Project Budgeting

Typical costsProject budgeting

The following items typically appear in Total Project Cost estimates for new construction and renovation projects: 

Examples of elements

Total project contingency is tracked as a separate line item and may be used to cover budget overages in any of the separate budget object codes caused by unforeseen conditions. At the end of a project, all unused contingency and project funds are returned to the funding source. The Facilities Management project manager handles the project contingency.

The project contingency is not intended to be used to fund client-requested program scope changes. These changes must be funded through separately identified funding or approved budget increases.