HomeMy WebLinkAboutBudget Construction Co., Inc.
RE ElVED
./
JUL 0 7 2008 \\:. ~
SECTION 00300
BID FORM
Bid of
2t\~ (p,.J'?77uJG-t~N (j). ..J:1J (' ,
"
Address 1'2fP:;D N. W. '.::cum fU'vElL j)(l. ffl11H:1:. r:L"3 ':3 J 7rr5
Phone t3cx; ) Q8~ --qe7Cd
To furnish all materials, equipment and labor and to perform all work in accordance with
the Contract Documents for construction of: sanitary sewer collection system with
gravity sewer lines, manholes, WASD Lift Station and Force main; Paving, Grading, and
Drainage improvements; Under grounding of certain utilities, such as FPL Power,
CATV, and Telephone will require coordination with others. The installation of a new
water main with services is also proposed by the City of North Miami Beach to be
constructed contemporaneously, but not as a part of this contract located in the CITY
OF SUNNY ISLES BEACH.
To: CITY OF SUNNY ISLES BEACH
18070 Collins Avenue, Suite 250
Sunny Isles Beach, Florida 33160
The undersigned Bidder has carefully examined the Bidding Documents and the site of
the proposed work and is familiar with the nature and extent of the work and any local
conditions that may in any manner affect the work to be done.
The undersigned Bidder agrees to do all the work and furnish all materials called for by
the Bidding Documents, in the manner prescribed therein and to the standards of quality
and performance established by the Engineer for the unit price amounts stated in the
spaces herein provided, for each of the items or combination of items stipulated. Unit
price line items shall include cost of implementing all applicable safety requirements.
Bidder acknowledges that estimated quantities scheduled are approximated for the sole
purpose of obtaining comparative bids for determination of the lowest responsible and
responsive bidder whose bid best serves the interest of, and represents the best value
to, the Owner pursuant to the criteria set forth in Section 62-8 of the City Code, and that
actual quantities required may increase or decrease. Bidder further agrees that
payments will be made on the basis of actual quantities placed and accepted in the
construction. Bidder acknowledges that price is only a factor in determining the lowest
responsible and responsive bidder.
05/08
00300-1
05-4893
Atlantic Isles Roadway and Utility Improvements
Bid Estimated
Item Description Quantity Unit Unit Price Estimated Total
I. General
1 Mobilization and Demobilization (< 5 %) LS $ 1'3J,OOO.OO $ /5D {)OO. CO
. ,
2 MOT, per FDOT including temporary striping and
signage, barricades, barriers, arrow panels, etc. as
required. LS $ 30,000. D<> $ 3D, ~_bO
, .
Subtotal-General $/ B~OOO.CD
II. Civil
A Demolition / Site Preparation
3 Asphalt pavement demolition/hauling and disposal LS $ '2'2 000. DO $ '2-2 DOC. 00
, ~f. ~o. 0(;>
4 Driveway demolition/Hauling and disposal LS $ 4-1. COO. Do $
5 Drainage structures to be removed or abandoned .
in place and filled with flow able fill LS $ "? 000. OC $ ',3 000. 00
, /
6 Relocate or adjust existing street signs LS $ I. 000. Do:.. $ I. 000. Do.:.
. .
7 Remove power / light poles LS $ /2,000,00 $ i"Z1 000. co
8 Relocate existing mailboxes LS $ I eOD,Dv $ I. Boo. 00
,:
B Earthwork
9 Green areas in R/W, including fine grade swales
and sod (between back of curb & R/W) LS $ 01. 000. O(J $ 01. 000.00
10 Roadway earthwork LS $ '?'~.lA?O.o<.J $ '3~C60.cv
C Paving
11 Asphalt type, FC 12.7, 2.0 inches 80400 SY $ 1'3,00 $ 1 (fi. 'ZLJo.OO
12 8" limerock base 10,000 SY $ J 5'. 00 $ /~.OOD.oO
13 12" Stabilize sub-base material 11,000 SY $ '2 .. 'Zr:; $ -z..4.f 7q;. cc
14 Select fill 3,350 CY $ II.co $ 5b,CKv. i)~
15 Driveway restoration (per detail on sheet C19) 2,150 SY $ ~.OO $ <<8(0, '000.00
16 Type F curb and gutter 3,170 LF $ /7. CO $ ~3.89o.co
.
17 Valley gutter 2,175 LF $ /4-.00 $ "3o,4-S"D-Ou
18 Transition curb 500 LF $ 17.oD $ 'Of ~o.eo
1 9 Concrete flume 5 EA $ 300. Do $ I $DC DC
, .
20 Flare end curb 4 EA $ '2.tJ0. 00 $ &:0.00
21 Pavement seam joint at bridge location 1 LS $ ? oao.ov $ ~. ODD, DD
D Drainage Structures and Piles
22 Curb drop inlets 22 EA $ '2,4-C-o,00 $ 52 eOO.Do
I
23 Manhole Cover & Frame 2 EA $ e,oO. ro $ I, "00. au
24 Catch basin Type E 3 EA $ ~,4f;O. 00 $ Iq '200. 00
25 Catch basin Type D 8 EA $ 2,/POO,oo $ ~, BDC.D0
26 Catch basin Type C 14 EA $ 2,100.00 $ '29, 4-00. DC
27 Control structures 1 LS $ e I DO. oc) $ 8Ioo.<Ju
. .
28 Pollution retardant baffles 26 EA $ '2./)0.00 $ ~'UlJ.Du
29 Furnish & Install 15" RCP drainage pipe complete
(including but not limited to excavation, bedding,
backfill, compaction & restoration as per plans $ 4-S-.00
and specifications) 770 LF $ '31: IPr;D. Ou
05/08-Addendum NO.5
00300-2
05-4893
Atlantic Isles Roadway and Utility Improvements
Bid Estimated
Item Description Quantity Unit Unit Price Estimated Total
30 Furnish & Install 18" RCP drainage pipe complete
(including but not limited to excavation, bedding,
backfill, compaction & restoration as per plans 53,00 17;l2 ). c,1J
and specifications) 325 LF $ $
31 Furnish & Install 24" RCP drainage pipe complete
(including but not limited to excavation, bedding,
backfill, compaction & restoration as per plans
and specifications) 1,650 LF $ ~8.L'(.l $ 1 1'2.., 2.00.. CO
32 Furnish & Install 30" RCP drainage pipe complete
{including but not limited to excavation, bedding,
backfill, compaction & restoration as per plans qc;,Ot' ~B I '/OO~ ()O
and specifications) 720 LF $ $
33 Ultra lite Tideflex Check Valve 1 EA $ Cf. CCO. lot.. $ q, C'()(). cO
. .
34 Vortech-Model 5000 1 LS $ 14-,O(h~.l'lO $ j 4-1 (,'()O. lX)
.
E Sanitary Sewer System and Force Main per
WASD Standards/Spec
35 F&I 8" PVC sanitary sewer complete (including
but not limited to excavation, bedding, backfill,
compaction & restoration as per plans and
specifications) 2,340 LF $ 4-/. CO $ q c:
S",I'fO.;,o
36 F&I 8" DIP sanitary sewer complete {including but
not limited to excavation, bedding, backfill,
compaction & restoration as per plans and ~,()O
specifications) 120 LF $ $ .~ -'LoO.DO
37 F&I 10" PVC sanitary sewer complete (including
but not limited to excavation, bedding, backfill,
compaction & restoration as per plans and /51 Y30. DG
specifications) 270 LF $ S '7. co $
38 F&I 12" PVC sanitary sewer complete (including
but not limited to excavation, bedding, backfill,
compaction & restoration as per plans and
specifications) 45 LF $ '7(), 00 $ ~3 J ':,-0 . "0
39 Sanitary drop manholes 48" dia. 4-: 3l.'t1. Cl.) .
1 EA $ $ 4.3OC'.c'c
;
40 Core drill existing manhole #24 1 EA $ 1ctJ.(IU $ if oc . c: (\
41 Sanitary manholes 48" dia. 22 EA $ 1'2 r;7:O. ,'to $ S"5"fC()C'. {,0
J .
42 F&I 6" DIP force main complete (including but not
limited to excavation, bedding, backfill,
compaction & restoration as per plans and "'3. c~
specifications) 1,150 LF $ $ '7"2~4~(). 00
43 F&I 8" DIP force main complete (including but not
limited to excavation, bedding, backfill,
compaction & restoration as per plans and CIO.OC
specifications) 50 LF $ $
44 Miscellaneous sanitary PVC fittings 1 LS $ ~ OOC. (:,IV $
45 Miscellaneous DIP valves and fittings 1 LS $ (4-.. COO. Oc.) $
46 F&I 6" sanitary services laterals complete .
(including but not limited to excavation, bedding,
backfill, compaction & restoration as per plans
and specifications) 62 EA $ (.IO(). Ot.~ $ ~':;. t(OC,CL
47 F&I 6" Force main bridge crossing as per detail on
addendum (Bridge No. A) 63 LF $ /l'O. DC $ G.J, 3(.'0. c t)
48 F&I 6" Force main bridge crossing as per detail on
addendum (Bridge No. B) 51 LF $ it' O. {)C $ C;;JtJc.tJ0
05/08-Addendum NO.5 00300-3 05-4893
Atlantic Isles Roadway and Utility Improvements
Bid
Item
Description
Estimated
Quantity Unit
Unit Price
Estimated Total
F Lift Station
49 Complete as per plans to include but not limited
to labor, equipment, materials, electric, i "S: 0(1(1. C(' / /pt;', CliO. (.0
mechanical, earthwork, etc LS $ $
. ,
G Pavement Marking, Striping and Signage
50 18" yellow solid line 76 LF $ 3 /;)0 $ ;Z ~tt lIC
,
51 1 8" white solid line 290 LF $ 3, c~ $ f:r7l.'. co
52 24" stop bar 18 LF $ 4-. CD $ '7''2 ~CO
53 6" double yellow 122 LF $ I ?-o $ Ie'?>. cu
54 8" white 10'-30' skip 0.50 GM $ 'z. . (H:". (. ( $ ~ i)LJt..'. .A)
.
55 8" white solid line 351 LF $ '2. CJ{) $ 7C'2 . cO
56 RPM amber/amber 85 EA $ 6.co $ SIC. (H)
57 RPM blue/blue 6 EA $ /I).DO $ (,ll. C 0
58 R5-1 (Do Not Enter) 3 EA $ ~DD. CC $ 9oo,oc
59 R6-1 L (One Way) 1 EA $ '3>00.00 $ '30L'. OC)
60 R6-1 R (One Way) 3 EA $ '3Dc OC $ qDO, ('<-
61 R3-1 (No Right Turn) 1 EA $ '300. ()tJ $ "3 DO. 0<)
62 R1-2 (Yield) 1 EA $ '2xJO, 00 $ ?JDD.OD
I, ft,-l.I" 3/0. 00
Subtotal-Civil ~ 6,. e~5.~ ~
III. Electrical - Street Lighting
63 Furnish and install decorative light pole cost 33 EA $ 7, SVD. 0(' $ '2.4 1 SlX'. ()v
64 Furnish and install decorative light fixture cost 33 EA $ / I (N) . Cll.' $ '34, '30(\. C.lC
. 4-'i 9t.(\DC
65 Wiring of light fixtures 33 EA $ I. '3tJt..', /).} $
, 4<,1 CCtJ.DO
66 Copper wiring (As per Plans) 16,000 LF $ 'l ,,'.>"1> $
.
67 Furnish and install 2" schedule 40 PVC conduit to
include trenching (6" x 12" deep), backfill and ~, ('It)
restoration 4,000 LF $ $ '~'Z ct ~ ex)
, l-.
68 Handholes 33 EA $ 4-0t,).00 $ /3, 'l-<XJ. Co
69 Copper clad ground rods (5/8" dia x 10'L) 33 EA $ ioo.oO $ ?> .~ (.'e, (.;,
,
70 Panel & Meter Enclosure, including connection to 'f::/ ~<.\O. (,,(,) e 8('(1 CG
service Doint LS $ $
, .. .
Subtotal-Electrical $ 4-2.4 000. t..'U
J
IV. North Miami Beach Water Main Installation
71 Mobilization, General Conditions (Only for items in
IV Installation of Water Main System) LS $ '21 000,00 $ '2-1. oa () .co
J ,
72 Abandonment / Removal of Existing Water
System 1 LS $ 't;D Ol}O .l'C' $ 'g. cee, CC
73 Install 8" PVC Pipe C-900 2,560 LF $ dO, el' $ I {}"l </-0(,\ CO
I
74 Install 6" PVC Pipe C-900 420 LF $ ?J5'. Cc $ ;4 '7 Ge, CC
(
75 Install 4" Polyethylene Casing Pipe 85 LF $ , 4 ,c.D $ I (C(O, LC
.
76 Install 2" Polyethylene Casing Pipe 770 LF $ 7.(..'(' $ '> 3'}O, Cl'
I
77 SS straps 10 EA $ '2 DO. (...(> $ '2oCl).OC
78 Install Fire Hydrants $ /). :5DO,O() $ L
6 EA IS/JOe .cc.
05/08-Addendum NO.5 00300-4 05-4893
Atlantic Isles Roadway and Utility Improvements
Bid Estimated
Item Description Quantity Unit Unit Price Estimated Total
79 Install 6" Transitional Sleeve 1 EA $ 4--01) . 0 c' $ ttCO.(lu
80 Install 8" Gate Valves 6 EA $ I 9>0,0'" $ 9. L'fe,CO
I ,
81 Install 6" Gate Valves 10 EA $ I .I 0,) , (,H.~ $ 1/ OcD.CC
'4-0 I
82 Install 8" x 8" Tee 2 EA $ (),~C $ qUJ.1JO
83 Install 8" x 900 Bend 4 EA $ ? '71) ,DO $ I. 4"'0. t c
84 Install 8" x 450 Bend 14 EA $ ~ IO,CO $ 4.~.('c
85 Install 8" x 22.50 Bend 2 EA $ ~ZV.L\c..> $ , 0tfo. <.A..
86 Install 8" x 11.250 Bend 3 EA $ -; '],0 ,1.'0 $ q{.;;(),OO
87 Install 8" x 6" Tee 9 EA $ 4-'":JtJ. f)O $ d. o<..t),LlO
88 Install 8" x 6" Reducer 3 EA $ 1- 1D.1.\(,' $ , flJ/O,OO
89 Install 6" x 450 Bend 1 EA $ ';e:.>Gl. CJO $ '300. (,10
90 Install 6" x 22.50 Bend 1 EA $ '}::?O. CO $ Z~, (X
91 Install 6" x 6"Tee 2 EA $ 3~C},(.YI $ -7ec. CO
92 Install 6" Cap 1 EA $ J c;l), Of) $ 150. DO
93 Install 6" x 2" Tapped Cap 2 EA $ I {PO. LJc $ 3M.C()
94 Install Corporation Stop Tap to 8" DIP w/Tapping
Saddle 2 EA $ I. (J{)C , c (' $ '2 OOC.OO
95 Install 2" RSGV 2 EA $ , '5ZJ(), O(J $ I.' OCt) . l,'(.'
96 Install Service Connection 1" w/PVC Casing 34 EA $ '7 ()(), 00 $ ~3 Qro,oo
.
97 Install Service Connection 1" Double w/PVC ~ CDC ~
Casing 1 EA $ J DOO 0<;. $
f .
98 Install Service Connection 2" w/PVC Casing 6 EA $ '2.. , 00 ' 00 $ I' &CO'.D~
99 Install Service Connection 2" Double w/PVC , I
Casing 10 EA $ '2.,4-00,L"l{) $ 24;(;0(.' , (":
.
Subtotal - North Miami Beach Water Main ~il. 340 .00
Installation $
,
V, Miscellaneous
1 00 Contingency LS $250,000.00 $250,000.00
VI. FPL Undergrounding
101 Allowance Account LS $500,000.00 $500,000.00
TOT AL BASE BID (Item I Thru VI) J$ '3. ~.09J.l.()1
05/08-Addendum NO.5
00300-5
05-4893
BID SECURITY
Accompanying this Bid is a certified or cashier's check or a bid bond in the amount of $ 5% of
the bid made payable to the Owner which may be forfeited as liquidated damages if, in the
event this proposal is accepted, the undersigned fails to execute the Agreement and furnish and
pay for the required performance and payment bonds for the Owner within 10 days after
acceptance of the Bid; otherwise said certified or cashier's check or bid bond will be returned to
the undersigned.
The undersigned Bidder agrees to commence work within 1.Q days after the date of written
Notice to Proceed, and further agrees to substantially complete the work within 160 consecutive
calendar days after the date of written Notice to Proceed, subject to such extensions of time
allowed by the Conditions of the Contract.
The undersigned Bidder also agrees to complete the entire work within 170 days after the
Contract time commences to run.
The undersigned Bidder agrees that this Bid shall be good and may not be withdrawn for a
period of 60 days after the scheduled closing time for receiving bids.
The undersigned further agrees to forfeit to the Owner, as liquidated damages for each calendar
day elapsing between the date established as the date of final completion and the actual date of
final completion of the contract work, the amount of $2,000.00 per calendar day.
The Owner agrees, as a bonus for each calendar day of early completion before the date
established as the date of final completion and the actual date of final completion of the contract
work, the amount of $2,000.00 per calendar day. The bonus is limited to a maximum of
$60,000.00.
05/08
00300-6
05-4893
ADDENDA
Bidder acknowledges the receipt of Addendum No.'s
1. ~:, 2. ~//lCtC, 3. ~/J(loe , 4. t/'b-lcB, 5. ~/z~/L"$
Dated this l day of ~ ZCDtt>.
(monM) (year)
Contractor:
~DGt:1 6:.;J"'7'flloU~,..J W. 'Y1J(.
.
Address:
I ~ tJ. W t;;L\..'rn I~JeIL,0,t
t..U:'yW1f Yc ~.31 '7 fJ
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SEAL
"
Attachments:
Subcontractor List
Bid Security
Trench Safety Act documentation
END OF DOCUMENT
05/08
00300-7
05-4893
SWORN STATEMENT PURSUANT TO SECTION 287,133(3)(a),
FLORIDA STATUTES, ON PUBLIC ENTITY CRIMES
THIS FORM MUST BE SIGNED AND SWORN TO IN THE PRESENCE OF A NOTARY PUBLIC OR
OTHER OFFICIAL AUTHORIZED TO ADMINISTER OATHS.
1. This sworn statement is submitted to C l ~ s .;Jts' B
C 1\ . c D.-- S I ~ /I ~ / . print name.of th public entity]
by C--- \-=:> " CTnCVLt L-- _ V\CL ~(e.<; I cA.e ViI
[p\rint inqividual's name anc;:l title] I
for v t CO(\s.tyvclron CO, VIe.
[pri t name of entity submitting sworn statement]
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whose business address is
\2-4-S0 NW SouThr-ive~ DrU\K-
YY\icwni I fl- 331l8;
and (if applicable) its Federal Employer Identification Number (FEIN) is
bS -OL-S;,ll\3
2.
(If the entity has no FEIN, include the Social Security Number of the individual signing this sworn
statement: .)
I understand that a "public entity crime" as defined in Paragraph 287.133(1 )(g), Florida Statutes,
means a violation of any state or federal law by a person with respect to and directly related to
the transaction of business with any public entity or with an agency or political subdivision of any
other state or of the United States, including, but not limited to, any bid or contract for goods or
services to be provided to any public entity or an agency or political subdivision of any other
state or of the United States and involving antitrust, fraud, theft, bribery, collusion, racketeering,
conspiracy, or material misrepresentation.
I understand that "convicted" or "conviction" as defined in Paragraph 287.133(1 )(b), Florida
Statues, means a finding of guilt or a conviction of a public entity crime, with or without an
adjudication of guilt, in any federal or state trial court of record relating to charges brought by
indictment or information after July 1, 1989, as a result of a jury verdict, nonjury trial, or entry of a
plea of guilty or nolo contendere.
I understand that an "affiliate" as defined in Paragraph 287.133(1)(a), Florida Statutes, means:
3.
4.
5.
1. A predecessor or successor of a person convicted of a public entity crime; or
2. An entity under the control of any natural person who is active in the management of the
entity and who has been convicted of a public entity crime. The term "affiliate" includes those
officers, directors, executives, partners, shareholders, employees, members, and agents who
are active in the management of an affiliate. The ownership by one person of shares
constituting a controlling interest in another person, or a pooling of equipment or income among
persons when not for fair market value under an arm's length agreement, shall be a prima facie
case that one person controls another person. A person who knowingly enters into a joint
venture with a person who has been convicted of a public entity crime in Florida during the
preceding 36 months shall be considered an affiliate.
I understand that a "person" as defined in Paragraph 287.133(1)(e), Florida Statutes, means any
natural person or entity organized under the laws of any state or of the United States with the
legal power to enter into a binding contract and which bids or applies to bid on contracts for the
provision of goods or services let by a public entity, or which otherwise transacts or applies to
transact business with a public entity. The term "person" includes those officers, directors,
executives, partners, shareholders, employees, members, and agents who are active in
management of an entity.
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05/08 Final Version
00402-1
05-4893
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6. Based on information and belief, the statement which I have marked below is true in relation to
the entity submitting this sworn statement. [Indicate which statement applies]
Neither the entity submitting this sworn statement, nor any of its officers, directors,
executives, partners, shareholders, employees, members, or agents who are active in the
management of the entity, nor any affiliate of the entity has been charged with and convicted of a
public entity crime subsequent to July 1, 1989.
The entity submitting this sworn statement, or one or more of its officers, directors,
executives, partners, shareholders, employees, members, or agents who are active in the
management of the entity, nor any affiliate of the entity has been charged with and convicted of a
public entity crime subsequent to July 1, 1989.
The entity submitting this sworn statement, or one or more of its officers, directors,
executives, partners, shareholders, employees, members, or agents who are active in the
management of the entity, nor any affiliate of the entity has been charged with and convicted of a
public entity crime subsequent to July 1, 1989. However, there has been a subsequent
proceeding before a Hearing Officer of the State of Florida, Division of Administrative Hearings
and the Final Order entered by the Hearing Officer of the State of Florida, Division of
Administrative Hearings and the Final Order entered by the Hearing Officer determined that it
was not in the public interest to place the entity submitting this sworn statement on the convicted
vendor list. [attach a copy of the final order]
I UNDERSTAND THAT THE SUBMISSION OF THIS FORM TO THE CONTRACTING OFFICER FOR
THE PUBLIC ENTITY IDENTIFIED IN PARAGRAPH 1 (ONE) ABOVE IS FOR THAT PUBLIC ENTITY
ONLY AND, THAT THIS FORM IS VALID THROUGH DECEMBER 31 OF THE CALENDAR YEAR IN
WHICH IT IS FILED. I ALSO UNDERSTAND THAT I AM REQUIRED TO INFORM THE PUBLIC
ENTITY PRIOR TO ENTERING INTO A CONTRACT IN EXCESS OF THE THRESHOLD AMOUNT
PROVIDED IN SECTION 287.017, FLORIDA STATUTES FOR CATEGORY TWO OF ANY CHANGE
IN THE INFORMATION CONTAINED IN THIS FORM.
Sworn to and subscribed before me this 3
,2003
Personally known
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1= I~...c.
My commission expires S J 22 /c5Q
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(\ utt-? t\-f--- J20Jr.r4
(Printed typed or stamped
commissioned name of notary public)
OR Produced identification
(Type of identification)
. """'-A
,"':':'''~;'''' JULIETTE ROCHA
/):z,}~;-.;:.':. Notary Public, State of Florida
~: (;. ~:!.l ,: ~ .~My Commission Expires May 22, 2009
''' :';.t..-s: ,-"} Commission # DO 432136
""~'Y; ".~", Bondf>d By N~tional Notary Assn.
....
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05-4893
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DOCUMENT 00403
TRENCH SAFETY ACT
(90-96, Laws of Florida)
Bidder acknowledges that included in the appropriate bid items of the proposal and in the Total
Bid Price are costs for complying with the Florida Trench Safety Act (90-96, Laws of Florida)
effective October 1, 1990. The bidder further identifies the costs of such compliance to be
summarized below:
If applicable, the Contractor certifies that all trench excavation done within his control in excess
of five feet in depth shall be in accordance with the Florida Department of Transportation's
Special Provisions Article 125-1 and Subarticle 125-4.1 (TRENCH EXCAVATION SAFETY
SYSTEM AND SHORING, SPECIAL - TRENCH EXCAVATION).
Failure to complete the above may result in the bid being declared non-responsive.
Contractor agrees that the above safety compliances and costs are included in his bid package.
END OF DOCUMENT
05/08 Final Version
00403-1
05-4893
DOCUMENT 00420
INFORMATION REQUIRED FROM BIDDERS
GENERAL INFORMATION
1.
2.
3.
4.
5.
Contractor's Telephone Number: 30S - <6<6'3- q '67 ~
Contractor's License: S 2-D LOO L / C u CDS 7 400
Primary Classification:
Number of years as a Contractor in construction work of the type involved in this Contract
\ 7 Y eo.. rs.
List the names and titles of.ill! officers of Contractor's firm:
~~v(1 F\ JI\'Y\.eJ\LL Jr. - ?r6lcLenT
EIlts Pi Sar\c~2- - v(~prC:S(clevrt-
rYI'-&1vf/ A j\vntnt2 Jr. sare:tc\r"-./
J f
6.
Name of person who inspected site or proposed work for your firm:
Name: John- Paul Pi edr01
Date of Inspection: J uV\-L 4 ' 1.CQg
(
What is the last project of this nature you have completed?
wltFsn;RJG {JW6
7.
8.
Have you ever failed to complete work awarded to you; if so, where and why?
No
05/08 Final Version
00420-1
05-4893
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9.
Name three individuals or corporations for which you have performed work and to which you refer:
Se1./ Q t! Cl C h.&i ( c Fe r (' h CL <;
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10.
List the following information concerning all contracts on hand as of the date of submission of this
proposal. (In case of co-venture, list the information for all co-ventures).
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NAME
OF
PROJECT CITY
~et Cl itc{ Gh.td
TOTAL
CONTRACT
VALUE
CONTRACTED
DATE OF
COMPLETION
%
COMPLETION
TO DATE
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(Continue list on inset sheet, if necessary)
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11.
What equipment do you own thatis available for the work?
s ~ 0 it Q clrLP,d
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12.
What equipment will you purchase for the proposed work?
None
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NOTE: Attach additional sheets if required.
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If requested by the City, the Bidder shall furnish a notarized financial statement, references and other
information, sufficiently comprehensive to permit an appraisal of his current financial condition.
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05/08 Final Version
00420-2
05-4893
LIST OF SUBCONTRACTORS
The Bidder SHALL list below the name and address of each Subcontractor who will perform work under this
Contract in excess of one-half percent of the total bid price, and shall also list the portion of the work which
will be done by such Subcontractor. After the opening of Proposals, changes or substitutions will be allowed
with written approval of the City of Sunny Isles Beach. Subcontractors must be properly licensed.
1.
Work to be Performed
'~H*LI fA"~b
2.
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NOTE: Attach additional sheets if required.
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05/08 Final Version
Subcontractor's Name/Address
H-.f-fl PA.J.;:::I'JG
\qss- Nw 110 P'ivG
ml~' L- ~3 1'L
S I '::J:.tJG (LeAf) (WNNc-X e ".;;.LL IS
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00420-3
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CERTIFICATE AS TO CORPORATE PRINCIPAL
, certify that I am the pr e::S ICleX'\ t of
~ t Coy\S; c nO Co. I YlC-. and
that e III s: A SA ncN.- 1- , who signed the Bid with City of Sunny Isles,
Dade County Florida for f\tluV\ IlL ~Lts flatCl W(\ "i d- UTi t i ~
l~Y1+; , City Bid N/0 o\$-- 00 - 0 I
is U U _e:; (VlQ n..1- of said Corporation with full authority to sign said Bid on
behalf of the Corporation.
Signed and sealed this l day of Jv \\ I ' 20~.
I
(SEAL)
ignature
A J\VY\tvU2- / f)((s(~V1T
Typed wlTitle ' \
1rll9\fi'1
STATE OF FLORIDA
COUNTY OF DADE
SWORN TO AND SUBSCRIBED before me this ~ day of ::S-ulif
,2c(t3
My CEf2:iT mireS:
~
Notary Public
,"'."~:.t/.>,_ JULIETTE ROCHA
'/... o~-- N
f ..,. ~~S":>': olary Pub/is. State of Florida
\:~?t1.J.,;jMY Commission Expires May 22.2009
-";f':,,,:.:;,.' Comrrllssion # DO 432136
""~P.d By Na~ional Notary Assn.
05/08 Final Version
00500-8
05-4893
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CERTIFICATE AS TO AUTHORIZED CORPORATE PERSONNEL
I, E \\ is Ft <;a,~N- 2- , certify th.at I am the V ((R P( \':SItU vk
B_c\e1 cO~1Ylc1I'OI~ CO',lr\c,
o f
Wht ~g~t(t~~ith Ci~ ~~n~ 1~litt'l DOeO~I~~Sa for the project titled
B' n G ~ 0 g - 0 (:) - 0 I , Consultant Project No. 05-l\ ~ 3>, and
authority to sign payment requests on behalf of the
of
(Signature)
yY1 igu{ I ~J \ rl'tVU 2- / Dr eSI'dl Y\ t
(Typed Name wlTitle) I
f[l(s r1~ ckt2-- V\[t (6rd1\t I
(Typed Name wlTitle)
(Signature)
(Typed Name wlTitle)
(Signature)
Signed and sealed this .-l day of Jv \\/
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j !
(SEAL)
{i!:J
f:LLnA.7A-tJC/tt:Z. 1 v5uf;~7
Typed wfTitle
STATE OF FLORIDA
COUNTY OF DADE
SWORN TO AND SUBSCRIBED before me this.9 day of Sui \.}
I 20.u5
My Commission Expires:
sl~LIOCi
b~fh~
"""".....~
J ."'''''''' JULlETT;: ROCHA
, "~H' .1>(.'-', ... ...
~':~k"'5;~~<o Notary Public. State 01 Florida
: . (~ t/~J~), ~!,~y Commission Expims Ma" 22. 2009
... I. ... !~1u.. ~I ... I
~;;)~~:~,.,,:<Z~~ Commission # DO 432136
"'"Y:.;,;~'" BondwJ By N,1tional N0tary Assn.
...... .... Vi' _ .. <ll:i~
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00500-9
05-4893
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DOCUMENT 00650
ACKNOWLEDGEMENT OF CONFORMANCE
WITH O.S.H.A. STANDARDS
TO THE CITY OF SUNNY ISLES BEACH
We V ei ConstvuctioV\ CO. (n( acknqwledge and agree that as contractors
for the construction of the" la . C . l4:\. ~ ut 1\ \ \Je ", that we have the
sole responsibility for compliance with all requirements of the ederal Occupational Safety and
Health Act of 1970, and all State and Local Safety and Health regulations, and agree to
indemnify and hold harmless the City of Sunny Isles Beach, and Calvin, Giordano & Associates,
Inc., .Consulting En9,ine~rs igainst ~trd all legal liability or loss the Dist~ict or the Engin~er
may Incur due to J?vC\Qt W(\S c 0\'1 co'/ I VI. ( . failure to comply with
such act. J I
By: E\l\sf\ 5ClV\Cht2-
Title: \/\Q1. Or [S.! dint
. \
J v\~ ~{E 2CO~
END OF DOCUMENT
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05/08 Final Version
00650-1
05-4893
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DOCUMENT 00401
BID BOND
BIDDER (Name and Address):
BUDGET CONSTRUCTION CO., INC.
12450 N.W. South River Drive
Miami. FL 33178
SURETY (Name and Address of Principal Place of Business):
Arch Insurance Company
One Liberty Plaza. 53rd Floor
New York, NY 10006
OWNER (Name and Address):
CITY OF SUNNY ISLES BEACH
18070 Collins Avenue
Sunny Isles Beach. Florida 33160
BID
BID DUE DATE: June 16, 2008
PROJECT (Brief Description including Location):
Atlantic Isles Roadway & Utility Improvements
BOND NUMBER: N/ A
DATE: (Not later than Bid Due Date): June 16, 2008
PENAL SUM: 5% of Amount Bid
IN WITNESS WHEREOF, Surety and Bidder, intending to be legally bound hereby. subject to the terms
printed on the reverse side hereof, do each cause this Bid Bond to be duly executed on its behalf by its
authorized officer, agent, or representative.
BIDDER
SURETY
Budget Construction Co., Inc. (Seal)
Bidder's Name and Corporate Seal
(Seal)
Arch
Surety's Na
By:
Attest:
By:
Signature and Title
(Attach Power of Attornev)
. Alee:, Attor ey rri
Attest:
Note:
(1)
(2)
Above addresses are to be used for giving required notice.
Any singular reference to Bidder, Surety, Owner or other party shall be
considered plural where applicable.
05/08 Final Version
00401-1
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1. Bidder and Surety, jointly and severally, bind
themselves, their . heirs, executors, administrators,
successors and assigns to pay to Owner upon default of
Bidder any difference between the total amount of Bidder's
bid and the total amount of the bid of the next lowest,
responsible and responsive bidder as determined by Owner
for the Work required by the Contract Documents, provided
that:
1.1. If there is no such next lowest, responsible and
responsive bidder, and Owner does not
abandon the Project. then Bidder and Surety
shall pay to Owner the penal sum set forth on
the face of this Bond, and
1.2. In no event shall Bidder's and Surety's obligation
hereunder exceed the penal sum set forth on
the face of this Bond.
2. Default of Bidder shall occur upon the failure of Bidder
to deliver within the time required by the Bidding Documents
(or any extension thereof agreed to in writing by Owner) the
executed Agreement required by the Bidding Documents
and any performance and payment bonds required by the
Bidding Documents and' Contract Documents.
3.
This obligation shall be null and void if:
3.1. Owner accepts Bidder's bid and Bidder delivers
within the time required by the Bidding
Documents (or any extension thereof agreed to
in writing' by Owner) the executed Agreement
required by the Bidding Documents and any
performance and payment bonds required by
the Bidding Documents and Contract
Documents, or
3.2. All bids are rejected by Owner, or
3.3. Owner fails to issue a notice of award to Bidder
within the time specified in the Bidding
Documents (or any extension thereof agreed to
in writing by Bidder and. if applicable, consented
to by Surety when required by paragraph 5
hereof).
4. Payment under this Bond will be due and payable
upon default by Bidder and within 30 calendar days after
receipt by Bidder and within 30 calendar days after receipt
by Bidder and Surety of written notice of default from Owner,
.which notice will be given with reasonable promptness,
identifying this Bond and the Project and including a
statement of the amount due.
5. Surety waives notice of and any and all defenses
based on or arising out of any time extension to issue notice
of award agreed to in writing by Owner and Bidder, provided
that the total time for issuing notice of award. inCluding
extensions shall not in the aggregate exceed 120 days from
Bid Due Date without Surety's written consent.
6. No suit or action shall be commenced under this Bond
prior to 30 calendar days after the notice of default, as
required in Paragraph 4 above, is received by Bidder and
Surety and in no case later than one year after Bid Due
Date.
7. Any suit or action under this Bond shall be
commenced only in a court of competent jurisdiction located
in the state in which the Project is located.
8. Notices required hereunder shall be in writing and
sent to Bidder and Surety at their respective addresses
shown on the face of this Bond. Such notices may be sent
by personal delivery, commercial courier or by 'United States
Registered or Certified Mail, return receipt requested,
postage pre-paid. and shall be deemed to be effective upon
receipt by the party concerned.
9. Surety shall cause to be attached to this Bond a
current and effective Power of Attorney evidencing the
authority of the officer, agent or representative who executed
this Bond on behalf of Surety to execute, seal and deliver
such Bond and bind the Surety thereby.
10. This Bond is intended to conform to all applicable
statutory requirements. Any applicable requirement of any
applicable statute that has been omitted from this Bond shall
be deemed to be included herein as if set forth at length; If
any provision of this Bond conflicts with a.ny applicable
provision of this Bond conflicts with any applicable provision
of any applicable statute, then the provision of said statute
shall govern and the remainder of this Bond that is not in
conflict therewith shall continue in full force and effect.
11. The term "bid" as used herein .includes a bid, offer or
proposal as applicable.
05/08 Final Version
00401-2
05-4893
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POWER OF ATTORNEY
Know All Men By These Presents:
That the Arch Insurance Company, a corporation organized and existing under the laws of the State of Missouri, having its
principal office in Kansas City, Missouri (hereinafter referred to as the "Company") does hereby appoint
Mary C. Aceves, Warren M. Alter, Charles D. Nielson, Charles J. Nielson, David R. Hoover and Gicelle Pajon of Miami
Lakes, FL (EACH)
. .
its true and lawfuf Attom:eY(S)-i~-Fact, to make, execute, seal, and deliver from the date of issuance of this power for and
on its behalf as surety, and as its act and deed:
Any and all bonds and undertakings
EXCEPTION: NO AUTHORITY is granted to make, execute, seal and deliver bonds or undertakings that guarantee the
payment or collection of any promissory note, check, draft or letter of credit.
This authority does not permit the same obligation to be split into two or more bonds in order to bring each such bond
within the dollar limit of authority as set forth herein.
The Company may revoke this appointment at any time,
The execution of such bonds and undertakings in purs.uance- of these presents:'shall be as binding upon the said
Company as fully and amply to all intents and purposes, as if the same had b:een duly executed and acknowledged by its
regUlarly elected officers at its principal office in Kansas City, Mi~souit' . :" .. .'.....
. . '.. .... . '.~. ..,' ~ . !
I. _,'
This Power of Attorney is executed by authority of resolutions adopted by unanimous consent of the Board of Directors of
the Company on March-3, 2003, true and accurate copies of which are hereinafter set forth and are hereby certified to by
the undersigned SeCretary as being in full force and effect:
"VOTED, That the Chairman of the Board, the President, or any Vice President, or their appointees designated in writing
and filed with the Secretary, or the Secretary shall have the power and authority to appoint agents and attorneys-in-fact,
and to authorize them to execute on behalf of the Company, and attach the seal of the Company thereto, bonds and
undertakings, recognizances, contracts of indemnity and other writings, obligatory In the nature thereof, and any such
officers of the Company may appoint agents for acceptance of process."
This Power of Attorney is slgn~d, sealed and certified by facsimile under and by authority of the following resolution
adopted by the unanimous consent of the Board of Directors of the Company on March 3, 2003:
VOTED, That the signature of the Chairman of the Board, the President, or any Vice President, or their appointees
designated in writing 'and filed with the Secretary, and the signature of the Secretary, the seal of the Company, and
certifications by the Secretary, may be affixed by facsimile on any power of attorney or bond executed pursuant to the
resolution adopted by the Board of Directors on March 3, 2003, and any such power so executed, sealed and certified
with respect to any bond or undertaking to which it is attached, shall continue to be valid and binding upon the Company,
OOML0013 00 03 03
Page 1 of 2
Printed in U.S.A,
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STATE OF FLORIDA
DEPARTMENT OF BUSINESS AND PROFESSIONAL REGULATION
CONSTRUCTION INDUSTRY LICENSING BOARD (8S0) 487-1395
1940 NORTH MONROE STREET
TALLAHASSEE FL 32399-0783
iVlm@ml1WlE~
~ FEB 152008 &
SANCHEZ, ELLIS ALEJANDRO
BUDGET CONSTRUCTION CO INC
12450 NW SOUTH RIVER DRIVE
MIAMI FL 33178
Congratulations! With this license you become one of the nearly one million
Floridians licensed by the Department of Business and Professional Regulation.
Our professionals and businesses range from architects to yacht brokers, from
Our mission at the Department is: License Efficiently, Regulate Fairly. We
constantly strive to serve you better so that you can serve your customers_
Thank you for doing business in Florida, and congratulations on your new license!
~
Holly Benson
Secretary, Department of Business and Professional Regulation
DETACH HERE
STATE OF FLORIDA
DEPARTMENT OF BUSINESS AND PROFESSIONAL REGULATION
CONSTRUCTION INDUSTRY LICENSING BOARD
1940 NORTH MONROE STREET
TALLAHASSEE FL 32399-0783
(850) 487 -1395
SANCHEZ, ELLIS ALEJANDRO
BUDGET CONSTRUCTION CO INC
12450 NW SOUTH RIVER DRIVE
MIAMI FL 33178
10) rn: @ rn; 11 W rn: ~
fJ\1 FEB 1 5 2008 JYJ
I ~%~",''ro ~ 1>~~~ff, .~..: . M' .Z :.'::'~~~'~ .-;.:~.,,:~ .L:~~rri~'.~ '~:""~' " .~.~j,~' :"':~
'1'''(' :'W/lTATE OFJWORIOA:--<'\':"\'::-'~-.:,/,~'{!"..3'M 31;;-]; 8'"
Congratulations! With this license you become one of the nearly one million ~:l,\' r~~~f.ii~~~'*&:~tisl~~E'S1r;:'(~lJ~'("'ir:
Floridians licensed by the Department of Business and Professional Regulation. :.,. ^.~ ~ -', ~-6:"''''~tP.- " ttL.fl"$' ..;~*t0'(:;;p
Our professionals and businesses range from archi~ects to yacht brokers, from ,":-' ~~". ,~t:-:~~~~. '., ~ ~:::. ~~:;{:;iz.~:':~~~~&i~
boxers to barbeque restaurants, and they keep Flonda's economy strong. (~"P<~co:gg1aO:: ~ ',::;: -~O :i7 0%:; d~-%:;:JA;~~t:~fq;~)!(
. . . f~~~t~~I:')\ 9;i~~~'J';;;~~:';;.~:'~ .~~~~'.~,.~~;t~\~*;tt;~~\~~~:.,,~~
Eve~ day w.e work to Improve .the way we do bUSiness In order t!3 s~rve you better ~:v:,::",.!.. ;.::;:1.: ,~::::.><<-t. .;.., ~~: ~ ~:-. ,::;:~.- ;::;~ ~i -Z:~:\;:~:!:l~:J.~:i'\t;; :,
For mformatton about our: servlce~, please log o~tc? ~ww.myflorJdallce!"se.com. ={;:~: R , EltGRQUND ~&:..:;:E~;.~~~:;.~<;.:'. '>
There you can find more mformatlon about our diVISions and the regulations that t~' Zti.':JWtIXS ::AT;EJA:ND~9'~A~.,'~~)~t~~;~;
impact you, ,s~b~~~e to department newsletters -and leam more about the t' ." ~~~~~!~l?'~~~~~iS.P !f~~~r:".~;~~4',:'. :;f
Department S Initiatives. ::;..'\; \ ~~~~;'H}~. '" - ...:.. ~ . ~- ..~,ljoJ.~ ~qU.. ~ ::~~~[":!J'~'~~_' ~~~ _' t:~
;~i:ei~ J ~... .~.~rf{'~~:l~t ::;:~; ~~~ ~Z~ :=~;. ,~~~i':f:;-;:l;;;~f.,:,:- ';.G';'1~':;';
Our mission at the Department is: License Efficiently, Regulate Fairly. We : '. '~~~'3VJ=~,::\!;; -. '~;,":;~ ~;::~.......\,;:i:'/-r'~;i~:-':':l:';"'::":.ij.,- -,'
constantly strive to serve you better so that you can serve your customers. , ~~~ijIED'~;~'~:k,'~ ~~~~",J:t!\~ ~:\Flr.fi'4\a:9 :
Thank you for doing business in Florida, and congratulations on your new Iicensel :r..' - =:;>~::.\ .. r~~.r7.r!;:.;:;itr~c~~');::~~~; ~ ,- "8{~QO'~{,;'--;1'iiA'~J.~-
'--r.;'~:- ;cI~ioh'~;'.::n.J:;li,:t'{/')~\_~Utv.p_...J. ~'" i";~V ~~Jr"('''.
'~~($~~~.. }~7i'}~/~i~i~~~~<<tf+~~~..:[~;t~~;~i;~r?:-:~~~~~~~:; ':~:
~
Holly Benson
Secretary, Department of Business and Professional Regulation
DETACH HERE
CTQB
Construction Trades Quanfying Board
BUSINESS CERTIFICATE OF COMPflENCY
E202002
Exp. Date: 09/30l2009
SANCHEZ ELUS A
BUDGET CONSTRUCTION CO INC
D"B.A.:
CITY ENGINEERING INC
!
Is certified under the provisions of Chapter 10 of Miami-t)ade Coumty
j.
0003
0007
0009
0010
QUALIFYING TRADEf~)
PlPE LiNE ENG
. PAVING ENG1NEERIN.G
EXCAU & GRADiNG ENG
LAND CLEAR & GRUBY
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~PTown of Medley
LOCAL BUSINESS TAX RECEIPT
200800702
2007 -2008
BUDGET CONSTRUCTION CO.
12450 NW SO. RIVER DRIVE
MEDLEY FL 33178
MIKE JIMENEZ
12450 NW SO. RIVER DRIVE
MEDLEY FL 33178
Is hereby issued a Local Business Tax Receipt for Town of Medley, valid through September 30
of tax year listed above for the occupation of GENERAL CONTRACTOR AND ENGINEER.
The issuance of this Tax Receipt or acceptance by the applicant in no way confers any right to
violate any law, ordinance or regulation of this State, County, or any municipality.
RESTRICTIONS:
NO GENERATION OF HAZARDOUS WASTE. NO LIVING ON THE PREMISES.
This Loca~ Business Tax Receipt must be exhibited
conspicuous~y at your p~ace of business,
*~7~
TOWN CLERK
BUDGET CONSTRUCTION CO., INC.
ENGINEERING CONTRACTORS
12450 N.W. SOUTH RIVER DRIVE, MEDLEY, FLORIDA 33178
PHONE (305) 883-9878 FAX (305) 883-9788
JOB & PERFORMANCE REFERENCES
Bovis Lend Lease
80 SW 8th Street
Suite 1800
Miami, Florida
(305) 373-3502
Ed Morse
KVC Constructors, Inc.
9499 NE 2na Avenue
Suite #205
Miami Shores, Florida 33138
(305) 757-7707
Andy Del Toro
BRV Construction Services, Inc.
13275 S.W. 124th Street
Miami, Florida 33186
(305) 238-7953
Ron Loheide
Turner Construction
1399 SW 1 st Avenue
Miami, Florida 33130
(786) 621-9000
Ruben Morales
Coastal Construction Company
5950 Blue Lagoon Drive
Suite 200
Miami, Florida 33126
(305) 559-4900
Mark Miller
ASR
68 Fisher Island Drive
Construction Trailer
Fisher Island, Florida 33109
(305) 673-9876 / (305) 219-2886
Anthony Moreno
JJW Construction
1670 West McNab Road
Fort Lauderdale, Florida 33309
(954) 970-0211
Bob Barrington
Suncon, Inc.
5830 Miami Lakes Drive East
Miami Lakes, Florida 33014
(305) 827-2970
Carl Blackwell
Miami Dade WASD
3071 S.W. 38th Avenue
Miami, FL 33146
786-552-8146
Miguel Pichardo
FINANCIAL REFERENCES
.Benitez & Company, CPA
8001 S.W. 24th Street
Miami, Florida 33155
(305) 261-8589
Juan Benitez
Colonial Bank
9770 NW 25th Street
Miami, Florida 33178
(305) 477-0011
Ray Gonzalez
VENDOR REFERENCES
Austin Tu~ler Truckin~, Inc.
6570 S.W. 47 h Court
Davie, Florida 33314
(305) 949-4148 / (954) 583-0844
Mark Tupler
F.R. Transport & Equipment, Inc.
12900 N.W. 202nd Street
Miami, Florida 33018
(305) 829-2660/ (305) 829-1771
Alex F alero
Community Asphalt
14005 N.W. 186th Street
Hialeah, Florida33018
(305) 829-0700/ (305) 829-1366
Carlos Parodi
HD/National Waterworks
4310 N.W. 10th Avenue
Oakland, Florida 33309
(954) 772-7343/ (954) 772-0443
Jason Barkett
CREDIT REFERENCES
CitiCapital
15959 S.W. 9th Street
Pembroke Pines, Florida 33027
(954) 437-1714
Chuck Saxton
Caterpillar Financial Services
PO Box 905561
Charlotte, NC 28290-5561
(800) 651-0567
SunTrust
515 East Las Olas Blvd.
Fort Lauderdale, Florida 33301
(954) 765-7521
Jason Shrode
Executive National Bank
9600 North Kendall Drive
Miami, Florida 33176
(305) 273-2928
Sandra Viaros
BONDING REFERENCES
A~ent
Nielson, Alter & Associates
5979 NW 151 Street, Ste 105
Miami Lakes, Florida 33014
(305) 822-7800
Warren M. Alter
Bonding Limit: Single $7 Million
Aggregate $20 Million
Bondin~ Company
Arch Insurance Group
2701 North Rocky Point Drive, Ste 980
Tampa, Florida 33607
Tracy Alessi
LICENSES 1 CERllFICA lES
State of Florida - General Contractor License #CGC057337
State of Florida - Underground Utility & Excavation Company #CUC057400
Department of Transportation Qualification - Maximum Capacity $20.9 Million
Miami Dade County - Occupation License Certified for General Contractor License #338898-0
Miami Dade County - Occupation License Certified for Specialty Engineering License #474035-4
Miami Dade County - Engineering Certificate of Competency License #E202002 for Pipe Line, Paving, Excavation &
Grading and Land Clearing & Grubbing
School Board of Miami Dade County - General Contractor Certificate of Prequalification with limits of $1.5 million single
and $15 million aggregate
School Board of Miami Dade County - Site Contractor Certificate of Prequalification with limits of $830,933 single and
$15 million aggregate
City of Miami - Minority Certificate #CCR2002-287
Broward County - Occupational License Certified for Specialty Engineering License #00-1642-X
Broward County - Engineering Certificate of Competency License #00-1642-X for 3A Major Roads (Asphalt and
Concrete) and 4B Clearing and Grading
Broward County - Minority Business Enterprise Certificate #05-E1827
School Board of Broward County - Underground Utility, Paving and Drainage Certified
School Board of Broward County - Minority Certificate #7007 -518602
Budget Construction Co., Inc. _----L-_
IMaor Eouloment Ust - .---t---
'March 21. 2006 ---
I
Eaulpment Serial Number Model Vear Date Purchased Finance Company I Value'
!>. ~ ... .- .
1 Badner Carrier 255512 1994 9/19/2003 Budoet $ 25.000.00
2 Bomaa MW 120AD Vlbnllo;;..Roller 101860024600 2007 1/2612007 John Deere - S 31.900.00
3 Bomaa MW 120AD Vibnltory Roller 101660024601 2007 1/2612007 John Deere $ 31.900.00
4 Bomaa MW 120 Roller 101880024698 3/1/2008 Wells Farao $ 34.484.40
4.9 Caterpillar 246B Sl<id Steer Loader. 72 Bucket SCL00227 2005 2/29/2008 Catemlllar $ 30.415.68
5.9 Catemillar 322BL Excavalor ..- 1YS00314 1997 OS/2001 Budoet ~1~ 54,616.0.0
6.9 Cateroillar 302.5 Mini Excavato< 4AZ01344 2000 10/161i003 Budget 15,000.00
7.9 Catemlllar 4 16B 4x4 Backhoe Loader.@ 08ZK 1 0863 1996 5/1/2006 Budaet 25.000.00
8.9 ~ ~ ~ l 21.184.00
9.9 Catemlllar 416C Combination Loader #2 4ZN07058 1999 08/2002 Budget $ 27.749.00
11 Catemlllar 416C Combination Loader #3 . 4ZNI6896 1998 12/30/02 Budaet $ 27.345.00
12 Catemlllar 416C Backhoo Loader #9 4ZN17710 1999 41912004 Budaet $ 30.000.00
13 Caterrlllar 416C Backhoe Loader #10 4ZNl9405 1999 419/2004 Budaet $ 30.000.00
14 Catemillar 416C Backhoe Loader #11 4ZN21284 2000 2/1512005 GE Caoital $ 35.000.00
15 Cateroillar Backhoe Loader 4160 BFP14656 2005 9/612005 GAT Financial ease $ 57 000.00
16 Catf>ffiillarBackhoe Loader 4160 BFP15022 2005 916/2005 CAT Financial Lease $ 59,000.00
17 Caternillar Backhoe Loader 4160 BFPl5025 2005 91612005 CAT Financial Lease $ 59,000.00
18 CaternJllar Backhoe Loader 4160 BFP 15026 2005 91612005 I CA T Financial Lease $ 59,00000
19 Cateroillar Backhoe Loader 4 160 BFPl5543 2005 91612005 CAT Financial Lease $ 59.000.00
20 Cat.......ular Backhoe Loader 4160 BFPl6098 2005 4/28/2006 CA T FInancial Lease $ 60,24678
21 l ~ 2005 4I:lllJ2OOO
22 Cateroillar Backhoe Loader 416E SHA02715 2007 10/1/2007 CAT Financial Lease $ 64 .900.00
23 CaterPillar D3C Bulldozer 6SL02659 1998 OS/2001 I Budoet $ 26 857 .00
24 CalHmlJlar 03 Dozer CFCOO157 2002 8/5/2005 OE capital $ 45.000.00
25 Catemillar D4HLGP Dozer 9GJD1472 1995 1117/2006 CitiCaOilal $ 35.000.00
26 Cateroillar 9240 Front-End Loader 9SW01683 2001 I 7/1912001 CitiCaoital $ 8B,363.00
27 Cat..",;lIar 252 Skid Steer Loader CAT0252BPSCP0313G 2006 12/12/2006 SunTrust $ 35.562.56
28 CatAmillar 242B Skid Steer Loader BXM00741 2004 8/1712004 Budoet $ 2B.211.20
29 Caternlllar 92BG Front-End Loader 6XROl148 199B 12/13/2001 Budoet $ 61,212.00
30 CatAIT iIIar 928G Wheel Loader GXR2634 2000 3130/2006 SunTrust $ 67,890 .00
31 CatAmiIl.! 928G Wheel Loader DJDOl343 2004 11/1512006 CItiCaoital $ 74 250.00
32 Caterpillar 92BGZ Whoel Loader DJDOl647 2005 7/26/2007 Cateroillar $ 66.950.00
33 CatAfOillar IT24F Front End Loader 4NN0123O 1998 5/14/2003 Budoet $ 36.000.00
34 Calerolllar DP20D FO<1IlIft 6BM00669 1996 5/1412003 Budgel $ 4,750.00
35 Caterolllar IT26G Inteorated Tool Carrier 6CR01265 1999 4/9/2004 Budaet $ 40,000.00
36 Caterpillar 1200 Motor Grader 87V09816 1994 6/1812003 Budpet $ 45 000.00
37 Caterpillar C~33C Drum Comoactoc 13TM00713 1998 7/2712004 Budoet $ 46,418.44
38 Caterpillar Excavato< 312 CL CBA03005 2005 I 111612005 CAT Financial (Leasel $ 116000.00
39 Catemillar 320 CL HYdraulic Excavato< CAT0320CTANB01914 2001 2/15/2005 GE Caoltal S 102.500.00
40 Cateroillar 325 CL HvdrauJic Excavalor BFE00262 2002 3/8/2005 GE Caoltal $ 136.000.00
40 CatAmillar 330 Excavator 0330CHDKYOOB53 2003 3/24/2006 SunTrust $ 159.050.00
41 Cammillar 330CL Excavator CAPOo326 2002 6/27/2006 SunTrust S 135 000.00
42 Catemillar CS563D Vibrntorv Smooth Drum Roller CATCS562C9MWOll02 2002 11/1512006 CitiCaoital I $ 72,760.00
43 Chellenoer E Hvd Drive Broom Model #CT68/PV 35287 2005 4/2012005 New Holland I $ 4.750.00
44 Cl13mnion C80A Motor Grader 200915 I 2000 6/18/2003 Budoet IS 37 000.00
45 Ditch Witch 1820 Trencher 10/1612003 Budaet $ 11105.78
46 Dvnaoac VibralinnPlato 29008978 2003 21712003 Budoet
47 Envirosale Flamesmeld Fuel Svstem 3/24/2006 SunTrust $ 12.662.56
4B Gravel Box MR6122 05/14/2002 Budaet S 3.091.00
49 Inae~oll Rand DD24 Roller #1 146916 1998 02/1412001 Budoet $ 12.139.00
50 Inoo~oll Rand DD22 Drum Roller #2 156546 1999 10/1612003 Budoet $ 8.500.00
51 Inae~oll Rand SD40D Drum Roller #3 157083 I 1998 6/1812003 Budaet $ 21 000.00
62 Inoersoll Rand SD70D Vibratory Drum Roller #4 150423 1997 10/1612003 Budoet $ 35.000.00
53 Hvdraullc Hammer for 416 backhoe loader 4KL03458 2003 3/15/2007 SunTrusl $ 5.350.00
54 Hvoac C850B Comoactor Roller #5 B188C2166V 2000 08121/2001 Budoet S 37 539.00
55 Hvoac C530A Tire Roller 202402 ! 2/5/2008 Wells Faroo $ 61 077.16
66 John Deere 310G Backhoe Loader T0310GX957110 2006 5/12/2006 Deere Credit (Lease $ 58 000.00
57 John Deere 310G Backhoe Loader T0310GX962995 I 2007 10/1612007 Deere Credit Lease $ 55,90000
58 John 0...,,. 310J BllCkhoe Lo:xler T031OJX149012 I 2007 8/14/2007 Deere Credit Leese S 53.900.00
59 John Doore 310J Backhoe Loader T0310JX145661 2007 8/1412007 Deere Credit Lease $ 53,900.00
60 ~ 200+ I ~ 0- ~
61 John Deere 310J Backhoe Loader T031 OJX 153292 2008 31612006 Deere Credit Lease S 54.990.00
62 John Deere 790E Excavato< #2 FF790EX015228 I 1995 10/16/2003 Budoet $ 29 000.00
63 John Deere 120 Excavator POO120X031624 2000 1/612006 CiliCaoital S 22.676.51
64 I Kawasaki Wheel Loader 60Cl0183 1998 2/16/2005 GE Caoltal $43000.00
65 Komatsu PC 300 Excavator A8090G 1996 5/14/2003 Budoel $ 85.000.00
66 Komatsu D41P Dozer B21697 2001 10/2002 Budoel S 56.852.00
67 Komatsu D41P.6 Crawler Tractor 821659 2002 1 1/15/2006 CitiCapilal $ 48 150.00
68 Komatsu D31P-2O Crewler Trector 45907 1996 6/18/2003 Budaet $ ~~
69 Leebov 685 Motor Grader 685429 2001 05131/200 1 Budget $ 53.920.00
70 Leebov Asohen Paver 48547 ! 2007 12/18/2007 CaterpiUar $ 70,956.70
71 Miller CUlb Machine MC550 MILMC5506SS13H 2003 10/16/2003 Budoet $ 6,877 .50
72 New Holland Tracto< Modol #TC3OV4 HK31607 W4494 2005 4/20/2006 New Holland $ 14.325.00
731New Holland Tractor- e 8035362 2001 07/3012002 Budoel $ 17 347.00
74 Pressure Gleaner 4040S 01/10/2003 Ma~ln Leasina $ 5.500.00
75 Scissor Lift . Electric Model #263OES 200150130 3/27/2006 Bud""l I $ 15.004.30
76 Scissor L1ft- Electric Model #2630ES 200150119 2006 OS/231206 Budget $ 15.054.30
77 Slihl Saw TS400 50776359 09/20/2001 Budoet $ 2.500.00
78 Stone Concrete Mixer 312004371 2005 8/17/2004 Budoet $ 3.021.00
79 2002 Thomas 1700 Skid Steer Loader LKOO3435 2002 02/07/03 Budoel $ 15,000.00
80 Wacker G60 Portable Generator Set 5230294 2001 I 2/15/2005 GE Gaoital $ 13.000.00
81 Wacker Lioht Tower. Mode! #L TC4.C 5775572 2008 ! 3/14/2006 Budoet $ 8.316.00
82 'Wacker Plate Comoactor Model #BPU3545A 1596164 1/17/2006 GE Caoital $ 6818.10
83 __'""on, I~ ~ SvA+ru&l $ 6.385.00
84 Wacker Plate Comoaclar Model #BPU3545A. 11698407 9/22/2006 lSunTrust $ 6,385.00
85 Wacker c' ;ale Comoactor Model #BPU3545A 11685562 9/22/2006 ISunTrust is 6.365.00
86 Wacker Pumps (4) ~561391o-5fi13914 1/1712006 I GE Capita' ! $ 5.178.80
~ I
87 2007 Chevrolet Suburban ... 3GNFCl6J47G104818 2007 5/15/2006 GMAC $ 42420.00
88 2001 Chevy 1500 2GCEC19T611139796 2001 05129/2002 Budael $ 14.732.00
89 2004 Chew Colorado Truck,@ lGCCS196X48177652 2004 I 11/512004 Budne! $ 16,600.00
90 2007 Chevy Colorado Truck lGCCS19E078215448 2007 9/2612007 Executive Bank S 21,357.59
91 2006 Chevrolel Crew Cab UliHlv Truck lGBHC23U16F145305 2006 11/15/2006 Colonial Bank $22,000.00
92 2000 Chew Silverado- e 1GCEC19W9YZ371739 2000 Bud""t $ 14.000.00
93 2004 Chevy Silverado Truck #1 lGCCC14X84Z233801 2004 1/23/2004 Bud""t $ 12.594.10
94 2004 Chevy SlIverado Truck #2 lGCEC14X84Z216982 2004 1/2312004 BudOei S 12594.10
95 2005 Chevy SlIverado Truck lGCEC14X95Z243809 2005 7120/2005 Executive Bank $17,727.00
96 2005 Chevy Silverado Truck - @ lGCEC14X65Z351699 2005 8/512005 Executive Bank $18700.00
97 2005 Chew Sllverado 2500 Truck lGBHC24U75E334978 2005 9/512005 Executive sank - $25.000.00
98 2006 Chevrolet Silverado Crew Cab Truck 2GCEC13V461284515 2006 4/7/2006 Executivo Bank $23.581.00
99 2006 Chevrolet SlIverado Crew Cab Truck 2GCEC13V061325044 2005 6/2/2006 Executive Bank $24,785.95
100 2007 Chevrolet Silverado Truck 2WD lGCEC19X37Z180812 2007 11/1612006 Colonial Bank $18.931.85
101 2007 Chevrolet Silvera do Truck lGCEC19X57Z102502 2007 11/1512006 Colonial Bank $18,931.85
102 2007 Chevrolel Silverado Truck 2WD lGCEC 19X77Z178884 2007 11/15/2006 Colonial Bank $18,931.85
103 2007 Chevrolet Silverado Truck lGCEC19X172172742 2007 1/2912007 Executive Bank $19,968.37
104 2007 Chevrolety Silverado 2500 Crew Cab Truck lGCHC23K08F132543 2008 12119/2007 Executive Bank $28.03503
105 2006 Chrvsler PT Cruiser 3A4F458B26T362634 2006 1/2012007 Executive Bank $14.391.00
106 2000 Dodoe Ram 1500 Ex! Cab PlckuD lB7HF13Z3Y J167055 2000 10/1612003 Budoe! $ 10.500.00
107 ~'J0e-36OO-+fllGk .m~VJ5258~5 +llll7- 1~
108 1992 Ford Aeromax DumD Truck - 1 FTY A95R6NV AOO459 1992 5/14/2003 Budllet $ 9.500.00
109 1994 Ford F-350 Xl T 1FT JX35KXRKC06021 1994 01/2003 Budoet
110 2000 Ford Ranger lFTYR10V8YPA88387 2000 03122102 Budnet $ 9 885.00
111 2002 Ford F,l50 Pick-uo Truck.@ lFTRFl7282NB46381 2002 06/29/2002 Budnel --~- $ 14.351.00
112 2002 Ford F.l50 SUDercrew Truck lFTRW07l12KD17573 2002 01/21/2003 Budget
113 2007 Honda Fil JHMGD3B407S045500 2007 6/8/2007 Executive Bank $ 16.534.70
114 20021nl1 Tractor Truck 2HSCHAST22C036410 2002 212012007 SunTrust $ 47,700.00
115 1995 !suzu NPR Truck . ~ JAlB4B1KXS7012173 1995 08/18/1998 Budoet
116 19961suzu NPR Flatbed Truck JAlB4Bl K 1 T7005338 1996 6/18/2003 BudDel $ 7.000.00
117 19971s02u NPR Box Truck JAlB4B1K6V7008738 1997 08/2712001 Budne! $ 13624.00
118 1997 Isuzu NPR Box Truck #2 JAlB4B1K8V7006764 1997 07/10/2002 Budoel $ 11 659.00
119 1996 Isuzu Box Truck- e JAlC4B lK7W7002B56 1998 Budoet
120 19981..... FTR T",<k 4GT.J7C1J8"lJaSQQ11 4llllIl ~ $ 16,g54.77
121 1999 GMC NPR Box Truck J8DB4B143X705507 1999 11120/2001 Budnet $ 15.835.00
122 2004 GMC Envov lGKES12S046227927 2004 8/6/2004 GMAC $ 43,042.18
123 2007GMC Yukon - e lGKFC16047R191530 2007 9/5/2006 GMAC $ 48.105.00
124 2002 IsulO NPR Crow Truck JALC4J 14827002063 2002 1112002 Budoet $ 21.961.00
125 20031sulO Crew Cab Truck JAlC4J14337003297 2003 1/1912006 Executive Bank $ 26,554.77
126 20051suzu NPR Truck, Mechanics Truck JAlC4B16957007414 2005 8/27/2004 Executive Bank $ 30,902.38
127 20051suzu NPR HD Truck JAlC4J16357014952 2005 211/2005 Executive Bank
128 2006 lsuzu NPR HD Crew Truck IJALC4J165670H243 2006 313012006 Executive Bank $ 33.468.6~
129 2007 Isuzu NPR HD Crew Truck JAlC4J16177000891 2007 4/1012006 Executive Bank $ 35.546.22
130 2007 Isu~u NPR HD Crew Truck JALC4J16077002160 2007 5/4/2006 Execulive Bank $ 3~546.22 .
131 2007 Isu~u NPR HD Crew Truck JALC4J16877010916 2007 21112007 Sun Trust $ 34.241.18
132 2007 ISU2U NPR HD Crew Truck JALC4J160nOI2773 I 2007 3/5/2007 ISunTrusl $ 34.241.18
133 2007 lsuzu NPR Crew Van JALC4J16677016472 2007 8/24/2007 Executive Bank $ 36361.18
134 1993 JeeD Wranaler Renell3de lJ4FY49S3PP205175 1993 11/19/2002 BudOOt $ 5.026.00
135 4~'3A Maxi..,a @ IJ~lllIJO 1 f~ RT203398 ~ =
136 2007 Ni~an Murano JN8AZ08T77W513427 2007 4/5/2007 Nlssan $ 32.302.05
137 1991 Pe!ertJill DumD Truck lXPAXBOX4MN309115 ' 1991 6/18/2003 I Budoet $ 19000.00
138 1995 Mack Service Truck lMAA12YOSW043165 1995 10/16/2001 Budoe! I $ 27.940.00
139 1994 Mack Water Truck Cl602 lM2AA07Y5RW004242 1994 06127/2002 BudDet S_ 26.282.00
140 1996 Mack Tractor 1 MZAA 13YOTW063444 1996 02107/2003 Budael
141 1998 Mack Tractor CH613 Truck lM1M12Yl'NW081333 1998 217/2006 Sun Trust $ 18,993.00
142 2000 Mack RD688S TrilA DumD Truck 1 M2P267C2YM052368. I 2000 11/1512006 CitiCaoltal I $ 39,000.00
143 2000 Sterllno L T9500 TrilA Dume Truck 12FZNEEDBOY AG83923 2000 11/1512006 CitiC,!!,l.ta..1. _______._. i--.4.QJl.C1o...QQ
144 2005 Bray 7x20 HID Utllitv Trailer 1 D907X20X5D624977 2005 1/12/2005 Budoe! 2000.00
145 ~lrnHmiI&r 42liOPKli4 go1 OOO~~ll :lOOi ~ $ 7.713.00
146 2006 Globe Trailer 1 G9DD30206B336291 2006 2/9/2006 Sun Trust $ 36.000.00
147 2001 Rolls-Riahl EaulDmenl Trailer j 1 R9PD27222M35807 4 2001 11/2001 BudDe! $ 6 969.00
148 2006 Talber155 Ton Lowboy Trailer 140FSK654461025176 , 2006 2120/2007 SunTrus! $ 60 950.00
149 2007 Trallboss 35 Ton Trailer 14S0DK482871002640 2007 5/412007 SunTrusl $ 32.964.80
150 2002 "~"'.e Traile, , 1"'ll' l11i2.JS~OOJlii ; = G2IQmoo3 $-2Q.,OW,oo
Total for Aulas:
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!'
BUDGET CONSTRUCTION CO., INC. AND BUDGET HOLDINGS, LLC
COMBINED FINANCIAL STATEMENTS
AND SUPPLEMENTARY INFORMATION
Years Ended December 31, 2007 and 2006
Benitez & Company. CPA',
BUDGET CONSTRUCTION CO., INC. AND BUDGET HOLDINGS, LLC
Years Ended December 31, 2007 and 2006
CONTENTS
Page
Report of Independent Auditors................... ............................................... 1
Combined Financial Statements:
Combined Balance Sheets............... ......................................................
Combined Statements of Income .... ......................................................
Combined Statements of Retained Earnings ........................................
Combined Statements of Cash Flows ...................................................
Notes to the Combined Financial Statements .......................................
Supplementary Information:
Report on Supplementary Information... ............. .....................,
Schedule of Uncompleted Contracts .......................................
Schedule of Completed Contracts ..........................................
Schedule of Combined Reconciliation of Gross Profit...... ......... . ..
Schedule of Combined Indirect Costs Not Allocated to Contracts.....
Schedule of Combined General and Administrative Expenses..........
Combining Balance Sheets by Company ..................,...............
Combining Statements of Income by Company...... ... ........ .... .....
Combining Statements of Retained Earnings by Company...... ..... . .
2
3
4
5
6 - 17
18
19 - 20
21
22
23
24
25
26
27
Benitez & Company. CPA's
Benitez &
ComRa~~ CEt\:s
CERTlAED PUBUC ACCOUNTANTS AND CONSULTANTS
8001 Coral Way . Miami. Florida 33155
305.261.8589 . Fax 305.261.8585
www.BenitezCPAs.com
To the stockholders
Budget Construction Co., Inc. and Budget Holdings, LLC
Medley, Florida
We have audited the accompanying combined balance sheets of Budget Construction Co., Inc.
and Budget Holdings, LLC as of December 31, 2007 and 2006, and the related combined statements
of income, retained earnings, and cash flows for the years then ended. These combined financial
statements are the responsibility of The Companies' management. Our responsibility is to express an
opinion on these combined financial statements based on our audits.
We conducted our audits in accordance with auditing standards generally accepted in the
United States of America. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the combined financial statements are free of material misstatement.
An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in
the combined financial statements. An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall combined financial
statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the combined financial statements referred to above present fairly, in all material
respects, the financial position of Budget Construction Co., Inc. and Budget Holdings, LLC at
December 31, 2007 and 2006, and the results of their operations and their cash flows for the years
then ended in conformity with accounting principles generally accepted in the United States of America.
~~dr:l~.
~;rtt:d Public Accountants
Miami, Florida
March 10,2008
American Institute of CPA's
Florida Institute of CPA's
National Association of Certified Valuation Analysts
BUDGET CONSTRUCTION CO., INe. AND BUDGET HOLDINGS, LLC
COMBINED BALANCE SHEETS
December 31,
ASSETS 2007 2006
Current Assets:
Cash and cash equivalents $ 1,074,360 $ 269,392
Contracts receivable, net (Note - 2) 5,657,357 4,183,778
Costs and estimated earnings in excess of
billings on uncompleted contracts (Note - 3) 701,295 686,642
Total current assets 7,433,012 5,139,812
Property, equipment and capital leases, net (Note - 4) 4,278,660 4,058,775
Prepaid expenses (Note - 5) 61 ,384 36,616
Total assets $ 11,773,056 $ 9,235,203
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Credit line facility (Note - 6) $ 570,399 $ 154,272
Accounts payable and accrued expenses (Note - 7) 3,582,626 2,174,427
Current portion of capital lease obligations (Note - 8) 287,581 91,402
Current portion of long-term debt (Note - 9) 599,722 511,511
Billings in excess of costs and estimated
earnings on uncompleted contracts (Note - 3) 1,080,895 1,715,273
Total current liabilities 6,121,223 4,646,885
Capital lease obligations, net of current portion (Note - 8) 279,035 391,799
Long-term debt, net of current portion (Note - 9) 2,523,208 1,624,306
Due to stockholders (Note - 10) 157,370 157,370
Total liabilities 9,080,836 6,820,360
Contingent liabilities (Note - 15)
Stockholders' Equity:
Common stock (Note - 11) 276,583 276,583
Retained earnings 2,415,637 2,138,260
Total stockholders' equity 2,692,220 2,414,843
Total liabilities and stockholders' equity $ 11,773,056 $ 9,235,203
The accompanying notes are an integral part
of the combined financial statements.
2
Benitez & Company. CPA',
BUDGET CONSTRUCTION CO., INe. AND BUDGET HOLDINGS, LLC
COMBINED STATEMENTS OF INCOME
Years Ended December 31,
2007 2006
Revenues:
Contract revenues earned
$ 20,778,801
$ 21,632,183
Cost of revenues:
Cost of revenues earned
15,224,591 16,197,173
5,554,210 5,435,010
2,822,857 2,613,635
2,731,353 2,821,375
1,649,484 1,363,778
1,081,869 1,457,597
Gross profit before indirect costs
Indirect costs not allocated to contracts (Note - 12)
Gross profit on contracts
General and administrative expenses
Income from operations
Other income (expenses):
Interest income
Gain on sale of equipment
Bad debt expense, net of recovery of $45,500
Interest expense (Note - 13)
30,774 4,825
22,116
(141,500) (170,786)
(299,882) (176,294)
(388,492) (342,255)
$ 693,377 $ 1,115,342
Total other expenses
Net income
The accompanying notes are an integral part
of the combined financial statements.
..,
;)
Benitez & Company. CPA's
BUDGET CONSTRUCTION CO., INC. AND BUDGET HOLDINGS, LLC
COMBINED STATEMENTS OF RETAINED EARNINGS
Years Ended December 31,
2007 2006
Retained earnings, beginning of year $ 2,138,260 $ 1,497,403
Net income 693,377 1,115,342
Total 2,831,637 2,612,745
Less: distributions to stockholders (416,000) (474,485)
Retained earnings, end of year $ 2,415,637 $ 2,138,260
The accompanying notes are an integral part
of the combined financial statements.
4
Benitez & Company. CPA's
BUDGET CONSTRUCTION CO., INC. AND BUDGET HOLDINGS, LLC
COMBINED STATEMENTS OF CASH FLOWS
Years Ended December 31,
2007 2006
Cash flows from operating activities:
Net income $ 693,377 $ 1,115,342
Adjustments to reconcile net income to
net cash provided by operating activities
Depreciation 512,241 540,804
Gain on sale of equipment (22,116)
Provision for bad debts 187,000
Changes in operating assets and liabilities:
Increase in contracts receivable (1,660,579) (1,157,991)
Increase in costs and estimated earnings
in excess of billings on uncompleted contracts (14,653) (414,931)
(Increase) Decrease in prepaid expenses (24,768) 23,777
Increase in accounts payable 1,408,199 773,080
Decrease in advance from customer (12,336)
(Decrease) Increase in billings in excess of costs and
estimated earnings on uncompleted contracts (634,378) 1,079,118
Total adjustments (249,054) 831,521
Net cash provided by operating activities 444,323 1,946,863
Cash flows from investing activities:
Acquisition of property and equipment (33,327) (543,609)
Proceeds from sale of equipment 146,761
Net cash provided by (used in) investing activities 113,434 (543,609)
Cash flows from financing activities:
Proceeds from (Principal payments on) credit line facility 416,127 (192,425)
Proceeds from debt restructuring 1,900,000
Principal payments on long-term debt and capital lease obligations (1,652,916) (673,071)
Distributions to stockholders ( 416,000) (474,485)
Net cash provided by (used in) financing activities 247,211 (1,339,981 )
Net increase in cash and cash equivalents 804,968 63,273
Cash and cash equivalents, beginning of year 269,392 206,119
Cash and cash equivalents, end of year (Note - 13) $ 1,074,360 $ 269,392
The accompanying notes are an integral part
of the combined financial statements.
5
Benitez & Company. CPA',
BUDGET CONSTRUCTION CO., INe. AND BUDGET HOLDINGS, LLC
NOTES TO THE COMBINED FINANCIAL STATEMENTS
Years Ended December 31, 2007 and 2006
NOTE 1 - Summary of operations and significant accounting policies:
Description of Business:
The combined financial statements include the operations of Budget Construction Co., Inc. ("The
Company"), incorporated on April 17, 1991, and its affiliate, Budget Holdings, LLC ("The Affiliate"),
formed on March 18, 2002, both formed under the laws of the State of Florida. Unless otherwise
specified, all entities are hereby referred to as "The Companies." The Company operates as a specialty
contractor specializing on the installation of water and sewer utility lines, storm drainage, underground
systems as well as site clearing, paving, curbing and development. The Company also operates as a
specialty contractor doing commercial interior build-outs. The Company's revenues consist of contracts
with local and state-wide general contractors, developers, and government awarded jobs. The Affiliate
operates as a real estate holding company.
Principle of Combination:
The combined financial statements include the accounts of The Company and The Affiliate, a variable
interest entity, under FASB Interpretation No. 46 (R)," Consolidation of Variable Interest Entities".
The Company is the primary beneficiary of The Affiliate. Therefore, all significant inter-company
transactions and balances have been eliminated.
Cash and Cash Equivalents:
The Company considers all highly liquid investments purchased with an original maturity of three
months or less to be cash equivalents. Cash and cash equivalents includes $1,000,000 of cash take-out
from loan proceeds required to be maintained by The Affiliate on deposit with the bank.
Concentration of Credit Risk:
Financial instruments that potentially subject The Company to concentration of credit risk consist
primarily of cash, cash equivalent and contracts receivable. The Company maintains its cash balances
in two financial institutions, insured by the Federal Deposit Insurance Corporation. From time to time,
cash balances exceed the insured limits. Concentration of credit risk with respect to contracts receivable
is significant due to the various provisions on the construction contracts, the final payment, release of
retainage balances, and acceptance of the job by the owners. As of December 31, 2007, the
stockholders of The Company had not entered into a business continuity plan.
Financial Instruments:
The Companies' balance sheets include the following financial instruments: cash and equivalents, and
contracts receivable. The Companies consider the carrying amounts in the combined financial
statements to approximate fair value for these financial instruments because of the relatively short
period of time between origination of the instruments and their expected realization.
Warranty:
Warranty costs are normally incurred prior to project completion and are charged to project costs as
they are incurred.. Warranty costs incurred subsequent to project completion were not material for the
years presented. As of December 31, 2007 and 2006, no accrued liability was considered necessary
by management of The Company for warranties on completed jobs.
6
Benitez & Company. CPA',
BUDGET CONSTRUCTION CO., INe. AND BUDGET HOLDINGS, LLC
NOTES TO THE COMBINED FINANCIAL STATEMENTS
Years Ended December 31, 2007 and 2006
NOTE I - Summary of operations and significant accounting policies (Continued):
Long-lived Assets:
Long-lived assets to be held and used are reviewed for impairment whenever events or changes in
circumstances indicate that the related carrying amount may not be recoverable. When required,
impairment losses on assets to be held and used are recognized based on the excess of the asset's
carrying amount; and, fair value of the asset and long-lived assets to be disposed of are reported at the
lower of carrying amount or fair value less cost to sell.
Revenue and Cost Recognition:
Revenues on long-term contracts for construction are recognized on the percentage-of-completion
method, measured by the extent of progress toward completion based on the ratio of cost incurred
to total estimated costs. This method is used because management considers it to be the best available
measure of progress on these contracts. Revenues from cost-plus-fee contracts are recognized on the
basis of cost incurred during the period plus the fee earned, measured by the cost-to-cost method.
Revenues from commercial interior build-outs are recognized on the accrual basis of accounting.
Long-term jobs from commercial interior build-outs are recognized on the percentage-of-completion
method, measured by the extent of progress toward completion based on the ratio of cost incurred to
total estimated costs.
Contract costs include all direct material and labor costs and those indirect costs related to contract
performance, such as indirect labor, supplies, tools, repairs, and depreciation costs. Selling, general and
administrative costs are charged to expense as incurred. Provisions for estimated losses on
uncompleted contracts are made in the period in which such losses are determined.
Changes in job performance, job conditions, and estimated profitability, including those arising from
contract penalty provision, and final contract settlements may result in revisions to costs and income,
and are recognized in the period in which the revisions are determined. There were no incentives or
claims on contracts. The portion of total revenue earned is determined by the measurement of the
extent of progress toward completion based on the ratio of cost incurred to total estimated costs.
If a loss on a job becomes known, it is charged to operation in the period of discovery.
The asset, "Costs and estimated earnings in excess of billings on uncompleted contracts," represents
revenue recognized in excess of amounts billed. The liability, "Billings in excess of costs and
estimated earnings on uncompleted contracts," represents billings in excess of revenues recognized.
The Affiliate recognizes revenues and costs on the accrual basis of accounting for financial statements
reporting purposes and utilizes the cash method for tax reporting purposes.
7
Benitez & Company. CPA's
BUDGET CONSTRUCTION CO., INC. AND BUDGET HOLDINGS, LLC
NOTES TO THE COMBINED FINANCIAL STATEMENTS
Years Ended December 31, 2007 and 2006
NOTE 1 - Summary of operations and significant accounting policies (Continued):
Use of Estimates:
The preparation of financial statements in conformity with accounting principles generally accepted in
the United States of America requires us to make estimates and assumptions that affect the reported
amounts of assets and liabilities, the disclosed amounts of contingent assets and liabilities, and the
reported amounts of revenues, costs and expenses. Management believes the most significant estimates
and assumptions are associated with revenue recognition on construction contracts and valuation of
contracts receivable, as well as the determination of cost to complete for all contracts in progress. If
the underlying estimates and assumptions, upon which the financial statements are based, change in the
future, actual amounts may differ from those included in the accompanying financial statements.
Property, Equipment and Capital Leases:
Property, equipment and capital leases are stated at cost. Depreciation and amortization are provided
principally on the straight-line method over the estimated useful lives of the assets. Amortization of
leased equipment under capital leases is included in depreciation and amortization. Expenditures for
major renewals and betterments that extend the useful lives of property and equipment are capitalized.
Expenditures for maintenance and repairs are charged to expense as incurred.
Loss on contingencies:
Various legal actions, claims and other contingencies arise in the normal course of business.
Contingencies are recorded in the financial statements, or are otherwise disclosed, in accordance with
SFAS No.5, "Accounting for Contingencies". Specific reserves are provided for loss contingencies
to the extent that management concludes their occurrence is both probable and estimable. Management
uses a case-by-case evaluation of the underlying data and updates its evaluation as further information
becomes known. Management believes that any amounts exceeding the recorded accruals should not
materially affect The Companies' financial position, results of operations or liquidity. However, the
results of litigation are inherently unpredictable and the possibility exists that the ultimate resolution of
one or more of these matters could result in a material adverse effect on The Companies' financial
position, results of operations or liquidity.
NOTE 2 - Contracts receivable, net:
At December 31,2007, contracts receivable of The Company are summarized as follows:
Currently due on contracts:
Total
Outstanding Outstanding Total
less than more than Current
90 days 90 days Receivable
$ 2,938,615 $ 190,931 $ 3,129,546
605,982 2,964 608,946
98,955 497,422 596,377
$ 3,643,552 $ 691,317 $ 4,334,869
8
Benitez & Company. CPA's
Uncompleted contracts
Completed contracts
Billed retainage
BUDGET CONSTRUCTION CO., INC. AND BUDGET HOLDINGS, LLC
NOTES TO THE COMBINED FINANCIAL STATEMENTS
Years Ended December 31, 2007 and 2006
NOTE 2 - Contracts receivable, net (Continued):
Retainage due on contracts:
Total Unbilled
Retainage
Receivable
Uncompleted contracts
Completed contracts
$ 1,242,304
80,184
Total
$ 1,322,488
During the year ended December 31, 2007, one customer accounted for approximately 21 % of The
Company accounts receivable. Total accounts receivable due from this customer amounted to
approximately $1,178,484.
In addition, a total of $254, 184 of the contracts receivable outstanding more than 90 days has been
collected as of March 10,2008.
NOTE 3 - Costs and estimated earnings on uncompleted contracts:
Costs and estimated earnings on uncompleted contracts of The Company as derived are as follows:
Years Ended December 31,
2007 2006
Costs incurred on uncompleted contracts
Profit earned to date
$ 11,856,549
3,987,892
15,844,441
(16,224,041)
$ 14,969,209
5,436,739
20,405,948
(21,434,579)
Billings to date
$ (379,600) $ (1,028,631)
Included in the accompanying combined balance sheets
under the following captions:
Costs and estimated earnings in excess of
billings on uncompleted contracts
$ 701,295
$ 686,642
Billings in excess of costs and estimated
earnings on uncompleted contracts (1,080,895) (1,715,273)
$ (379,600) $ (1,028,631)
9
Benitez & Company. CPA's
BUDGET CONSTRUCTION CO., INC. AND BUDGET HOLDINGS, LLC
NOTES TO THE COMBINED FINANCIAL STATEMENTS
Years Ended December 31, 2007 and 2006
NOTE 4 - Property, equipment and capital leases, net:
Property, equipment and capital leases of The Company and The Affiliate consist of the following:
Heavy construction equipment
Land
Transportation equipment
Capital leases
Property
Building improvements
Office and computer equipment
Years Ended December 31,
2007 2006
$ 2,658,832 $ 2,523,737
1,180,204 1,180,204
1,079,046 774,056
742,493 573,087
250,551 227,500
168,498 168,498
84,757 56,116
6,164,381 5,503,198
(1,885,721) (1,444,423)
$ 4,278,660 $ 4,058,775
Less: accumulated depreciation and amortization
Total property, equipment and capital leases, net
Depreciation of property and equipment is provided utilizing the straight-line method over the
estimated useful lives of the respective assets as follows:
Office and computer equipment
Capital leases and Transportation equipment
Heavy construction equipment
Property and Building improvements
Years
3 - 5
5
10
40
NOTE 5 - Prepaid expenses:
Prepaid expenses consist of$55,384 of prepaid insurance paid in advance of its due date in accordance
with the payment schedule established by the insurance company, and $6,000 of refundable restoration
bonds issued to the City of Miami.
NOTE 6 - Credit line facility:
The credit line facility consists of the amount of money borrowed by The Company under a secured line
of credit agreement of $700,000. Set line is collateralized by The Company's assets, the stockholders'
individual guarantees and a second mortgage on The Company's operating facility, currently owned
by The Affiliate. It is subject to revolving terms and annual reviews, and it is bearing a variable interest
rate of no less than 8.25%. The line is due on demand on June 14, 2008 unless renewed or extended by
the financial institution.
10
Benitez & Company. CPA',
BUDGET CONSTRUCTION CO., INC. AND BUDGET HOLDINGS, LLC
NOTES TO THE COMBINED FINANCIAL STATEMENTS
Years Ended December 31, 2007 and 2006
NOTE 6 - Credit line facility (Continued):
In addition, at December 31,2007, The Company is in compliance with the covenant provisions set
forth in the note payable agreement.
NOTE 7 - Accounts payable and accrued expenses:
Accounts payable and accrued expenses include amounts due to subcontractors and suppliers at
December 31, 2007 and 2006.
At December 31, 2007, accounts payable include amounts due to subcontractors, totaling $10,720,
which have been retained pending completion and customer acceptance of jobs.
NOTE 8 - Capital lease obligations:
Leases meeting certain criteria are considered capital leases and the related asset and lease obligations
are recorded at their present value in the financial statements. Interest rates in capital leases range from
approximately 6.50%-11.66% and are imputed based on the leasers' implicit rate of return. These
capital leases are currently payable at $13,609 per month maturing on November, 2011. Minimum
future obligations on all capital leases in effect as of December 31, 2007 are as follows:
Years ending December 31,:
Amount
2008
2009
2010
Total minimum lease payments
Less: amount representing interest
Present value of net minimum lease payments
Less: current portion of capital lease obligations.
$ 308,379
143,770
136,249
588,398
(21,782)
566,616
(287,581 )
Capital Lease obligations, net of current portion
$ 279,035
At the termination of these leases, The Company has the option to acquire these assets for $416,329.
The net book value of assets acquired under capital leases at December 31, 2007 is approximately
$616,302. Amortization of such assets is included in depreciation expense.
11
Benitez & Company, CPA's
BUDGET CONSTRUCTION CO., INC. AND BUDGET HOLDINGS, LLC
NOTES TO THE COMBINED FINANCIAL STATEMENTS
Years Ended December 31, 2007 and 2006
NOTE 9 - Long-term debt:
Long-term debt of The Company and The Affiliate consists of the following at December 31, 2007:
TOTAL CURRENT LONG- TERM
Notes payable to financial institutions, payable
in monthly installments of $1 ,496 including
interest at 7.65%, through December 2008,
collateralized by equipment. $ 14,271 $ 14,271 $
Note payable to a financial institution payable
in monthly installments of$1,695, non-interest
bearing agreements, through January 2008,
collateralized by equipment. (discount is
based on imputed interest rate of 7.4%) 1,695 1,695
Notes payable to financial institutions, payable
in monthly installments of $1 ,441, including
interest at 4.56%, through August 2008,
collateralized by a vehicle. 9,010 9,010
Note payable to a financial institution, payable
in monthly installments of $1 ,417, including
interest at 6.65%, through July 2008,
collateralized by equipment. 9,922 9,922
Note payable to a financial institution, payable
in monthly installments of $388, including
interest at 7.86%, through September 2010,
collateralized by a vehicle. 12,805 4,656 8,149
Notes payable to financial institutions, payable
in monthly installments of $6,936, including
interest at 6.44%, through April 2010,
collateralized by equipment. 176,245 83,232 93,013
Notes payable to financial institutions, payable
in monthly installments of $2,355, non-interest
bearing agreement, through January 2010,
collateralized by equipment. (discount is
based on imputed interest rate of 7.4 %) 49,214 28,260 20,954
Sub-total $ 273,162 $ 151,046 $ 122,116
12
Benitez & Company. CPA',
---------------- --- --
BUDGET CONSTRUCTION CO., INe. AND BUDGET HOLDINGS, LLC
NOTES TO THE COMBINED FINANCIAL STATEMENTS
Years Ended December 31, 2007 and 2006
NOTE 9 - Long-term debt (Continued):
TOTAL CURRENT LONG- TERM
Notes payable to financial institutions, payable
in monthly installments of $6,822, including
interest at 7.48%, through March 2011,
collateralized by equipment. $ 154,820 $ 81,864 $ 72,956
Notes payable to financial institutions, payable
in monthly installments of $8,161, including
interest at 7.00%, through November 2009,
collateralized by vehicles. 129,184 97,932 31,252
Notes payable to financial institutions, payable
in monthly installments of$9,971, including
interest at 8.00%, through December 2007
collateralized by equipment. 332,519 119,652 212,867
Notes payable to financial institutions, payable
in monthly installments of $5,463, including
interest at 7.50%, through March 2012
collateralized by vehicles. 246,197 65,556 180,641
Notes payable to financial institutions, payable
in monthly installments of$2,103, including
interest at 7.00%, through December 2011,
collateralized by vehicles. 95,472 25,236 70,236
Notes payable to financial institutions, payable
in monthly installments of $3, 156, including
interest at 4.5%, through December 2011,
collateralized by equipment. 140,596 37,872 102,724
Mortgages payable to financial institutions,
payable in monthly installments of $8,808,
including interest at 7.66% , through April
2018, collateralized by real state. 1,863,949 77,577 1,786,372
Sub-total $ 2,962,737 $ 505,689 $ 2,457,048
Total long-term debt $ 3,235,899 $ 656,735 $ 2,579,164
Less: amount representing interest and
unamortized discount (112,969) (57,013) (55,956)
Total $ 3,122,930 $ 599,722 $ 2,523,208
13
Benitez & Company. CPA',
BUDGET CONSTRUCTION CO., INC. AND BUDGET HOLDINGS, LLC
NOTES TO THE COMBINED FINANCIAL STATEMENTS
Years Ended December 31, 2007 and 2006
NOTE 9 - Long-term debt (Continued):
The following is a summary of principal maturities oflong-term debt during the next five years:
Years Ending
December 31, Amount
2008 $ 599,722
2009 490,806
2010 327,592
2011 183,494
2012 107,836
Thereafter 1,413,480
Total $ 3,122,930
On June 14,2007, The Mfiliate restructured its mortgages payable for working capital purposes and
reserves, as fully explained on Note - 1, (Cash and cash equivalent section). Said mortgage includes
cross-default and cross-collateralization of The Company, the stockholders and another affiliate,
City Commercial Properties, LLC.
NOTE 10 - Due to stockholders:
Due to stockholders consists of the funds advanced by the majority stockholder of The Company for
working capital purposes and reserves. Such loan is subordinated by the bonding company and the
financial institution for partially collateralizing a bonding line and line of credit, respectively.
NOTE 11 - Common stock:
Common Additional
Stock Paid-in-Capital Combined
Budget Construction Co., Inc.
1 00 shares authorized issued and
outstanding at $1.00 par value $ 100 $ 276,483 $ 276,583
Budget Holdings, LLC
(a partnership)
Combined Total $ 100 $ 276,483 $ 276,583
14
Benitez & Company. CPA's
BUDGET CONSTRUCTION CO., INe. AND BUDGET HOLDINGS, LLC
NOTES TO THE COMBINED FINANCIAL STATEMENTS
Years Ended December 31, 2007 and 2006
NOTE 12 - Indirect costs not allocated to contracts:
Indirect costs consist of both fixed and variable elements of cost, not allocated to contracts as
of December 31, 2007 and 2006.
NOTE 13 - Interest expense and Supplemental data to the Combined Statements of Cash Flows:
The Company financed an additional $541,172 of vehicles and construction equipment, and The Affiliate
refinanced the mortgage on the properties for $1,900,000 during the year ended December 31, 2007.
The Companies financed an additional $1,533,389 of vehicles, heavy construction equipment and land
for the year ended December 31, 2006. Interest paid during these years is as follows:
Years Ended December 31,
2007 2006
Interest expense:
Credit line facility $
Long-term debt financing and capital lease obligations
30,004
269,878
$
14,061
162,233
$ 299,882
$
176,294
NOTE 14 - Leasing arrangements:
The Company is leasing a vehicle and a construction equipment under long-term non-cancelable
operating leases. During the year ended December 31, 2007, the monthly rental under these long-term
lease obligations is approximately $1,667. The following is a schedule of future minimum lease
payments required under these leases:
Years Ending
Decem ber 3 1 ,
2008
2009
Amount
$ 16,860
3,524
$ 20,384
In addition, The Company is renting certain heavy equipment under short-term cancelable rental
arrangements. Monthly rentals range between $5,000 and $10,000.
NOTE 15 - Contingent liabilities:
The Company is engaged in certain legal actions arising in the ordinary course of its business, and the
outcome of these actions cannot be ascertained at this time. The Company believes the claims are
without merit and is vigorously defending the cases. In the opinion of management, these claims will
not have a material adverse effect on the financial position of The Company.
15
Beni tez & Company. CPA'~
BUDGET CONSTRUCTION CO., INC. AND BUDGET HOLDINGS, LLC
NOTES TO THE COMBINED FINANCIAL STATEMENTS
Years Ended December 31, 2007 and 2006
NOTE 16 - Income taxes:
The Company recognizes income from long-term contracts on the percentage-of-completion method for
both financial statements reporting purposes and tax reporting purposes.
The Affiliate is treated as a partnership for federal and state income tax purposes. Consequently,
federal and state income taxes are not payable by, or provided for, The Affiliate. Members are taxed
individually on their shares of The Affiliate's earnings, The Affiliate's profit (loss) is allocated among
the members in accordance with their corresponding ownership allocation.
The Company's stockholders have elected for the corporation to be taxed as a subchapter S-Corporation
effective on May 23, 1991. As an S-Corporation, The Company passes through items of income and
deductions to the stockholders each year as earned, and thus pays no federal corporate income tax
itself.
At December 31, 2007, current federal income tax liabilities passed through to the stockholders, using an
estimated effective rate of28%, are summarized as follows:
Net estimated stockholders' current federal tax liability (refund)
$ 705,132
28%
197,437
(294,000)
$ (96,563)
Estimated taxable income pass through to stockholders
Estimated effective tax rate
Estimated stockholders current tax liability
Less: estimated tax deposits and credits
NOTE 17 - Off-balance sheet arrangements and related parties:
F ASB Interpretation 46 (R), "Consolidation of Variable Interest Entities", also requires disclosures about
V ariable Interest Entities that the variable interest holder is not required to consolidate but in which
it has significant variable interest. At December 31,2007, the stockholders of The Company held the
following investments that, for purposes of FIN 46 (R), were evaluated and determined that the
investments do not require combination in The Company's financial statements:
Companies
Purpose
Book Value
Market Value
City Engineering, Inc.
Payroll Staff
Leasing
$
1,000
$
1,000
Miami Contracting, Inc. ceased operations as of October 15, 2007 and is no longer determined to be a
variable interest entity.
16
Benitez & Company. CPA's
BUDGET CONSTRUCTION CO., INC. AND BUDGET HOLDINGS, LLC
NOTES TO THE COMBINED FINANCIAL STATEMENTS
Years Ended December 31, 2007 and 2006
NOTE 18 - Surety indemnity agreement:
In the ordinary course of business, The Company may obtain surety bonds, that are provided to certain
customers to comply with contract provisions and performance under the contracts.
In the event of non-performance by The Company under a contract resulting in a paid loss by the
surety, and based upon the terms and conditions of the indemnity agreement signed by The Company
and the individual indemnitors, The Company and the individual indemnitors may be liable to the
surety for those amounts paid on behalf of The Company.
NOTE 19 - Backlog:
The following schedule summarizes changes in backlog on contracts during the year ended
December 31, 2007. Backlog represents the amount of revenue The Company expects to realize from
uncompleted contracts in progress at year end and from contractual agreements on which work has not
yet begun:
Backlog balance at December 31, 2006:
$ 8,580,150
New contracts during the year ended December 31, 2007:
Contract revenues earned during the year ended December 31,2007:
26,574,275
35,154,425
(20,778,801)
Backlog balance at December 31,2007:
$ 14,375,624
The Company is generally required to furnish performance and payment surety bonds to contract owners.
During the year ended December 31, 2007, certain surety company issued $17,306,528 of new surety
bonds to contract owners. The bonds are secured by receivables from bonded contracts and a general
guarantee from The Company. Also, the surety company required a personal guarantee from The
Company's stockholders. At December 31, 2007, surety bonds for contracts totaling $24,494,621 had
been issued with a current backlog amount of $11 ,263,902.
As of March 10, 2008, The Company entered into various construction and engineering contracts
with projected revenues of$5,439,965.
17
Benitez & Company. CPA',
Benitez &
ComRa~~ CPAs
CERTlAED PUBUC ACCOUNTANTS AND CONSULTANTS
To the stockholders
Budget Construction Co., Inc. and Budget Holdings, LLC
Medley, Florida
8001 Coral Way . Miami, Florida 33155
305.261.8589 . Fax 305.261.8585
www.BenitezCPAs.com
Our audit of the basic combined financial statements presented in the preceding section of this
report was made primarily to form an opinion on such financial statements taken as a whole. The
combined information, contained in the following pages, is considered essential for the fair presentation
of the financial position of Budget Construction Co., Inc. and Budget Holdings, LLC, the results of its
operations, and its cash flows for the year ended December 31, 2007 in conformity with accounting
principles generally accepted in the United States of America. However, the following data was subject
to the audit procedures applied in the audit of the basic financial statements and, in our opinion, is fairly
stated in all material respects in relation to the basic financial statements taken as a whole.
~if4s
Public Accountants
Miami, Florida
March 10, 2008
18
American Institute of CPA's
Florida Institute of CPA's
National Association of Certified Valuation Analysts
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BUDGET CONSTRUCTION CO., INe. AND BUDGET HOLDINGS, LLC
SCHEDULE OF COMBINED RECONCILIATION OF GROSS PROFIT
Years Ended December 31, 2007 and 2006
Cost of
Revenues Revenues Gross
Job to Date Reconciliation Earned Earned Profit
Contracts completed at
December 31, 2007 $ 25,340,308 $ 18,337,251 $ 7,003,057
Uncompleted contracts at
December 31, 2007 15,844,441 11,856,549 3,987,892
Sub-total 41,184,749 30,193,800 10,990,949
Less: Revenues earned on uncompleted
contracts before January 1,2007 (20,405,948) (14,969,209) (5,436,739)
Statement of Income at
December 31, 2007 $ 20,778,801 $ 15,224,591 $ 5,554,210
Cost of
Revenues Revenues Gross
Job to Date Reconciliation Earned Earned Profit
Contracts completed at
December 31, 2006 $ 9,388,513 $ 6,902,116 $ 2,486,397
Uncompleted contracts at
December 31, 2006 20,405,948 14,969,209 5,436,739
Sub-total 29,794,461 21,871,325 7,923,136
Less: Revenues earned on uncompleted
contracts before January 1, 2006 (8,162,278) (5,674,152) (2,488,126)
Statement of Income at
December 31,2006 $ 21,632,183 $ 16,197,173 $ 5,435,010
The accompanying notes are an integral part
of the combined financial statements.
22
Benitez & Company, CPA's
BUDGET CONSTRUCTION CO., INe. AND BUDGET HOLDINGS, LLC
SCHEDULE OF COMBINED INDIRECT COSTS NOT ALLOCATED TO CONTRACTS
Years Ended December 31, 2007 and 2006
Years Ended December 31,
Cost description 2007 2006
Fuel $ 735,633 $ 625,019
Salaries - Mechanics, Supervisors, and Others 526,347 494,363
Depreciation 505,511 534,971
Repairs 668,160 505,572
Permits and fees 234,756 102,960
Insurance 305,448 229,226
Taxes 65,449 69,809
Radio and telephone 64,908 45,112
Other indirect costs 38,436 6,603
Total indirect costs 3,144,648 2,613,635
Less: portion allocated to contracts (321,791)
Total indirect costs not allocated to contracts $ 2,822,857 $ 2,613,635
The accompanying notes are an integral part
of the combined financial statements.
23
Benitez & Company, CPA',
BUDGET CONSTRUCTION CO., INe. AND BUDGET HOLDINGS, LLC
SCHEDULE OF COMBINED GENERAL AND ADMINISTRATIVE EXPENSES
Years Ended December 31, 2007 and 2006
Years Ended December 31,
Expense Description: 2007 2006
Office salaries $ 1,051,072 $ 850,699
Office expenses 99,972 83,218
Insurance expenses 95,357 97,112
Professional fees 94,832 94,522
Travel and entertainment 67,460 56,751
Bank service charges 46,248 28,704
Taxes 27,774 19,819
Telephone 23,688 19,055
Cleaning and maintenance 21,303 14,923
Utilities 19,208 20,041
Office supplies 17,383 13,715
Dues and subscriptions 16, III 14,556
Charitable contributions 13,846 15,428
Postage and delivery 12,993 8,573
Advertisement 12,830 18,767
Retirement plan 11,847
Licenses expense 10,830 2,062
Depreciation 6,730 5,833
Combined Totals $ 1,649,484 $ 1,363,778
The accompanying notes are an integral part
of the combined financial statements.
24
Benitez & Company. CPA',
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