Write Up:

Accurate program cost estimates help MoDOT deliver more timely improvements for taxpayers. As of April 1, 2020, 339 road and bridge projects were completed in the third quarter of fiscal year 2020 at a cost of $656.1 million. This represents a deviation of 9.5% (or $69 million) less than the programmed cost of $724.8 million. Of the 339 road and bridge projects completed, 59% were completed within or below budget. In comparison, 56% were completed within or below budget as of the same date a year ago.  There may be projects that have adjustments pending, which could cause a slight change in the final values.

In addition, 36 multimodal projects were completed at a cost of $17.4 million, 4.2% (or $707 thousand) more than the programmed cost of $16.7 million. A total of 97 local public agency projects were completed at a cost of $79.8 million, 6.1% (or $5.2 million) less than the programmed cost of $84.9 million.

The target is a 0% difference, indicating MoDOT is making timely use of available funds. Road and bridge, multimodal and local public agency projects were within -8.9% of the target in FY 2020.

MoDOT uses this historical data as a guide for programming future projects. Final project costs in FY 2018 and FY 2019 were about 5% lower than programmed values. If FY 2020 projects also reflect significant award savings, MoDOT plans to accelerate projects from FY 2021 to FY 2020.

Purpose of the Measure:

The measure determines how closely total project costs are compared to the programmed costs. The programmed cost is considered the project budget.

Measurement and Data Collection:

Completed project costs are reported during the fiscal year in which a project is completed. Road and bridge project costs include design, right-of-way purchases, utilities, construction, inspection and other miscellaneous costs. The programmed cost is based on the amount included in the most recently approved STIP. Completed costs include actual expenditures. Multimodal and local public agency project costs typically reflect state and/or federal funds but not local funding contributed toward such projects.

The target for this measure is set by internal policy and will not change unless policy changes.