Guelph City Hall and courthouse financial overview

Project funding (City Hall and Provincial Offences)  
Approved budget

         $54,850,100
Plus: unbudgeted additional funding

           $1,783,248
A. Total project funding

         $56,633,348

Project expenses (City Hall and POA)

 
Project cost

         $56,968,414
Settlement costs:

Urbacon Limited

           $6,635,000

HST

               $495,450

Input Tax Credit

             ($451,186)

Aviva Insurance Company of Canada

               $100,000

Moriyama & Teshima Architects

             ($150,000)

Money paid back from lien claims

($828,427)
Total settlement costs

           $5,800,837
Legal fees

           $2,300,484
B. Total project cost

         $65,069,735

Additional cost to the City (B – A)

           $8,436,387

Funding the additional cost
Settlement
Legal/OMB Reserve

           $1,693,100
Capital Tax Reserve

           $1,500,000
Capital Asset Renewal Reserve

           $5,243,287
 Total

$8,436,387

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