into that this is all being spent out of? The total is like $80 million or something, right?
Mr. Vancor
In total, federal funds came into the project through a few different sources; there were the original earmarks
and then there was some additional grants but about $44.8 million in total in federal funds from the beginning
of time was what was envisioned and at the time the city took over or when the bond was authorized, the DOT
had reported that there was $30.5 million in federal funds remaining and so there is never a time when they
take that $30.5 million and put it into an account per se and it’s sitting there ready to take. It’s a case where
New Hampshire DOT programs it as we move along and each contract is programmed for so much and it
depends on the cash flow of the funding and when it’s available; much more so than we realized when we
started out. It’s really reimbursement as the work goes and eligible construction work is completed and the city
puts in for reimbursement. That’s been proceeding and it was proceeding very well until this came up and
basically they are holding $2 million of eligible reimbursements until this gets resolved. That’s the $2 million
that would come back immediately. In total of the $30.5 million that was remaining when the city took over the
project, we are looking at, once this repayment is made, if it’s made, we are looking at $9 million that we need
to recapture; the $6.8 million that they are looking to the city to write a check for and then the remaining
unspent money is $9 million in total. That’s what we need to get reimbursed.
Alderman Moriarty
Okay, so let me ask again, as we go along, the checks that are written for the Broad Street Parkway, what
account are they drawn from?
Mr. Vancor
Checks to pay contractor's you mean?
Alderman Moriarty
Yes.
Mr. Vancor
| don’t Know the specific accounts.
Mayor Donchess
David Fredette, the City Treasurer is here.
Mr. Fredette
Mr. Fredette’s statements were inaudible.
Alderman McCarthy
Expenditures where we haven’t been reimbursed yet; are those coming from bond proceeds or out of...
