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For the streets scheduled for 2017 construction, the 2012 estimated cost with inflation was <br />$9,383,000. As of January 3, 2018, although not all project contracts have been closed out, the <br />projected actual cost for the 2017 bond projects is $7,656,000; a net difference of $2,088,000 <br />below the costs projected in 2012. We have continued to see a steady increase in construction <br />costs but not to the degree that we originally projected resulting in a large remaining balance. We <br />expect this trend to continue through the last year of this Bond. Details on an annual project-by- <br />project basis are provided in the following pages and summarized in Appendix A. As construction <br />is completed each year, Appendix A will be updated and included in future reports to track the <br />funding status of the overall bond funds. <br />The 2012 bond measure also allocated an average of $516,000 for pedestrian and bicycle <br />improvements each year. In 2017, the project expenditures on all pedestrian and bicycle <br />improvements funded by the bond are estimated at $297,000. Due to expenditures to date, <br />approximately $200,000 is available for the final year of the Bond. <br />2017 Report to the SRRP Page 8 <br /> <br />