There has been some confusion over the a statement made by Dean Carate, from BCRI, at the AGM this week. Dean mentioned that the “extra” costs incurred during the roofing project amounted to approximately 5% of the total cost of the project – this is not relative to the contingency amount, but to the full project cost.
The contingency amount for the project ended up being approximately 17% of the total cost after the changes were made in the summer of 2015. Note that the expense for gutter replacement came out of the contingency amount as well and are not included in the above “extra” costs.
Once the project is finished a complete accounting of costs will be provided to owners.