The original budget allocation for the project was $1,684,140 but a recent public works report to council indicated that another $244,000 would be needed because of several factors. The lowest of the four bids received was still a little higher than the budget allocation.
One reason is that the original design proposal for the project was done in 2018 and based on material and labour cost estimates for that period. Inflation has increased some material costs since then.
Council approved a recommendation to increase the budget for the Edwards Street project to $1,928,140. The extra funds will come from the roads reserve fund for paving and related work while money from the water and sewer reserve funds will help supplement costs for the force main and other work involved in the reconstruction.
Council also approved a recommendation to award the contract for the project to STP Excavation& Construction Inc., which provided the lowest bid at $1,450,158.70, not including HST.