Report on the October 2003 Finance Plan for the Central Artery/Tunnel Project
We publicly released our review of the Central Artery/Tunnel Project’s October 2003 finance plan. We found that the plan’s schedule for completing the two remaining segments of the project by November 2005 was reasonable and the schedule discloses milestone delays that take into account potential risks based on the project’s past history of delays. The finance plan fairly represents the project’s cost, identified adequate funding and accurately presents cash flow. We recommended that FHWA ensure that the Authority, in developing the 2004 finance plan, (1) establish and use a process for documenting the reasons for amounts assessed and budgeted for unresolved contract claims, and (2) develop a more realistic milestone date for completing the cost recovery process and include the revised date in its next quarterly report to FHWA.