HomeMy WebLinkAboutBudget Construction
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OCT 2 0 2009
CITY OF S:":;;:lY ISU:S ::r-.CH
CITY OF SUNNY ISLES BEACH
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Median Closure at NE 175th Terrace on Collins
Ave. and SR AlA/Collins Ave. at 183rd St.
Streetscape Improvements
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VOLUME I
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CONTRACT DOCUMENTS
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Prepared by:
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~ Calvin, Giordano & Associates, Inc.
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FOR BIDD~~G PURPOSES ONLY
CGA Project No. 03-4122.F
City of Sunny Isles Beach Bid No. 09-09-01
September 2009
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SECTION 00300
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BID FORM
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Bid ofBwktd- Col'\&t~Oh CO..l\'\C.
Address \,2..4SD fJ.U). So~ e[.,~v-" On~ 1V1lCtYYlJ rl 33/78
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Phone (3D~ 5e3 CfP.57 ~
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To furnish all materials, equipment and labor and to perform all work in accordance with
the Contract Documents for construction of: Median Closure at NE 175th Terrace on
Collins Ave. and SR A 1 A/Collins Ave. at 183rd St. Streetscape Improvements
located in the CITY OF SUNNY ISLES BEACH.
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To:
CITY OF SUNNY ISLES BEACH
18070 Collins Avenue
Sunny Isles Beach, Florida 33160
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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.
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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 responsive bidder
and 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
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09/09
00300-1
03-4122.F
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OCT-16-2009 FRI 10:10 AM CALVIN & GIORBANO
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FAX NO, 0
p, 03/04
MEDIAN CLOSURE AT NE 175TH TERRACE ON COLLINS AVE. AND SRA1AJCOllINS AVE. AT
183RD ST STREETS CAPE IMPROVEMENTS
aid Estimated Estimated
Item Descri tion Quantity Unit Unit Price Total
I. General
1 Mobilization/Demobllization (<; 5 % of total bidl LS * 000.00 ~2.COO, 00
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Maintainance of Traffic, to included but not limited to all
required barricades, board arrows, and off- duty officers as
required for traffic control, during the entire construction ( 000.00 I/ODO.CO
2 lime. l.S
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Sub.Total Ganeri'll ~.t)C:X>. 00
11. Modian Closure at NE 17Sth Terrace
3 Proposed Median Closure (completellnc!uding all labor,
equipmemt,permits and materials necessary for final
product. Completl!l median closura to Include, but not
Iimitad to, allexcavetion. backfill, compaction. baGS,
Gubgrade, paving. curbing, striping, aignage. landscape q 000.00 q DOO.Dl>
end irrigation as indicated in plans. LS
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Sub-Total Median CIOllUre lit NE 175m Terrace 'i 000.00
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III. StrGelscaplIlmprovements
A. Treeand Palm protllctlon, removal and mlOC81lon
4 Tree and Palm protection 3"-24" caliper 7 EA 12.0.00 ~.oo
5 Tree and Palm removal 3" - 12" caliper 2 EA '?x:lO. co '=-00.00
6 Tree an.:! Palm removal 1 S" . 24' caliper 9 EA '2>S'O.oo '3. J ")0. 00
7 Tree and Palm relocation 3" - 1 2" caliper 7 EA 350.00 2,~Sb.00
8 Tree and Palm relocation 13" - 24" caliper 19 EA ?LX).OO '3 DO. 00
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B. Paving
9 Pavers Get on sand 5,270 SF S. t;l) 44,lqs:oo
10 Pavers set on concrete 292 SF 11.00 :3.2f2.oo
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C. Plants
11 Silver Buttonwood 12' th 8' csd 4' ct 3 tk 2" clpr 16 EA ,~OO '2}%O.OO
12 Small Leaf Clusia 48" ah 48" as 14" ncd 268 EA '"2C40.oD ", Q"8.oo
1 3 Cocoplum 4B" ah 36" as 14" ncd 116 EA 10.00 I. J~O.oo
14 Flax !.illy 18" ah lB" liS 10" ncd 416 EA ".00 ~.4q".oo
15 Dwarf Fig 18" ah 18" as 10 ned 1,057 EA 7.00 IJ '3c:rq.OO
16 Beach Blanket Flower 12" eh 12" as 6- neel 253 EA 4.00 1.0/2.00
17 Date Palm 24' oh 11' ct bb 30 EA * ~ 06e.89 ,,.~ 000.00
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D. Irrigatlon j;!qulpment U:;utnish antllnstall)
18 Automatic Controller Rainbird esp-lxm-5m8 1 EA 700.00 ,00.00
19 Rain Sensor Switch !-Iunter mini-click-c-bpsw 1 EA 25lJ .00 ZS'D.oo
20 Automatic Electric Valve Rlllnbird 150-peb-prs-d 4 EA '200.00 ~a).oo
21 Gate Valve Nibco T- 113 1 EA '2.~. 00 "ZS1>.00
22 Valve Box Qua:ltll pg 1 324bb1 a 5 EA SU. CX:l 2SU.oo
23 Valve Box Covers Quazite pg 1324caOO 5 EA (00.00 -;00.00
24 1.1/2" Irrigation Main PVC plastic pipe and fittings 7 LF ID.oo 70.00
25 2" Irrigation Main PVC plastic pipe and fittings 415 LF 5.00 ~,075.oo
E. Sprinklers Including AlIllociated SwlngJolnt. Piping.
and Flttinlls
26 Toro 570~-4p 409 EA 30.00 1 '2., '1.70.00
09/09 - Add#3
00300-2
03-1122.F
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- 09/09
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MEDIAN CLOSURE AT NE 175TH TERRACE ON COLLINS AVE. AND SR A1A1COLLlNS AVE. AT
183RD ST STREETS CAPE IMPROVEMENTS
Bid Estimated Estimated
Item Description Quantity Unit Unit Price Total
I. General
1 Mobilization/Demobilization (< 5 % of total bid)
2 MOT
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Sub-Total General
II. Median Closure at NE 175th Terrace
3 Proposed Median Closure (complete) including all labor,
equipment,permits and materials necessary for final
product. Complete median closure to include, but not
limited to, all excavation, backfill, compaction, base,
subgrade, paving, curbing, striping, signage, landscape
and irrigation as indicated in plans.
Sub-Total Median Closure at NE 175th Terrace
III. Streetscape Improvements
A. Treeand Palm protection. removal and relocation
4 Tree and Palm protection 3"-24" caliper
5 Tree and Palm removal 3" - 12" caliper
6 Tree and Palm removal 13" - 24" caliper
7 Tree and Palm relocation 3" . 12" caliper
8 Tree and Palm relocation 13" - 24" caliper
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B. Paving
9 Pavers set on sand
10 Pavers set on concrete
5,270 SF
292 SF
C. Irrigation Equipment (Furnish and Install)
11 Automatic Controller Rainbird esp-lxm-sm8
12 Rain Sensor Switch Hunter mini-click-c-bpsw
13 Automatic Electric Valve Rainbird 150-peb-prs-d
14 Gate Valve Nibco T-113
1 5 Valve Box Ouazite pg 1324bb 1 8
16 Valve Box Covers Ouazite pg 1324caOO
17 1-1/2" Irrigation Main PVC plastic pipe and fittings
18 2" Irrigation Main PVC plastic pipe and fittings
1 EA
1 EA
4 EA
1 EA
5 EA
5 EA
7 LF
41 5 LF
D. Sprinklers Including Associated Swingjoint, Piping.
and Fittinlls
19 Toro 570z-4p
409 EA
E. Furnishings (Furnish and Install)
20 Steel Bench Dumor 119 Series 74"1 x28"d x 32"ht
21 Steel Litter Receptable Dumor 84-22-fto 28"dia x 32"ht
6 EA
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22 Bus Stop Shelter Tolar Shelters 6549-000301354 solar
lighting 13'1 x 4'-8"d x 8'.2"ht
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EA
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EA
03-4122.F
OCT-16-2009 FRI 10:10 AM CALVIN & GIORDANO~
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FAX NO, 0
p, 04/04
MEDIAN CLOSURE AT NE 175TH TERRACE ON COLLINS AVe. AND SR A1AJCOLLlNS AVE. AT
183RD ST STREETSCAPE IMPROVEMENTS
Bid Estimated Estimated
ltam Oeseri tlon Quantity Unit Unit Price Total
F. Furni,hlnga (Furn1sh and Install)
27 Stael Bench pumor 119 Serles 74"1 x2S"d x 32"ht 6 EA 11600.00 10, Boo. 00
26 Steal Utter Receptable Dumor 84-22-fto 28"dia :it 32"l1t , :300.00
4 EA 5, '2.00.00
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29 Bus Stop Shelter Tolar Shelters 6549-00 0301354 solar
lighting 13'1 x 4'-S"d x 8'-2"ht EA 2-1 000.00 21 000.00
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G. lighting
30 pole Light Holophane Fixture # ae-l Odmh24--b-6-n-a-b-f2 '3. SbO. 00
City Manufacturing pole # was 12-bk-2pcb-p3 8 EA 28,000.00
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31 Uplight Hydrel series 7000 #7000-70cmt6-120-mfl-wh- I fOOO.OO -, ~t 'l"Do.oo
Qlr 44 EA
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32 Clear and Grubbing 1 LS 4-.000 .00 4-,000.00
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33 Removal of Existing Concrete 1.000 Sy ~.OO q ,000.00
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34 Base Optional 1,800 SY 1'2..00 2C/(.,oo.oo
36 Valve Boxas Adjust 3 EA ~OO.OO (000. 00
36 Manhole Adjust 1 EA 400.00 400.00
37 Curb and Gutter Conc. Type F 130 LF Zo .OC> 'Z.r~'OO
Sul1.Total Strllat8cape ImproVllmantll dJY1, 'Ztf7. ()O
TOTAL BAS~ aiD lItems I Thru IIIl J$4ir1, 'ZIJ1, co t
t7)\LvV\-U,Y\ d,11' J P-lq ~ Sf>.\.Chtwu.s oVtOL --two l'u.mdf't'oI ~ vtn t 17r()
Written
_l)ur),q('J--~~kc.:h()A fJj..1Vlr. toho/21Xft
(Contractor)
(Date)
09/09 - Add#3
00300-3
03-4122.F
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. 09/09
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MEDIAN CLOSURE AT NE 175TH TERRACE ON COLLINS AVE. AND SR A1A1COLLINS AVE. AT
183RD ST STREETSCAPE IMPROVEMENTS
Bid Estimated Estimated
Item Description Quantity Unit Unit Price Total
F. Lighting
23 Pole Light Holophane Fixture # ae-1 Odmh24-b-5-n-s-b-f2
City Manufacturing pole # was 12-bk-2pcb-p3
24 Uplight Hydrel series 7000 #7000- 70cmt6-1 20-mfl-wh-
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8 EA
44 EA
Sub-Total Streetscape Improvements
TOTAL BASE BID (Items I Thru III)
1$
Written
B ~et LOv\st'rtA_c;h On fD'.\ hL .
(Contractor)
(3Cf1) 5~3 .987f)
(Date)
00300-3
03-4122. F
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BID SECURITY
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Accompanying this Bid is a certified or cashier's check or a bid bond in the amount of 2.
5% of the bid 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.
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The undersigned Bidder agrees to commence work within 1Q days after the date of written
Notice to Proceed, and further agrees to substantially complete the work within 130
consecutive calendar days after the date of written Notice to Proceed, subject to such
extensions of time allowed by the Conditions of the Contract.
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The undersigned Bidder also agrees to complete the entire work within 160 days after the
Contract time commences to run.
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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.
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The undersigned agrees to forfeit to the Owner, as liquidated damages for each calendar
day elapsing between the date established as the date of substantial completion and the
actual date of such substantial completion of the contract work, the amount of $1,500.00
per calendar day.
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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 $1,000.00 per
calendar day.
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09/09
00300-4
03-4122.F
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. ADDENDA
,.., Bidder acknowledges the receipt of Addendum No. 's
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Dated this ?Dfh day of OcJ-D\n,v
(month)
2.m'1
(year)
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Contractor:
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. Authorized Representative
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Title
.So Y\LN> Li
_\ 2.--l{SD N. uJ .Su..v1h R.~~ vOn v-e-
Nhuml Flu 33175
Address:
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SEAL
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Attachments:
Subcontractor List
Bid Security
Trench Safety Act documentation
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END OF DOCUMENT
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09/09
00300-5
03-4122.F
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DOCUMENT 00401
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BID BOND
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BIDDER (Name and Address):
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SURETY (Name and Address of Principal Place of Business):
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OWNER (Name and Address):
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CITY OF SUNNY ISLES BEACH
18070 Collins Avenue
Sunny Isles Beach, Florida 33160
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BID
BID DUE DATE:
PROJECT (Brief Description including Location):
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BOND
BOND NUMBER:
DATE: (Not later than Bid Due Date):
PENAL SUM:
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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.
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BIDDER
SURETY
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(Seal)
(Seal)
Bidder's Name and Corporate Seal
Surety's Name and Corporate Seal
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By:
By:
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Signature and Title
Signature and Title
(Attach Power of Attorney)
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Attest:
Attest:
Signature and Title
Signature and Title
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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.
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09/09
00401 -1
03-4122.F
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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.
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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.
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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).
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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.
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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 any
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.
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00401-2
03-4122.F
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 t\ at SUym shs Bea.ch
/ () . [ rint name of the public entity]
by '[\\'\.5 A ,S,ClV\Ckol.. _ V\. CL V~ td..u\t
[print individual's name and title]
for LOns (.. YlC.
print ame of entity submitting sworn statement]
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whose business address is
12-\.{st) AJ. W. Sow\'h ~ Dnve
MtaWlI'\ FtC{. 33/78
and (if applicable) its Federal Employer Identification Number (FEIN) is viS ..02.-'571/3
(If the entity has no FEIN, include the Social Security Number of the individual signing this
sworn statement: .)
2.
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.
3.
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, 1 989, as a result of a jury
verdict, nonjury trial, or entry of a plea of guilty or nolo contendere.
4.
I understand that an "affiliate" as defined in Paragraph 287.133(1 )(a), Florida Statutes,
means:
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,
Form PUR 7068 (Rev. 06/11/92)
09/09
00402-1
03-4122.F
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and agents who are active in management of an entity.
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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.
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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.
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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]
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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. ~
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day of Och>bcv- , 20 ocr
~lW<<1_ '
Notary Public - State of ~/tfi1d'i
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Sworn to and subscribed before me this 2o-tl--\
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OR Produced identification
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5-~ ~ fV'VVVVv.i'V' V" ,
(Type of identification) ~ <co~':P1,*,Q C'r J" TIiE/ L \ ,
~'O, ~,:.-l~ \fYCf" , I'. III
-so:F\.-V"{) EXI jh~ ",. lilt Id
lJ. t- -l,~J \RY FI. '\., U\ ,.\,.
"V\,f\ 'V~"'lJ"t.IV'\I'V'V'V'V\; d wF", "'.", "'"'-.,,~
My commission expires /O/221M' 0
Cvnfh-ca. L.-Wa J fz.
(Printed typed or stamped
commissioned name of notary public)
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Form PUR 7068 (Rev. 06/11/92)
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DOCUMENT 00403
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TRENCH SAFETY ACT
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(90-96, Laws of Florida)
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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:
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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).
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Failure to complete the above may result in the bid being declared non-responsive.
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Contractor agrees that the above safety compliances and costs are included in his bid
package.
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Signature of 'dding Contractor
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END OF DOCUMENT
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Florida Department of Transportation
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JEB BUSH
GOVERNOR
605 Suwannee Street
Tallahassee, FL 32399-0450
DENVER J. STUTLER, JR.
SECRETARY
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POLICY
Effective: March 16, 2006
Office: Equal Opportunity
Topic No: 001-275-015-i
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DISADVANTAGED BUSINESS ENTERPRISE UTiliZATION
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It is the policy of the Florida Department of Transportation that disadvantaged
businesses, as defined by 49 Code of Federal Regulations, Part 26, shall have an
opportunity to participate in the performance of Department contracts in a non-
discriminatory environment. The objectives of the Disadvantaged Business Enterprise
Program are to ensure non-discrimination in the award and administration of contracts,
ensure firms fully meet eligibility standards, help remove barriers to participation, create
a level playing field, assist in development of a firm so it can compete successfully
outside of the program, provide flexibility, and ensure narrow tailoring of the program.
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The Department, its contractors, suppliers, and consultants shall take all necessary and
reasonable steps to ensure that disadvantaged businesses have an opportunity to
compete for and perform the contract work of the Department in a non-discriminatory
environment.
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The Department shall require its contractors, suppliers, and consultants to not
discriminate on the basis of race, color, national origin, religion, gender, age, or
disability in the award and performance of its contracts.
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This policy covers in part the applicable federal regulations and the applicable statutory
references contained therein for the Disadvantaged Business Enterprise Program
Plan, Chapters 337 and 339, Florida Statutes, and Rule Chapter 14-78, Florida
Administrative Code.
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February 2007
00404-1
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275-030-11 B
EQUAL OPPORTUNITY OFFICE
04/05
Page 1 013
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DBE AFFIRMATIVE ACTION PLAN
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POLICY STATEMENT
It is the policy Of~d- ~ c.hOrt Co-. \\1[, . that disadvantaged businesses,
as defined by 49 CFR Part 26, ubpart D and implemented under Rule Chapter 14-78, F.A.C., shall have the
opportunity to participate as subcontractors and suppliers on all contracts awarded by the Florida Department
of Transportation.
The requirements of Rule Chapter 14-78. F.A.C.. shall applv to all contracts entered into between the
Florida Department of Transportation and ~ u~ COr\sivu c.:h<Yi ([) ..1 nc. .
Subcontractors and/or suppliers to f:>'A d~r+ [OhSnu r.-no", (fl-. \VlL .
will also be bound by the requirements of Ru e Chapter 14-78 F.A.C.
~"-cLuct (al'\5h'uc.h\Y) COo, \ nc. . , and its subcontractors shall take
all necessary and -reasonable steps in accordance with Chapter 14-78, F.A.C., to ensure that disadvantaged
businesses have the opportunity to compete and perform work contracted with the Florida Department of
Transportation.
\h wlqrl- COr'\stvu.cTll.n (()..lhC' , and its subcontractors shall
not discriminate on the basis of race, color, religion, national origin, disability, sex, or age in the administration
of contracts with the Department of Transportation.
~W:t~r+ {Ol'\S~cYl Uh IVIL . , has designated and appointed
a Liaison Officer to develop, maintain, and monitor the DBE Affirmative Action Plan implementation. The
Liaison Officer will be responsible for disseminating this policy statement throughout
nu~~ rDtl5~Jl'fI,Vl (n..1 hI- . and to disadvantaged controlled
businesses. The stat ment is posted on notice boards of the Company.
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o JAkJtI Ly-''llw<<. L-U.hth
b I/L.s A- S4hC-J-v 'V~ P~sid,JI1r
6ud'fef {CW'MlM()i1 {o../nc .
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February 2007
00404-2
03-4122.0.
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275-030-11 B
EQUAL OPPORTUNITY OFFICE
04105
Page 2 013
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1. DESIGNATION OF LIAISON OFFICER
~\A~ Ccnshv\cn Ut\ (()., \ \'\c. . will aggressively recruit
disadvantaged businesses as subcontractors and suppliers for all contracts with the Florida Department of
Transportation. The Company has appointed a Liaison Officer to develop and maintain this Affirmative Action
Plan in accordance with the requirements of Rule Chapter 14-78, F.A.C.
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The Liaison Officer will have primary responsibility for developing, maintaining, and monitoring the
Company's utilization of disadvantaged subcontractors in addition to the following specific duties:
(1) The Liaison Officer shall aggressively solicit bids from disadvantaged business
subcontractors for all Florida Department of Transportation contracts;
(2) The Liaison Officer will submit all records, reports, and documents required by the Florida
Department of Transportation, and shall maintain such records for a period of not less than three
years, or as directed by any specific contractual requirements of the Florida Department of
Transportation.
The following individual has been designated Liaison Officer with responsibility for implementing the
Company's affirmative action program in accordance with the requirements of the Florida Department
Transportation.
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11. AFFIRMATIVE ACTION METHODS
In order to formulate a realistic Affirmative Action Plan, ~u d ~et Co f\S1uc.nlh (D. ./1'1 [ .
has identified the following known barriers to participation by disadvantaged subcontractors, before describing
its proposed affirmative action methods:
1. Lack of qualified disadvantaged subcontractors in our specific geographical areas of work;
2. Lack of certified disadvantaged subcontractors who seek to perform Florida Department of
Transportation work;
3. Lack of interest in performing on Florida Department of Transportation contracts;
4. Lack of response when requested to bid;
5. Limited knowledge of Florida Department of Transportation plans and specifications to
prepare a responsible bid.
In view of the barriers to disadvantaged businesses stated above, it shall be the policy of
6\AdCJC} Cor~sh\.{clm Coo, Inc... to provide opportunity by
utilizing the following affirmative action methods to ensure participation on the contracts with the Florida
Department of Transportation. P>~ C01sh1AdcYI [o..In c. . will:
1. Provide written notice to all certified DBE subcontractors in the geographical area where the
work is to be subcontracted by the Company;
2. Advertise in minority focused media concerning subcontract opportunities with the Company;
3. Select portions of the work to be performed by DBEs in order to increase the likelihood of meeting
contract goals (including, where appropriate, breaking down contracts into economically feasible
Febn.un~~0lil1acilitate DBE participation); 00404-3 03-4122.0.
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275-030-118
EQUAL OPPORTUNITY OFFICE
04/05
Page 3 of 3
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4. Provide adequate information about the plans, specifications, and requirements of the contract, not
rejecting subcontractors without sound reasons based on a thorough investigation of their
capabilities;
5. Waive requirements of performance bonds where it is practical to do so;
6. Attend pre-bid meetings held by the Florida Department of Transportation to apprise disadvantaged
subcontractors of opportunities with the Company;
7. Follow up on initial solicitations of interest to OBE subcontractors to determine with certainty
whether the DSE company is interested in the subcontract opportunity.
~~dCjd- rCX1c;,kch(}{) Co..IY1[. understands that this list
of affirmative action methods is not exhaustive and will include additional approaches after having established
familiarity with the disadvantaged subcontracting community and/or determined the stated approaches to be
ineffective.
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III. IMPLEMENTATION
On contracts with specific DBE goals, 'Bud. ~ CDoSkchUh (D.. lhc .
will make every effort to meet contract goals as stated by utilizing its affirmative action methods. On projects
with no specific goals, the Company will, as an expression of good faith, seek to utilize DBE subcontractors
where work is to be subcontracted.
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IV. REPORTING
BlAdf.jet CDnshud)Of\ {n.. IVlL. shall keep and maintain
such records as are necessary to determine the Company's compliance with its OBE Affirmative Action Plan.
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The Company will design its record keeping system to indicate:
1. The number of DBE subcontractors and suppliers used by the Company, identifying the items
of work, materials and services provided;
2. The efforts and progress being made in obtaining DBE subcontractors through local and
community sources;
3. Documentation of all contracts, to include correspondence, telephone calls, newspaper
advertisements, etc., to obtain DBE participation on all Florida Department of Transportation projects;
4. The Company shall comply with Florida Department of Transportation's requirements
regarding payments to subcontractors including DBEs for each month (estimate period) in
which the companies have worked.
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V. DBE DIRECTORY
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B udcjd Consr1kch&l Ln., lnc. . will utilize the DBE Directory
published by the Florida Department of Transportation.
The Company will distribute Form Number 275-030-01, Schedule A Certification Form Number 1, to
potential OBE contractors and assist in their completion.
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February 2007
00404-4
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STATE OF FLORIDA DEPARTMENT OF TRANSPORTATION
275-030-10
EQUAL OPPORTUNITY OFFICE
04/05
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BID OPPORTUNITY LIST
Please complete and mail or fax to:
Equal Opportunity Office
605 Suwannee St., MS 65
Tallahassee, FL 32399-0450
TELEPHONE: (850) 414-4747
FAX: (850) 414-4879
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This information may also be included in your bid or proposal package.
Prime Contractor/Consultant: \)u.d.qetCoYl~kchlYl Co..Inc.
Address/Telephone Number: 0__'--"1) N.tA). s,o,,t,h, RiMV' llnK. MUl~H 33178 (3t;!;'J88?/t'tJ7B
Bid/Proposal Number: {c-r-A PYo\Jred- ~ 0 ?>-LU 27. F I S.10 (l.\ I \S,~ ~d.a. 6q. oq -d
Quote Submitted MMIYR: -----1Q)'LOO9
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49 CFR Part 26.11 requires the Florida Department of Transportation to develop and maintain a "bid opportunity list."
The list is intended to be a listing of all firms that are participating, or attempting to participate, on DOT-assisted
contracts. The list must include all firms that bid on prime contracts, or bid or quote subcontracts and materials supplies
on DbT-assistea projects, including both DBEs and non-DBEs. For consulting companies this list must include all
subconsultants contacting you and expressing an interest in teaming with you on a specific DOT assisted project. Prime
contractors and consultants must provide information for Nos.1, 2, 3 and 4 and should provide any information they have
available on Numbers 5, 6, 7, and 8 for themselves, and their subcontractors and subconsultants.
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1. Federal Tax 10 Number: sz::i. z.~(p
2. Firm Name: jl\a.-rScn lftrttSwpln~~
3. Phone: 3c6 ecE; <:l(XQlp
4. Address: l~qO\ Nw lie M.
N\ lLl \'VI \ .. 'R.c,. '3 b\ 7 f>
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5. Year Firm Established:
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5. Year Firm Established: IQ'i3
1. Federal Tax 10 Number: r.;.q., e'1'2J/2B
2. Firm Name: ~~\\- S::1~Ct I:y\C.
3. Phone: (?o _'Sl1'I~_
4. Address: (0"00 Nf. uthCou.A-
M, ami') Au- 33/38
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5. Year Firm Established: Iq~
6. o DBE 8. Annual Gross Receipts
EJ1Jon-DBE o Less than $1 million
o Between $1 - $5 million
o Between $5 - $10 million
7. [3'Subcontractor o Between $10 - $15 million
o Subconsultant l:!;tMore than $15 million
6. o DBE 8. Annual Gross Receipts
lJ}1\fon-DBE ~ss than $1 million
o Between $1 - $5 million
o Between $5 - $10 million
7. ey.-&;'bcontractor o Between $10 - $15 million
o Subconsultant o More than $15 million
6. o DBE 8. Annual Gross Receipts
r::iJ...NOn-D B E o Less than $1 million
o Between $1 - $5 million
o Between $5 - $10 million
7. ~bcontractor o Between $10 - $15 million
o Subconsultant ~re than $15 million
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STATE OF FLORIDA DEPARTMENT OF TRANSPORTATION
275-030-11A
EQUAL OPPORTUNITY OFFICE
04/05
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ANTICIPATED DBE PARTICIPATION STATEMENT
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Financial Project Number:
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Contract Number:
c~ OlOrc& ~ 63 .1I\,-? . r-
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. Federal Aid Project Number (if applicable):
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Prime Contractor Name:
0wlq{+ (OY\.~^rj-H)n [0-.1 he .
a \{~n ( 1-D 7 ,CiJ
Contract Dollar Amount:
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Is the pri~ contractor a Florida Department of Transportation Certified Disadvantaged Business Enterprise (DBE)?
(yes GY) (no 0)
Expected amount of contract dollars to be subcontracted to DBE(s): $ rj>
It is our intent to subcontract 4-- % of the contract dollars to DBE(s). Listed below are the proposed DBE
sub-contractors:
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DBE (s) Name
Tvpe of Work/Specialtv
Dollar AmountlPercentaqe
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Submitted by: ----.D.\LS J4 Scenc.W L
E-mail Address: Q;1c.'lf1. burh[c.+Cl:.VisWchcj'l .[ C.
Fax Number: ?:l::J!: ~,?>q7~
Title: \II (a PK.suhYlf-
Telephone Number: ~efJ39B7B
Date: [012-012(1)9
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Note: This information is used to track and report anticipated DBE participation in all state and federally funded FOOT
contracts. The anticipated OBE amount will not become a part of the contractual terms.
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This form must be submitted at the pre-construction or pre-work conference. DOT staff must forward this to the
Equal Opportunity Office, 605 Suwannee Street, MS 65 Tallahassee, FL 32399-0450 or fax to (850) 414-4879. If
you have any questions, please contact the EOO at (850) 414-4747.
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Document 00405
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Restrictions, Prohibitions, Controls, and Labor Provisions:
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1. Equal Employment Opportunity: In connection with the carrying out of any project, the Agency
shall not discriminate against any employee or applicant because of race, age, creed, color, sex or
national origin. The Agency will take affirmative action to ensure that applicants are employed, and that
employees are treated during employment, without regard to their race, age, creed, color, sex, or
national origin. Such action shall include, but not be limited to, the following: Employment upgrading,
demotion, or transfer; recruitment or recruitment advertising; layoff or termination; rates of payor other
forms of compensation; and selection for training, including apprenticeship. The Agency shall insert the
foregoing provision modified only to show the particular contractual relationship in all its contracts in
connection with the development or operation of the project, except contracts for standard commercial
supplies or raw materials, and shall require all such contractors to insert a similar provision in all
subcontracts, except demolition, removal, site improvements, or similar work, the Agency shall post, in
conspicuous places available to employees and applicants for employment for project work, notices to be
provided by the Department setting forth the provisions of the nondiscrimination clause.
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2. Title VI - Civil Rights Act of 1964: Execution of this Agreement constitutes a certification that
the Agency will comply with all requirements imposed by Title VI of the Civil Rights Act of 1964 (42
U .S.C. 2000d. et. Seq.), the Regulations of the Federal Department of Transportation issued thereunder,
and the assurance by the Agency pursuant thereto.
3. Title VIII - Civil Rights Act of 1968: Execution of this Agreement constitutes a certification that
the Agency will comply with all requirements imposed by the Title VIII of the Civil Rights Act of 1968,
(42 U.S.C. 3601, et seq.), which among other things, prohibits discrimination in housing on the basis of
race, color, national origin, creed, sex, and age.
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4. American with Disabilities Act of 1990 (ADA): Execution of this Agreement constitutes a
certification that the Agency will comply with all the requirements imposed by the ADA (42 U.S.C.
12102, et. Seq.), the regulations of the federal government issued thereunder, and the assurance by the
Agency pursuant thereto.
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5. Prohibited Interests: Neither the Agency nor contractors or their subcontractors shall enter into
any contract, subcontract, or arrangement in connection with the project or any property included or
planned to be included in the project, in which any member, officer, or employee of the Agency during
his tenure or for two years thereafter has any interest, direct or indirect. If any such present or former
member, officer, or employee involuntarily acquires or had acquired prior to beginning of his tenure any
such interest, and if such interest is immediately disclosed to the Agency relating to such contract,
subcontract, or arrangement. The Agency shall insert in all contracts entered into in connection with the
project or any property included in any project, and shall require its contractors to insert in each of their
subcontractors to insert in each of their subcontracts, the following provisions:
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"No member, officer, or employee of the Agency during his tenure or for two years thereafter
shall have any interest, direct or indirect, in this contract or the proceeds thereof."
The provisions of this subsection shall not be applicable to any agreement between the Agency and its
fiscal depositories, or to any agreement for the utility services the rates for which are fixed or controlled
by a Governmental agency.
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6. Interest of Member of, or Delegated to, Congress: No member or delegate to the Congress of the
United States shall be admitted to any share or part of the Agreement or any benefit arising there from.
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00405-1
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DOCUMENT 00420
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INFORMATION REQUIRED FROM BIDDERS
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GENERAL INFORMATION
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The Bidder shall furnish the following information. Failure to comply with this requirement may cause
its rejection. Additional sheets shall be attached as required.
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Contractor's Namel Address: ~2tf~'t C?~~~vtSO~~ .
M\UM\ ') FIlt -,~317B
Contractor's Telephone Number: (~ b5oCfe7l()
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Contractor's License:
Primary Classification:
( u.c. ffi7 4CO .
LAt\ch~~ Uh 1 d1f
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Number of years as a Contractor in construction work of the type involved in this Contract:
e v-m~ .
5.
List the names and titles of all officers of Contractor's firm:
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-.ElJ \S A- ,SQrtcJwL'. \h~ pI-CS,dn1f
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Name of person who inspected site or proposed work for your firm:
Date of Inspection:
b 1\ n A-s;a n-fw l
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Name:
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What is the last project of this nature you have completed?
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8.
Have you ever failed to complete work awarded to you; if so, where and why?
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00420-1
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9.
Name three individuals or corporations for which you have performed work and to which you
refer:
~ '-\\ll. r.t \\1u>>.u1 rfte rc.n.ces .
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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
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 that is available for the work?
Ph:tlKr ~ 4'\ M....- C/. t\-acW.cl IIs-h h.0 .
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What equipment will you purchase for the proposed work?
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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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00420-2
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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.
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Work to be Performed
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NOTE: Attach additional sheets if required.
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00420-3
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Subcontractor's Namel Address
\!.:(::t..4 ~oN L.t+N~~ C:. CAllLP
I 'Octo I tvw 11~lWt ~fi3~78
~~N e:;'-r;)nn~c.
S,I' NW/)"o, 7r ~~S.Ft ~3l>Jlf.
.
beJN~oweiL Gt.r>uf
G:fi(()J'JWq..e,- ~Pt.. ~~l~R
~ <.oNCM:1EPAI/64>
1 DOl ?G II C:>r ~.ft. 33"0/0
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03-4122.F
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DOCUMENT 00401
BID BOND
a1DDER (Name and Address):
BUDGET CONSTRUCTION CO., INC.
12450 N.W. South River Drive
Miami, F1 33178
SURETY (Name and Address of Principal Place of Business):
The Insurance Company of the State of Pennsylvania
70 Pine Street
New York, NY 102770
OWNER (Name and Address):
CITY OF SUNNY ISLES BEACH
18070 Collins Avenue
Sunny Isles Beach, Florida 33160
BID
BID DUE DATE: October 20, 2009
PROJECT (Brief Description including Location):
Median Closure @ N.E. 175th Terrace on Collins Avenue &
SR AlA/Collins Avenue at 183rd Street
, BOND
-SOND NUMBER: N/A
DATE: (Not later than Bid Due Date): October 20, 2009
PENAL SUM: Five Percent 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
The Insurance Company of the
State ~ Pennsylvania (Seal)
Surety's ame'and corpV
(Seal)
By:
By: 1/u A--~
e and Title Vtup~ndt~
Attest: QJ,lJ,tt~ /~~t'\+Wu. I U}ollz. fFO
Signature and Title
Signature and Title
(Attach Power of Attornev)
Warren M. Alter~ey In Fact
Attest: ~'L ~" ~ 0
/Signature Title
Witness
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.
09/09
00401-1
03-4122.F
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
anli! 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
dEiliiierifwitl1in 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 1 20 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 'Powel' Of Atforney eiiiaencing die
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 any
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.
09/09
00401-2
03-4122.F
The Insurance Company of the State of Pennsylvania
'I'rincipar Bond Office 70 Pine Street, New York, NY 10270
POWER OF ATTORNEY
No. 10-B-34863
KNOW ALL MEN BY THESE PRESENTS:
That The Insurance Company of the State of Pennsylvania, a Pennsylvania corporation, does hereby appoint
---Charles J. Nielson, Charles D. Nielson, Warren M. Alter, Mary C. Aceves,
Gloria McClure, Laura L. Clymer, John Barnes: of Miami Lakes, Florida ---
its true and lawful Attorney(s)-in-Fact, with full authority to execute on its behalf bonds, undertakings, recognizances and other
contracts of indemnity and writings obligatory in the nature thereof, issued in the course of its business, and to bind the company
thereby.
IN WITNESS WHEREOF, The Insurance Company of the State of Pennsylvania has executed these presents
this ~ day of September, 20Q..!..
STATE OF NEW YORK }
COUNTY OF NEW YORK}ss.
On this ~ of September 2001, before me came the above-
named officer of The Insurance Company of the State of
Pennsylvania, to me personally known to be the individual and
officer described herein, and acknowledged that he executed
the foregoing instrument and affixed the seal of said
corporation thereto by authority of his office.
~~t~
DOROTHY l. PARKER
Notary Public. Slate of New YOlk
No.01PA6060631
Qualified in Richmond County
Commission Expires June 25. ~
CERTIFICATE
Excerpts of Resolution adopted by the Board of Directors of The Insurance Company of the State of Pennsylvania, on May 18, 1976:
"RESOLVED, that the Chairman of the Board. the President, or any Vice President be. and hereby is, authorized to appoint Attorneys-in-Fact to
represent and act for and on behalf of the Company to execute bonds, undertakings. recognizances and other contracts of indemnity and writings
obligatory in the nature thereof, and to attach thereto the corporate seal of the Company, in the transaction of its surety business;
"RESOLVED, that the signatures and attestations of such officers and the seal of the Company may be affixed to any such Power of Attorney or to any
certificate relating thereto by facsimile, and any such Power of Attorney or certificate bearing such facsimile signatures or facsimile seal shall be valid
and binding upon the Company when so affixed with respect to any bond, undertaking, recognizance or other contract of indemnity or writing
obligatory in the nature thereof;
"RESOLVED. that any such Attorney-in-Fact delivering a secretarial certification that the foregoing resolutions still be in effect may insert in such
certilication the date thereoL said date to be not later than the date of delivery thereof by such Attorney-in-Fact."
I, Elizabeth M. Tuck. Secretary of The Insurance Company of the State of Pennsylvania, do hereby certify that the foregoing excerpts of Resolution
adopted by the Board of Directors of this corporation. and the Power of Attorney issued pursuant thereto, are true and correct, and that both the
Resolution and the Power of Attorney are in full force and effect.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed the facsimile seal of the corporation
this 20th day of October
, 2009.
ko~~
Elizabeth M. Tuck, Secretary
BUDGET CONSTRUCTION CO.. INC.
Certified General and Engineering Contractors
12450 NW SOUTH RIVER DRIVE
MIAMI, FLORIDA 33178
PHONE (305) 883-98781 FAX (305) 883-9788
Name of Pro"ect Owner Type of Work Contract Amount Com lelion
San Souci Intersection City of North Miami Paving, Curbing $164.098 0212&'09
North Miami Inspector: Gerardo Hernandez (305) 895-9878 776 NE 125th Street Sidewalk, Earthwork
North Miami. Florida 33161 Striping
Jobsite: Intersection of 121st Street and NE 19th Avenue
Intersection Improvements #20060356 Miami Dade County Paving & Drainage $1,080,747 02128109
Miami Dade County Inspector: Pedro Estopinan (305) 934-6294 Public Works Department Sidewalk, Earthwork
111 NW 1st Street, #1420 Curbing & Striping
Jobsite: Various Intersections throUQhout Miami Dade County Miami, Florida 33128
Hialeah Housing: 300 Units Elderly Housing City of Hialeah Paving & Drainage $858,334 12/31/2008
City of Hialeah Project Manager: Oniel Toledo 501 Palm Avenue Sidewalk, Earthwork
Hialeah, Florida 33010 Curbing & Striping
Jobsite: 1350 West 26th Place, Hialeah Water &Sewer
Shannondale Contract #E4K06 EQQ! Paving & Drainage $206.048 11/30/08
Engineer: Corradino Group/Scott Cavendish (561) 436-2340 3400 West Commercial Blvd Earthwork, Fencing
Fort Lauderdale, Florida 33309 Striping & Signalization
Jobsite: Shannondale Rd from Lana Rd to Gem Lake Dr., WPB Concrete
Tamiami Soccer Field Miami Dade County Parks Construct (3) $1,695.350 11/30/08
Parks & Rec Depart: LaTonya Bradley (786) 236-7861 and Recreation professional
Engineer: Russell PartnershiplTerrence Holt (305) 663.7301 275 NW 2nd Street lighted Soccer Flds
Jobsite: 10901 SW Coral Way, Miami Miami, Florida 33128
Nob Hill Median Road Improvements City of Tamarac Concrete & Curbing $329,136 05/31/08
City of Tamarac: Cyrill Garcia (954) 597-3726 6011 Nob Hill Road Landscaping, Irrigation
Inspector: Cyrill Garcia (954) 597-3726 Tamarac, Florida 33321-6200
Jobsite: West Commercial Blvd. to Westwood Drive to Nob Hill Road
W-881 Miami Dade Ctv Water & Sewer Water, Paving $820,326 04/30/08
Miami Dade County Water & Sewer: Nelson Cespedes (305) 665-7471 3071 SW 38th Avenue Striping
Inspector: MDWASA Nelson Cespedes (305) 665-7471 Miami. Florida 33126
Jobsite: East Dixie Hwy, bit 93rd Street & NE 103rd Street
South Miami Parking Garage Mark Richman Properties. Inc. Paving & Drainage $787.637 1/31/2008
KVC Construction: Juan Mejia (305) 757.7707 201 Alhambra Circle Sidewalk, Earthwork
Inspector: South Miami Ajibola Balogun (305) 663.6350 Suite #201 Brick Pavers, Striping
Jobsite: SW 73rd Street & 56 Avenue, Miami Coral Gables, Florida 33134 Water & Sewer
Kendall Pointe Polnte at Kendall LLC. Paving & Drainage $1,747,859 12/01/07
Charles & Vinzant Construction: Chris Redderson (770) 321.0725 1111 Kane Concourse, Ste #401 Water & Sewer
Inspector: Dade Cty Public Works/Daniel Fernandez (305) 375.2135 Bay Harbor Islands, Florida Concrete & Striping
Jobsite:Kendafl Drive & 167th Avenue, Miami Earthwork
Trj Rail Parking Lot FOOT Paving & Drainage $322,030 11/01/07
FOOT: Reza Shams (305) 345.8930 1000 NW 111 Avenue Lighting, Striping
Inspector: Albert Sosa (305) 870-9971 Room #6107-A Guardrail & Fencing
Jobsite: NW 37th Avenue & 21st Street. Miami Miami, Florida 33172 Landsca inQ
Overtown Transit Rubicon Overtown II Paving & Drainage $1,079,854 06130/07
Bovis Lend Lease: Chris Murray (305) 373.8006 311 S Walker Drive, #17525 Water & Sewer
Miami, Florida 33130 Concrete & Striping
Jobsi1e: 100 NW 6th Street, Miami Earthwork
Palazzo Del Mare Fisher Island Holdinas Paving & Drainage $803,677 06130107
ASR Construction: Chuck Zhang (305) 534.1989 One Fisher Island Drive Water & Sewer
Fisher Island, Florida 33109 Concrete & Striping
Jobsite: 7100 Fisher Island Earthwork
Chik FiI A Chik FiI A Paving & Drainage $448.11 0 03/31/07
BRV Construction: Ron Loheide (305) 238-7953 Chik-FU.A, Inc. Water &. Sewer
Jobsite: 1337.1341 North University Drive, Coral Sorinas 5200 Buffington Road Concrete &. Striping
Atlanta, GA 30349-2645 Earthwork
Tamiaml Parking Lot Miami Dade County Parks Paving & Drainage $1.642.058 03/01107
Parks &. Rec Depart: LaTonya Bradley (786) 236-7861 and Recreation Earthwork
Engineer: Russell PartnershiplTerrence Holt (305) 663-7301 275 NW 2nd Street lighting
Jobsite: 10901 SW Coral Wav, Miami Miami. Florida 33128 Curbin(l & Strioina
Mosaic WCI Communities Paving & Drainage $798.185 01/31/07
Coastal Construction: Brian Axelrod (305) 559-4900 11575 Heron Bay Blvd Water & Sewer
Coral Springs, Florida 33076 Concrete & Striping
Jobsite: 3801 Collins Avenue, Miami Beach Earthwork
Kensington Elementary Miami Dade County Public Schools Paving & Drainage $1.284,493 12/30106
Coastal Construction: Goran Ljustina (305) 559-4900 1450 NE 2nd Avenue Water & Sewer
Suite #2710 Concrete & Striping
Jobsite: 711 NW 30th Avenue, Miami Miami. Florida 33130 Earthwork
Pinecrest Elementary Miami Dade County Public Schools Paving &. Drainage $1,231,442 12/30106
Coastal Construction: Goran Ljustina (305) 559-4900 1450 NE 2nd Avenue Water & Sewer
Suite #2710 Concrete & Striping
Jobsite: 104th Street & SW 57th Avenue, Miami Miami, Florida 33130 Earthwork
Walgreens. Hialeah Gardens GKK Hialeah LId Paving & Drainage $679.194 07/01/06
Suncon Construction: Can Powell (305) 827.2970 2901 Rigsby Lane Earthwork
Inspector: Dade Cty Public Works Ray (305) 375--2135 Safety Harbor, FL 34695 Curbing & Striping
Jobsite: 7605 W 33rd Court. Hialeah WideninQ & Turn Lane
Davie/Cooper City Town of Davie Paving & Drainage $593,257 06101106
~Davie Cooper City Chamber of Commerce Parking~ 6591 Orange Drive Earthwork
Town of Davie: Herb Hyman (954) 797.1016 Davie, Florida 33314 Curbing & Striping
Engineer: Craven Thompson (954) 739-6400
Jobsite: 4185 Davie Road, Davie
Vizcaya Museum & Gardens Miami Dade County Parks Water Main Installation $507,377 11/01105
~ater Main Extension" and Recreation Paving
Parks & Rec Depart: Jose Gonzalez (305) 755.7833 275 NVV 2nd Street
Jobsite: 3251 South Miami Avenue, Miami Miami, Florida 33128
Howard McMillan Middle School Miami Dade County Public Schools Paving & Drainage $502,252 07/31/05
Suffolk Construction: (305) 860-9390 1450 NE 2nd Avenue Water & Sewer
Suite #2710 Earthwork
Jobsite: 13100 SW 59th Street. Miami Miami, Florida 33130
Bella Mare Condominiums WCI Communities Paving & Drainage $1,346,258 08130105
Coastal Construction: Ken Anderson (305) 559-4900 11575 Heron Bay Blvd Water & Sewer
Coral Springs. Florida 33076 Concrete & Striping
Jobsite: 6000 Island Boulevard, Aventura Earthwork
Town of Medley Town of Medley Paving & Drainage $164,000 03/01/05
"109th Street Improvements" 7331 NW 74th Street Earthwork
Town of Medley: Inspector Walter Werneke (305) 889-1915 Medley, Florida 33166-2448 Curbing & Striping
Jobsite: NW 109th Street & South River Drive, Medlev
Town of Medley T own of Medlev Sanitary Sewer $32,000 02/01/05
"Sewer Repair" 7331 NW 74th Street Installation & Paving
Town of Medley: Inspector Wally (305) 889-1915 Medley, Florida 33166-2448
Jobsite: NVV 77th Court & South River Drive, Medley
Town of Davie Town of Davie Paving & Drainage $519.130 02/01/05
"Construct SW 136 Ave / SW 14 Street Improvement" 6591 Orange Drive Curbing & Striping
Town of Davie: Herb (954) 797-1016 Davie, Florida 33314 Earthwork
Engineer: Craven Thompson (954) 739-6400
JObsite: SW 136th Avenue &. SW 14th Street. Davie
Tamiami Fire Station "58 Miami Dade County Paving & Drainage $224,690 01/31/05
Customer: Lemartec (305)661-9393 33 SW 2nd Avenue Water & Sewer
Jobsite:12701 SW 6th Street, Miami Miami, Florida Concrete
Shoppes of Tamiami FIRC Tamiami LLC Earthwork $1,890,180 01/31/05
Owner: Andy Freyre (786) 208-8759 2299 Douglas Road Water & Sewer
4th Floor Concrete &. Striping
Miami, Florida 33145 Paving & Drainage
Jobsite: 14270 SW 8th Street. Miami Roads: 147 &. 149 St Exl
DERM Project #629030 Miami Dade County - DBD Drainage, Sidewalks $930.362 12/01104
"Multiple Contract Award" 33 SW 2nd Avenue Paving & Striping
Miami Dade County: Hernan Garcias (305) 372-6704 Suite #300
Engineer: ConsulTech - David Romano (305) 599-3141 Miami, Florida
Jobsite: CountyWide Pro.ects, Miami
Town of Bay Harbor Islands Town of Bay Harbor Islands Sanitary Sewer $97,910 08101/04
io~~o~:~nv ~et~c;:~t~oombs (305 \ 866-6241 9665 Bay Harbor Terrace Paving
Bay Harbor Islands, Florida
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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
JJW Construction
1670 West McNab Road
Fort Lauderdale, Florida 33309
(954) 970-0211
Bob Barrington
BRV Construction Services. Inc.
13275 S.W. 124th Street
Miami, Florida 33186
(305) 238-7953
Ron Loheide
KVC Constructors. Inc.
9499 NE 2nd Avenue
Suite #205
Miami Shores, Florida 33138
(305) 757-7707
Andy Del Toro
Coastal Construction Company
595(} Blue Lagoon Drive
Suite 200
Miami, Florida 33126
(305) 559-4900
Mark Miller
Nunno Builders
5701 Hollywood Blvd.
Suite B
Hollywood, Florida 33021
(954) 961-0777
Bob Nunno
Continental Real Estate Companies
2121 Ponce de Leon Blvd.
Coral Gables, Florida
(305) 970-2498
Nick Limner
Suncon. Inc.
5830 Miami Lakes Drive East
Miami Lakes, Florida 33014
(305) 827-2970
Carl Powell
FINANCIAL REFERENCES
Benitez & Company. CPA
8001 S.W. 24th Street
Miami, Florida 33155
(305) 261-8589
Juan Benitez
Colonial Bank
11590 NW South River Drive
Medley, Florida 33178
(305) 477-0011
Diana Goudie
VENDOR REFERENCES
Austin Tu~ler Truckina. Inc.
6570 S.W. 47 h Court
Davie, Florida 33314
(305) 949-4148 I (954) 583-0844
Mark Tupler
F.R. Transport & Equipment. Inc.
12900 N W. 202nd Street
Miami, Florida 33018
(305) 829-2660 I (305) 829-1771
Alex Falero
Community Asphalt
14005 N.W. 186th Street
Hialeah, Florida 33018
(305) 829-0700 I (305) 829-1366
Carlos Parodi
HD/National Waterworks
4310 NW. 10th Avenue
Oakland, Florida 33309
(954) 772-7343 I (954) 772-0443
Jason Barkett
CREDIT REFERENCES
CitiCapital
15959 SW. 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
AQent
Nielson, Alter & Associates
5979 NW 151 Street, Ste 105
Miami Lakes, Florida 33014
(305) 822-7800
Warren M. Alter
Bonding Limit: Single $8 Million
Aggregate $30 Million
BondinQ Company
AIG Commercial Insurance
One Liberty Place, Suite #3800
1650 Market Street
Philadelphia, PA 19103
Robert E. Staples
LICENSES I CERTIFICATES
State of Florida - General Contractor License #CGC057337
State of.Florida - Underground Utility & Excavation Company
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 #7007-5186 02
1- ~get COn5~u~_t!on Co., Inc.
Ma"or E5luioment List
March 20, 2009
Eauloment ~ Serial Number Madel Year. Date Purchased Finance Campanv Value ..
t;A\(Vl~~m~:I!lO/iIil;Qy!,
1 Badaer Carrier 255512 1994 9/19/2003 Budget $ 25,000.00
_2 ~~cat Compact Excavator w/20" Trenching Bucket A1HW11231 2008 3/28/2008 CiliCaRital $ 35,034.00
3 Bomaa MW 120AD Vibratorv Roller 101880024600 2007 1/26/2007 John Deere $ 31,900.00
4 Bomag MW 12Q!\D Vibrato~ Roller 101880024601 2007 1/26/2007 John Deere $ 31,900.00
5 Boma9 MW 120 Roller 101880024698 3/1/2008 Wells Fargo $ 34,~84.40
. --.!l ~9 TW500 Tack Waoon 911835041038 2008 9/30/2008 Wells Fargo $ 14,500.00
7 Bomao BPR35/60 Vibratorv Plate 101690451188 2008 9/30/2008 Wells Fargo $ 6,500.00
8 Bomag BPR35/60 Vibra.torv Plate 101690451298 2008 9/30/2008 Wells Fargo $ 6,500.00
9 Case CX225 Hydraulic Excavator DAC251295 4/17/2008 Alter Moneta $ 88,030.00
10 Cate iIIar 248B Skid Steer Loader, 72 Bucket SCL002i7 2005 2/29/2008 Caterpillar $ 30.415.68
11 Cate illar 416B 4x4 Backhoe Loader -@ 08lK 1 0883 1996 5/1/2006 Budget $ 25,000.00
12 Cate illar 416C Combination Loader #2 4lN07058 1999 08/2002 Budget $ 27.749.00
.j;j ~ 200li 4I2llI2OOO $ eg,21li.7B
14 Cate iIIar Backhoe Loader 416E SHA04895 2008 10/9/2008 CAT Financial (Lease $~,OO
15 Cate iIIar Backhoe Loader 416E SHA05109 2008 10/9/2008 CAT Financial Lease $ 62,000,00
16 Cate iIIar Backhoe Loader 416E SHA05111 2008 10/9/2008 CAT Financial Lease $ 62,00000
17 Cate illar Backhoe Loader 416E IC-26 CAT0416ELSHA05193 2008 1/21/2009 CAT Financial Lease $ 67,935,00
18 Cate iIIar D3C Bulldozer 6SL02659 1998 OS/2001 Budoet $ 26,657,00
19 Cater iIIar D3 Dozer CFCOO157 2002 8/5/2005 Budget $ 45,000.00
20 Catemillar D4HLGP Dozer 9GJD1472 1995 1/17/2006 Budoet $ 35,000.00
21 Caterpillar 924G Front-End Loader 9SW01683 2001 7/19/2001 CitiCapital $ 88,363,00
I~ Caterpillar 252 Skid Steer Loader CA T0252BPSCP03135 2006 12/12/2006 Sun Trust $ 35,562.56
I~ ~pwar242B Skid Steer Loader BXM00741 2004 8/17/2004 Budoet $ 28,211,20
24 Catemillar 928G Front-End Loader 6XROl148 1998 12/13/2001 Budget $ 61,212.00
25 Cateroillar 928G Wheel Loader GXR2534 2000 3/30/2006 SunTrust $ 67,890.00
26 Catemillar 928G Wheel Loader DJD01343 2004 11/15/2006 CitiCaoital $ 74,250.00
I~ ~'I'iIIar 928Gl Wheel Loader DJD01647 2005 7/26/2007 Caten:iJJar $ 68,950,00
28 Catemillar 930G Wheel Loader L-9 CA T0930GVTWRO 1315 2006 2116/2009 Bud eUSunTrust $ 67,500.00
I~ ~rpillar 930G Wheel Loader (L-l 0\ CA T0930GCTWRO 1314 2006 2/16/2009 BudgeUSunTrust $ 67,500.00
30 Catemillar IT2'1F Front End Loader 4NN01230 1998 5/14/2003 Budget $ 36,000,00
31 Caterpillar DP2ilD Forklift 5BM00689 1996 5/14/2003 Budget $ 4,750.00
I ~ Caterpillar IT28G Integrated Tool Carrier :Rt t265 1999 4/9/2004 Budget $ 40,000,00
33 dttflfllllaA~~~gl ~ ,Jgll4~ 6rnli2003. ws' BUdgel ~
I~ Caterpillar CS-433C Drum Comnactor 3TM00713 1998 7/27/2004 Budget $ 46.418.44
~ CaterRillar Excavator 312 CL CBA03005 2005 11/8/2005 SunTrust $ 95,000.00
_36 Catefjlillar 320 CL Hydraulic Excavator CAT0320CTANB01914 2001 2/15/2005 GE Caoital $ 102,500,00
37 Caterpillar 321CLCR Excavator Boom MCF00819 2005 12/9/2008 Caterpillar $ 115,000.00
38 Caterpillar 325 CL Hydraulic Excavator BFE00262 2002 3/8/2005 GE Caoital $ 135,000.00
39 Cate illar 330 Excavator 0330CHDKY00853 2003 3/24/2006 Sun Trust $ 159,050.00
40 Cate iIIar 330CL Excavator CAP00326 2002 6/27/2006 Sun Trust $ 135,000.00
41 Cate iIIar CS563D Vibratorv Smooth Drum Roller CATCS562C9MWOll02 2002 11/15/2006 CiliCaoital $ 72.760.00
42 Cate illar M315 Excavator 7ML01472 1999 5/23/2008 Alter Moneta $ 52,523.19
43 Cate illar Hammer Attachment 4KL04787 12130/2008 Budget $ 8,318.00
44 Challenger E Hvd Drive Broom Model #CT68/PV 35287 2005 4/20/2005 New Holland $ 4,750.00
45 Chamoion C80A Motor Grader 200915 2000 6/18/2003 Budget $ 37,000.00
46 Ditch Witch 1820 Trencher 10/16/2003 Budoet $ 11,105,78
47 ~pac Vibrating Plate 29008978 2003 2/7/2003 Budget
4B Envlrosafe Flameshield Fuel Svstem 3/24/2006 Budget $ 12,662.55
49 Gravel Box MR6122 05/14/2002 Budget $ 3,091,00
50 Inaersoll Rand DD24 Roller #1 145915 1998 02/14/2001 Budget $ 1 ~, 139,00
I~ ,'!!gersoll Rand SD40D Drum Roller #3 157083 1998 6/18/2003 Budget $ 21,000,00
I~ ,'!!gersoll Rand SD70D Vibratorv Drum Roller #4 150423 1997 10/16/2003 Budget $ 35,000,00
53 Hvdraulic 6" Submersible Trash PumR 9110 5/30/2008 Alter Moneta $ 24,000.00
I~ t!ypac C850B Compactor Roller #5 B188C2166V 2000 06/21/2001 Budget $ 37,539,00
55 Hvoac C530A Tire Roller 202402 2/5/2008 Wells Fargo $ 61,077,15
56 Jack: 12,000 Ib Rolling Jack 144717 6/26/2008 Alter Moneta $ 4,558,00
I~John Deere 270 Mini Ex~v~t,~r FF027DX250 187 2008 12/30/2008 Deere Credit $~O:OO
I ~John Deere 31 OG Backhoe Loader T031OGX957110 2006 5/12/2006 ;:"oe~rlrCredi((Lease) $ 58,000,00
59 John Deere 31 OG Backhoe Loader T0310GX962995 2007 10/16/2007 Deere Credit Lease $ 55,900.00
60 John Deere 310J Backhoe Loader T0310JX149012 2007 8/14/2007 Deere Credit Lease $ 53,900.00
61 John Deere 310J Backhoe Loader T031 OJX 14566 i 2007 8/14/2007 Deere Credit Lease $ 53,900.M
62 John Deere 31Jj Backhoe Loader T031 OJX 153292 2008 3/6/2008 Deere Credit Lease $ 54,990,00
63 John Deere 31 OJ Backhoe Loader T031 OJX 153858 2008 3/24/2008 Deere Credit Lease $ 54,990,00
64 John Deere 320 Skid Steer Loader T00320A 159440 2008 12/30/2008 Deere Credit $ 27,500.00
65 John Deere 790E Excavator #2 FF790EX015228 1995 10/16/2003 Budget $ 29,000.00
66 John Deere 120 Excavator POO120X031624 2000 1/6/2006 Budget $ 22,676,51
67 Kawasaki Wheel Loader 60C10183 1998 2/15/2005 GE Caoital $43,000.00
68 Komatsu PC 300 Excavator A80905 1998 5/14/2003 Budget $ 85,000.00
69 Komatsu 041 P Dozer B21697 2001 10/2002 Budget $ 56,852,00
~ ~~!su l?41 P-~ Crawler Tractor B21659 2002 11/15/2006 CitiCapital $ 48,150.00
-H ~~ D31P.?O Crawler Tractor 45907 1996 ~;~~;;~~~- ~g~~ $ 26,000.00
Komatsu PC50MR.2 Mini Excavator E-19 6464 2005 BudgeUSunTru~t_ _ $- 16,000.00
73 Leebov 685 Motor Grader 685429 2001 05/31/2001 Budget $ 53,920.00
-;1 .LeeboY~Rhalt Paver 48547 2007 12/18/2007 _~illar $ 70,958.70
Miller Curb Machine MC550 MILMC5506SS13H 2003 10/16/2003 Budget $ 6,877.50
76 New Holland Tractor Model #TC30V4 HK31607 W4494 2005 4/20/2005 BlJ(jgel $ 14,325.00
77 New Holland Tractor. @ G035362 2001 07/30/2002 Budget $ ~347.00
78 Pressure Cleaner 40405 01/10/2003 Marhn Leasing_ $ 5,500.00
79 Scissor Lift - Electric Model #2630ES 200150130 3/27/2006 Budget $ --,s~004.30
80 Scissor Lift - Electric Model #2630ES 200150119 2006 OS/23/206 BUcJget $ 15,054.30
81 Stihl Saw TS400 50776359 09/20/2001 Budget $ 2,500.00
82 Stone Concrete Mixer 312004371 2005 8/17/2004 Budget $ 3:021.00
83 Terramite Street Sweeper #TSS36 #25TS0444 2005 3/24/2008 Alter Moneta $-W70,00
84 Thomas 1700 Skid Steer Loader LK003435 2002 02/07/03 Budget $ 15,000.00
85 Wacker G50 Portable Generator Set 5230294 2001 2/15/2005 GE Cepital $ 13,000,00
86 Wacker Light Tower - Model #L TC4-C 5775572 2008 3/14/2008 Budget $ 8,318.00
87 Wacker Pumps (4) 5613910-5613914 1/17/2006 GECa~_ $ _!;,178,80
88 Lift: 27,000 Ib (4) oostlift 144251 6/26/2008 Alter Moneta $ 7,944.70
8TA;nPNiEQUIPMENtli!w'~@fl'0 "
~ 2001 Chew 1500 2GCEC19T611139796 2001 OS/29/2002 Budoet $ 14,732,00
90 2004 Chew Colorado Truck - @ 1 GCCS 196X48177652 2004 11/5/2004 Budoet $ 16,600,00
91 2007 Chew Colorado Truck lGCCS19E078215448 2007 9/26/2007 Executive Bank $ 21,357,59
92 2006 Chevrolet Crew Cab Utilitv Truck lGBHC23U16F145305 2006 11/15/2006 Colonial Bank $22,000,00
93 2000_C~'yY Silverado- @ 1GCEC19W9YZ371739 2000 Budget $ 14,000.00
94 2004 Chew Silvera do Truck #1 1 GCCC 14X84Z23380 1 2004 1/23/2004 Budget $ 12,594.10
95 2004 Chew Silverado Truck #2 1 GCEC 14X84Z216982 2004 1/23/2004 Budget $ 12,594,10
96 2005 Chew Silverado Truck 1GCEC14X95Z243609 2005 7/20/2005 Executive Bank $17,72'/:00
97 2005 Chew Silverado Truck - @ 1 GCEC 14X65Z351699 2005 8/5/2005 Executive Bank $18,700.00
98 2005 Chew Silverado 2500 Truck lGBHC24U75E334978 2005 9/5/2005 Executive Bank $25,000.00
99 2006 Chew Pickup Truck - @ 3GCEC 14 V96G251354 2006 11/1712008 Budget $7,500,00
100 2006 Chevrolet Silverado Crew Cab Truck 2GCEC13V461284515 2006 4n12006 Budpet $23,581.00
101 2006 Chevrolet Silverado Crew Cab Truck 2GCEC13V061325044 2005 6/2/2006 Budpet $24,785.95
102 2007 Chevrolet Silverado Truck 2WD 1GCEC19X37Z180812 2007 11/15/2006 Colonial Bank $18,931,85
103 2007 Chevrolet Silverado Truck 1GCEC19X57Z102502 2007 11/15/2006 Colonial Bank $18,931.85
104 2007 Chevrolet Silverado Truck 2WD 1 GCEC19X77Z178884 2007 11/15/2006 Colonial Bank $18,931.85
105 2007 Chevrolet Silverado Truck 1 GCEC19X17Z1727 42 2007 1/29/2007 Executive Bank $19,968,37
106 2007 Chevrolet Silverado 2500 Crew Cab Truck 1 GCHC23K08F132543 2008 12/19/2007 Executive Bank $28,035,03
107 2008 Chevrole: 5ilverado 2500 Crew Cab Truck 1 GBHC23K08F128853 2008 3/28/2008 Colonial Bank $29,552.81
108 2008 Chevrolet Tahoe @ 1 GNFC 13538R230 192 2008 4/23/2008 Bank of America $62,000.00
109 2008 Chevrolet Tahoe lGNFC13C28J173481 2008 8/4/2008 Bank of America $34,000,00
110 2006 Chrysler PT Cruiser 3A4F458B26T362634 2006 1/20/2007 Executive Bank $14,391.00
111 2000 Dodoe Ram 1500 Ext Cab Pickup 1B7HF13Z3Y J167055 2000 10/16/2003 Budget $ 10,500.00
112 1992 Ford Aeromax Dump Truck 1 FTY A95R6NVA00459 1992 5/14/2003 Budoet $ 9,500.00
113 1994 Ford F-350 XL T 1 FT JX35KXRKC06021 1994 01/2003 Budget
114 2002 Ford F-150 Pick-up Truck- @ 1 FTRF17282NB46381 2002 06/29/2002 Budget $ 14,351.00
115 2002 Ford F-150 SUQercrew Truck 1 FTRW07L 12KD17573 2002 01/21/2003 Budget
116 2004 Ford F550XL Crew Cab 4x4 Flatbed Truck T-60 1FDAW57P44EC31488 2004 2/16/2009 BudoeVSunTrust $ 26,000,00
117 2005 Ford Water Truck T-59 3FRPF75N85V103095 2005 2/16/2009 BudgeVSunTrust $ 22,500,00
118 2007 Honda Fit JHMGD38407S045500 2007 6/8/2007 Executive Bank $ 16,534,70
119 2002 Inri Tractor Truck 2HSCHAST22C036410 2002 2/20/2007 Sun Trust $ 47,700.00
120 19951suzu NPR Truck -@ JALB4B1KXS7012173 1995 06/18/1998 Budget
121 1996 Isuzu NPR Flatbed Truck JALB4B1 K1T7005338 1996 6/18/2003 Budoet $ 7,000.00
122 1997 Isuzu NPR Box Truck #2 JALB4B 1 K8V7006764 1997 07/10/2002 Budoet $ 11,659,00
123 1998 Isuzu Box Truck- @ JALC4B 1 K7W7002856 1998 Budget
124 1999 GMC NPR Box Truck J8DB4B 143X705607 1999 11/20/2001 Budoet $ 15,835,00
125 2004 GMC Envoy 1GKES 12S046227927 2004 8/6/2004 Budoet $ 43,042,18
126 2002 Isuzu NPR Crew Truck JALC4J 14827002063 2002 11/2002 Budget $ 21,961,00
127 2003 Isuzu Crew Cab Truck JALC4J 14337003297 2003 1/19/2006 Budget $ 26,554.77
1~~2005 Isuw NPR Truck - Mechanics Truck JALC4B 16957007414 2005 8/27/2004 Budaet $ 30,902,38
129 20051suzu NPR HD Truck JALC4J16357014952 2005 2/1/2005 Budget
13-0 2006 Isuzu NPR HD Crew Truck JALC4J16567014243 2006 3/30/2006 Budoet $ 33,466,68
}~ 2007 lsuzu NPR HD Crew Truck JALC4J16177000891 2007 4/10/2006 Budget $ 35,546.22
~ 2007 Isuzu NPR HD Crew Truck JALC4J16077002180 2007 5/4/2006 Budoet $ 35,546.22
133 2007 Isuw NPR HD Crew Truck JALC4J16877010916 2007 2/1/2007 SunTrust $ 34,241,18
134 2007 Isuz-u NPR HD Crew Truck JALC4J16077012773 2007 3/6/2007 Sun Trust $ 34,241,18
135 2007 Isuzu NPR HD Crew Truck JALC4J16677003351 2007 11/4/2008 Colonial Bank $ 28,290.00
136 1993 Jeep Wrangler Rene9ade 1 J4FY49S3PP205175 1993 11/19/2002 Budget $ 5,02600
137 2007 Nissan Murano JN8AZ08T77W513427 2007 4/5/2007 Nissan $ 32,302,05
138 1991 Peterbilt Dump Truck 1 XPAXBOX4MN309115 1991 6/18/2003 Budget 1; 19,000.00
139 1995 Mack Service Truck 1 MAA 12YOSW043165 1995 10/16/2001 Budget $ 27,940,00
140 1994 Mack Waler Truck CL602 1 M2AA07Y5RW004242 1994 08/27/2002 Budget $ 26,282.00
141 1996 Mack Tractor lMZAA13YOTW063444 1996 02/07/2003 Budget
142 1998 Mack Tractor CH613 Truck lM1AA12Y1WW081333 1998 2n12006 Budget $ 18,993,00
143 2000 Mack RD688S TrilA Dump Truck 1 M2P267C2YM052368 2000 11/15/2006 CitiCa ital $ ~~OOO,OQ.
~ 2000 Sterling L T9500 TrilA Dumjl Truck 2FZNEEDBOY AG83923 2000 11/15/2006 CitiCa ital $ 40,000.00
145 2005 Bray 7x20 HID UliIit)I Trailer 1 D907X20X5D624977 2005 1/12/2005 Budoet $ 2,000.00
J..!6 ~~6 Globe Trailer 1 G9DD30206B336291 2006 2/9/2006 Budget $ 36,000,00
147 ~ ~OIlS-Ri9ht Equipment Trailer _ -- 1 R9PD27222M356074 2001 11/2001 Budoet $ 6,969.00
148 2006 Talbert 55 Ton Lowboy Trailer 40FSK654461025176 2006 2/20/2007 Sun Trust $ 60,950,00
149 2007 Trailboss 35 Ton Trailer 4S0DK482871002640 2007 5/4/2007 SunTrust $ 32,964.80
150 Bomag Trailer for Tack Wagon 1 B9PT1329817 44024 2008 g/30/2008 Wells Fargo
Rented E~mt: Month to Month Basis
John Deere 310J Backhoe Loader #28\ T0310JX163501 2008 12/24/2008 Deere Credit (Lease) Not Listed for In
- John Deere 310J Backhoe Loader #29\ T0310JX163506 2008 12/29/2008 Deere Credit Lease;- Not Listed for In
John Deere 31 OJ Backhoe Loader 1#27\ T0310JX166514 2008 Deere Credit Lease\ Not Listed for In
John Deere 310J Backhoe Loader 1#30\ T0310JX168172 2008 Deere Credit (L_ease) Not Listed for In
1- ~~fJlillar 416E BackhoelLoader #31 Deere Credit Lease)-
John Deere 31 OJ Backhoe Loader 1#32\ T0310JX166514 2008 1/28/2009 Not Listed for In
BUDGET CONSTRUCTION CO., INC. AND BUDGET HOLDINGS, LLC
COMBINED FINANCIAL STATEMENTS
AND SUPPLEMENTARY INFORMATION
Years Ended December 3 I, 2008 and 2007
Benitez & Company, CPA's
BUDGET CONSTRUCTION CO., INC. AND BUDGET HOLDINGS, LLC
Years Ended December 31, 2008 and 2007
CONTENTS
Page
Report of Independent Auditors..................................................................
Combined Financial Statements:
Combined Balance Sheets..................................................................... 2
Combined Statements ofIncome .......................................................... 3
Combined Statements of Retained Earnings ........................................ 4
Combined Statements of Cash Flows ................................................... 5
Notes to the Combined Financial Statements ....................................... 6 - 17
Supplementary Information:
Report on Supplementary Information......................................
18
Schedule of Uncompleted Contracts... ... .. . ... . ..... .. . . .. . .. . .. ... . . . . ..
19 - 20
Schedule of Completed Contracts ..........................................
21
Schedule of Combined Reconciliation of Gross Profit... . .... .. ... .... .
22
Schedule of Combined Indirect Costs Not Allocated to Contracts.....
,..,,.,
L..J
Schedule of Combined General and Administrative Expenses...... ....
24
Combining Balance Sheets.... ........ ... .. . . ..... . . . ... ...... ... . .. . .. ... . .
25
Com bining Statements of Income ..........................................
26
Combining Statements of Retained Earnings .............................
27
Benitez & Company, CPA's
Benitez &
COffiQany, CPA's
CERTIFIED PUBLIC 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.
(an S- Corporation) and Budget Holdings, LLC (a Partnership) as of December 31, 2008 and 2007,
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, 2008 and 2007, 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.
~!:SPo~~d1!YCfJA 1.
~~ub7ic Accountants
Miami, Florida
January 30, 2009
American Institute of CPA's
Florida Institute of CPA's
National Association of Certified Valuation Analysts
Construction Financial Management Association
BUDGET CONSTRUCTION CO., INC. AND BUDGET HOLDINGS, LLC
COMBINED BALANCE SHEETS
December 3 I,
2008 2007
$ 1,290,699 $ 1,074,360
4,753,021 5,657,357
585,345 70 1,295
6,629,065 7,433,012
4,329,829 4,278,660
53,911 61 ,384
$ 11,012,805 $ 11,773,056
ASSETS
CUlTent Assets:
Cash and cash equivalents
Contracts receivable, net (Note - 2)
Costs and estimated earnings in excess of
billings on uncompleted contracts (Note - 3)
Total current assets
Property, equipment and capital leases, net (Note - 4)
Prepaid expenses (Note - 5)
Total assets
LIABILITIES AND STOCKHOLDERS' EQUITY
CUlTent Liabilities:
Credit line facility (Note - 6)
Accounts payable and accrued expenses (Note - 7)
CUlTent portion of capital lease obligations (Note - 8)
CUlTent portion of long-term debt (Note - 9)
Billings in excess of costs and estimated
earnings on uncompleted contracts (Note - 3)
Total current liabilities
Total liabilities
$ 424,695 $ 570,399
2,924,941 3,582,626
138,298 287,581
697,755 599,722
792,209 1,080,895
4,977,898 6,121,223
312,215 279,035
2,472,740 2,523,208
157,370 157,370
7,920,223 9,080,836
Capital lease obligations, net of CUlTent portion (Note - 8)
Long-term debt, net of current portion (Note - 9)
Due to stockholders (Note - 10)
Contingent liabilities (Note - 16)
Stockholders' Equity:
Common stock (Note - 11)
Retained earnings
276,583
2,815,999
276,583
2,415,637
Total stockholders' equity
3,092,582
2,692,220
Total liabilities and stockholders' equity
$ 11,012,805
$ 11,773,056
The accompanying notes are an integral part
of the combined financial statements.
2
Benitez & Company, CPA's
BUDGET CONSTRUCTION CO., INC. AND BUDGET HOLDINGS, LLC
COMBINED STATEMENTS OF INCOME
Years Ended December 3 1,
2008 2007
Revenues:
Contract revenues earned
$ 21,190,909
$ 20,778,80 I
Cost of revenues:
Cost of revenues earned
17,464,735 15,224,591
3,726,174 5,554,210
586,798 2,822,857
3,139,376 2,731,353
1,975,978 1,649,484
1,163,398 1,081,869
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
Interest expense (Note - 13)
26,372 30,774
78,622 22,116
(551,864) (141,500)
(316,166) (299,882)
(763,036) (388,492)
$ 400,362 $ 693,377
Total other expenses
Net income
The accompanying notes are an integral part
of the combined financial statements.
3
Benitez & Company, CPA's
BUDGET CONSTRUCTION CO., INC. AND BUDGET HOLDINGS, LLC
COMBINED STATEMENTS OF RETAINED EARNINGS
Years Ended December 31,
2008 2007
Retained earnings, beginning of year $ 2,415,637 $ 2,138,260
Net income 400,362 693,377
Total 2,815,999 2,831,637
Less: distributions to stockholders ( 416,000)
Retained earnings, end of year $ 2,815,999 $ 2,415,637
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,
2008 2007
Cash flows from operating activities:
Net income $ 400,362 $ 693,377
Adjustments to reconcile net income to
net cash provided by operating activities
Depreciation 534,640 512,241
Gain on sale of equipment (78,622) (22,116)
Provision for bad debt 126,116 187,000
Changes in operating assets and liabilities:
Decrease (Increase) in contracts receivable 778,220 (1,660,579)
Decrease (Increase) in costs and estimated earnings
in excess of billings on uncompleted contracts 115,950 (14,653)
Decrease (Increase) in prepaid expenses 7,473 (24,768)
(Decrease) Increase iIi accounts payable (657,685) 1,408,199
(Decrease) in billings in excess of costs and
estimated earnings on uncompleted contracts (288,686) (634,378)
Total adjustments 537,406 (249,054)
Net cash provided by operating activities 937,768 444,323
Cash flows from investing activities:
Acquisition of property and equipment (91,520) (33,327)
Proceeds from sale of equipment 373,329 146,761
Net cash provided by investing activities 281,809 113,434
Cash flows from financing activities:
(Principal payments on) Proceeds from credit line facility (145,704) 416,127
Proceeds from debt restructuring 49,000 1,900,000
Principal payments on long-term debt and capital lease obligations (906,534) (1,652,916)
Distributions to stockholders (416,000)
Net cash (provided by) used in financing activities (1,003,238) 247,211
Net increase in cash and cash equivalents 216,339 804,968
Cash and cash equivalents, beginning of year 1,074,360 269,392
Cash and cash equivalents, end of year (Note - 13) $ 1,290,699 $ 1,074,360
The accompanying notes are an integral pm1
of the combined financial statements.
5
Benitez & Company. CPA's
BUDGET CONSTRUCTION CO., INC. AND BUDGET HOLDINGS, LLC
NOTES TO THE COMBINED FINANCIAL STATEMENTS
Years Ended December 31, 2008 and 2007
NOTE 1 - Summary of operations and significant accounting policies:
Description of Business:
The combined financial statements include the operations of Budget Construction Co., Inc. (liThe
Company"), incorporated on April 17, 1991, and its affiliate, Budget Holdings, LLC (liThe 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 liThe Companies. II 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 Financial Accounting Standards Board 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.
The Company records the certificates of deposit at fair value at the balance sheet date. Any interest
earned on these investments is recognized upon maturity on the statement of income. The certificates
of deposit mature on March 2, 2009, with annual percentage yield of2.85%, securing a stand-by letter
of credit of $136, 109 as described on Note - 15 of these combined financial statements.
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 31,2008, the
stockholders of The Company had not entered into a business continuity plan.
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.
6
Benitez & Company, CPA's
BUDGET CONSTRUCTION CO., INC. AND BUDGET HOLDINGS, LLC
NOTES TO THE COMBINED FINANCIAL STATEMENTS
Years Ended December 31, 2008 and 2007
NOTE I - Summary of operations and significant accounting policies (Continued):
Financial Instruments:
The Companies' combined 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.
Revenue and Cost Recognition:
The Company recognizes revenues on long-term contracts for construction 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. Management follows the guidelines of the Statement of
Position 81-1 ,"Accounting for Performance of Construction-Type and Certain Production-Type
Contracts", for accounting policy relating to our use of the percentage-of-completion method, estimating
costs and revenue recognition. This method is used because manageinent considers it to be the best
available measure of progress on these contracts. Revenues from cost-plus-fee and time and material
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., INe. AND BUDGET HOLDINGS, LLC
NOTES TO THE COMBINED FINANCIAL STATEMENTS
Years Ended December 31, 2008 and 2007
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.
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 31,2008 and 2007, no accrued liability was considered necessary
by management of The Company for warranties on completed jobs.
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
Statement of Financial Accounting Standards 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.
Fair Value:
The Financial Accounting Standards Board issued Statement of Financial Accounting Standards No. 157,
Fair Value Measurements ("SF AS 157") which defines fair value, establishes guidelines for measuring
fair value, and expands disclosures regarding fair value measurements. SF AS 157 is effective for fiscal
years beginning after November 15,2007. The adoption of SF AS 157 is not expected to have a
material impact on the financial position, results of operations or cash flows of The Company.
8
Benitez & Company, CPA's
BUDGET CONSTRUCTION CO., INC. AND BUDGET HOLDINGS, LLC
NOTES TO THE COMBINED FINANCIAL STATEMENTS
Years Ended December 31, 2008 and 2007
NOTE I - Summary of operations and significant accounting policies (Continued):
Fair Value (Continued):
The Financial Accounting Standards Board issued SFAS No. 159, The Fair Value Option for Financial
Assets and Liabilities ("SF AS 159"). SF AS 159 permits entities to choose to measure many financial
instruments and certain other items at fair value. Unrealized gains and losses on items for which the fair
value option has been elected are reported in earnings. SF AS 159 is effective for The Company
beginning January I, 2008. Management has chosen not to elect the fair value option.
NOTE 2 - Contracts receivable, net:
At December 31, 2008, contracts receivable of The Company are summarized as follows:
Total
Outstanding Outstanding Total
less than more than Current
90 days 90 days Receivable
$ 2,063,051 $ 19,941 $ 2,082,992
457,563 203,592 661,155
199,800 372,052 571 ,852
$ 2,720,414 $ 595,585 $ 3,315,999
Total Unbilled
Retainage
Receivable
$ 1,430,572
6,450
$ 1,437,022
Currently due on contracts:
Uncompleted contracts
Completed contracts
Billed retainage
Retainage due on contracts:.
Uncompleted contracts
Completed contracts
Total
During the year ended December 31, 2008, one customer accounted for approximately 40% of The
Company accounts receivable. Total accounts receivable due from this customer amounted to
approximately $1,879,193.
NOTE 3 - Costs and estimated earnings on uncompleted contracts:
Costs and estimated earnings on uncompleted contracts of The Company are derived as follows:
Billings to date
December 31,
2008 2007
$ 15,946,864 $ 11,856,549
4,702,378 3,987,892
20,649,242 15,844,441
(20,856,106) (16,224,041)
$ (206,864) $ (379,600)
Costs incurred on uncompleted contracts
Profit earned to date
9
Benitez & Company, CPA's
BUDGET CONSTRUCTION CO., INC. AND BUDGET HOLDINGS, LLC
NOTES TO THE COMBINED FINANCIAL STATEMENTS
Years Ended December 31, 2008 and 2007
NOTE 3 - Costs and estimated earnings on uncompleted contracts (Continued):
Included in the accompanying combined balance sheets
under the following captions:
December 31,
2008 2007
Costs and estimated earnings in excess of
billings on uncompleted contracts
$
585,345
$ 701,295
Billings in excess of costs and estimated
earnings on uncompleted contracts
(792,209)
$ (206,864)
(1,080,895)
$ (379,600)
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
Computer and office equipment
December 31,
2008 2007
$ 3,080,483 $ 2,658,832
1,180,204 1,180,204
1,155,338 1,079,046
512,851 742,493
250,551 250,551
168,498 168,498
98,458 84,757
6,446,383 6,164,381
(2,116,554)(1,885,721)
Less: accumulated depreciation and amortization
Total property, equipment and capital leases, net
$ 4,329,829
$ 4,278,660
Depreciation of property and equipment is provided utilizing the straight-line method over the
estimated useful lives of the respective assets as follows:
Computer and office equipment
Capital leases and Transportation equipment
Heavy construction equipment
Property and Building improvements
Years
3 - 5
5
10
40
NOTE 5 - Prepaid expenses:
At December 31,2008, prepaid expenses consist of $49,911 of prepaid insurance paid in advance of
its due date in accordance with the payment schedule established by the insurance company, and $4,000
of refundable restoration bonds issued to the City of Miami.
10
Benitez & Company, CPA's
BUDGET CONSTRUCTION CO., INC. AND BUDGET HOLDINGS, LLC
NOTES TO THE COMBINED FINANCIAL STATEMENTS
Years' Ended December 31, 2008 and 2007
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 Companies' assets, the stockholders'
. individual guarantees and a second m0l1gage 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 4.75%. The line is due on demand on June 14,2009 unless renewed or extended by
the financial institution.
In addition, at December 31,2008, The Company is in compliance with the covenant provisions set
forth in the credit line agreement.
NOTE 7 - Accounts payable and accrued expenses:
Accounts payable and accrued expenses include amounts due to subcontractors and suppliers at
December 31, 2008 and 2007. At December 31,2008, accounts payable include amounts due to
subcontractors, totaling $32,551, which have been retained pending completion and customer
acceptance of jobs.
During the year ended December 31, 2008, two vendors accounted for accounts payable comprising
of23% of The Company's total payables. Total accounts payable due to these vendors amounted to
approximately $638,447.
NOTE 8-.Capitallease 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 0% - 2.21 % and are imputed based on the leasors' implicit rate of return. These
capital leases are currently payable at $10,350 per month maturing on November, 20 II. Minimum
future obligations on all capital leases in effect as of December 31,2008 are as follows:
Years ending December 31,:
2009
2010
2011
Total minimum lease payments
Less: amount representing interest
Present value of net minimum lease payments
Less: current portion of capital lease obligations.
Capital Lease obligations, net of current portion
Amount
$ 138,675
I 97, 139
115,375
451,189
(676)
450,513
(138,298)
$ 312,215
At the termination of these leases, The Company has the option to acquire these assets for $327,494.
The net book value of assets acquired under capital leases at December 31, 2008 is approximately
$441,817. 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, 2008 and 2007
NOTE 9 - Long-term debt:
Long-term debt of The Company and The Affiliate consists of the following at December 31, 2008:
TOTAL CURRENT LONG-TERM
Notes payable to a financial institution payable
in monthly installments of $3,224, non-interest
bearing agreement, through December 2012,
collateralized by equipment. (discount is
based on imputed interest rate of 7.0%) $ 113,538 $ 38,688 $ 74,850
Notes payable to financial institutions, payable
in monthly installments of $2,676 including interest
at 6.5% per annum, through November 2013,
collateralized by equipment. 135,812 32,112 103,700
Notes payable to financial institutions, payable
in monthly installments of $5,959, including interest
at6.65% per annum, through July 2012,
collateralized by equipment. 239,899 71,508 168,391
Notes payable to a financial institution, payable
in monthly installments of $6,664, including interest
at4.0% per annum, through December 2011,
collateralized by equipment. 226,533 79,968 146,565
Note payable to a financial institution, payable
in monthly installments of $388, including interest
at 5.9% per annum, through September 2010,
collateralized by a vehicle. 8,149 4,656 3,493
Notes payable to financial institutions, payable
in monthly installments of $6,936, including interest
at 6.44% per annum, through April 2010,
collateralized by equipment. 83,486 83,232 254
Notes payable to financial institutions, payable
in monthly installments of $1 ,895, non-interest
bearing agreement, through January 20 I 0,
collateralized by equipment. (discount is
based on imputed interest rate of 7.4%) 24,634 22,740 1,894
Sub-total $ 832,051 $ 332,904 $ 499,147
12
Benitez & Company, CPA's
BUDGET CONSTRUCTION CO., INC. AND BUDGET HOLDINGS, LLC
NOTES TO THE COMBINED FINANCIAL STATEMENTS
Years Ended December 31, 2008 and 2007
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% per annum, through March 2010,
collateralized by equipment. $ 72,951 $ 58,769 $ 14,182
Notes payable to financial institutions, payable
in monthly installments of $7,115, including interest
at 7.00% per annum, through November 2009,
collateralized by vehicles. 43,802 43,802
Notes payable to financial institutions, payable
in monthly installments of $9,971, including interest
at 8.00% per annum, through December 2010
collateralized by equipment. 212,861 119,652 93,209
Notes payable to financial institutions, payable
in monthly installments of $5,463, including interest
at 7.50% per annum, through March 2012
collateralized by vehicles. 177,517 65,556 111,961
Notes payable to financial institutions, payable
in monthly installments of$1,357, including interest
at 7.00% per annum, through December 2011,
collateralized by vehicles. 46,380 16,284 30,096
Notes payable to financial institutions, payable
in monthly installments of $3, 156, including interest
at 4.5% per annum, through December 2011,
collateralized by equipment. 102,717 37,884 64,833
Mortgages payable to financial institutions, payable
in monthly installments of $8,808, including interest
at 7.66% per annum, through April 2018,
collateralized by real state. 1,787,893 81,908 1,705,985
Sub-total $ 2,444,121 $ 423,855 $ 2,020,266
Total long-term debt $ 3,276,172 $ 756,759 $ 2,519,413
Less: amount representing interest and
unamortized discount (105,677) (59,004) (46,673)
Total $ 3,170,495 $ 697,755 $ 2,472,740
13
Benitez & Company. CPA's
BUDGET CONSTRUCTION CO., INC. AND BUDGET HOLDINGS, LLC
NOTES TO THE COMBINED FINANCIAL STATEMENTS
Years Ended December 31, 2008 and 2007
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
2009 $ 697,755
2010 519,343
2011 366,283
2012 170,180
2013 119,901
Thereafter 1,297,033
Total $ 3,170,495
On June 14,2007, The Affiliate restructured its mortgages payable for working capital purposes and
reserves said mortgages include 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 to the bonding company and the
financial institution for partially collateralizing a bonding line and line of credit, respectively.
NOTE II - Common stock:
Common Additional
Stock Paid-in-Capital Combined
Budget Construction Co., Inc.
100 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
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 31,2008 and 2007.
14
Benitez & Company. CPA's
BUDGET CONSTRUCTION CO., INC. AND BUDGET HOLDINGS, LLC
NOTES TO THE COMBINED FINANCIAL STATEMENTS
Years Ended December 31, 2008 and 2007
NOTE 13 - Interest expense and Supplemental data to the Combined Statements of Cash Flows:
The Company financed $790,098 and $541,172 of construction and transp0l1ation equipment during
the years ended December 31, 2008 and 2007, respectively. The Affiliate refinanced the mortgage
on the properties for $1,900,000 during the year ended December 31, 2007. Interest paid during
these years is as follows:
Interest expense:
Credit line facility
Long-term debt financing and capital lease obligations
Years Ended December 31,
2008 2007
$ 34,029 $ 30,004
282,137 269,878
$ 316,166
$ 299,882
NOTE 14 - Leasing arrangements:
Leases are accounted for under the provisions of Statement of Financial Accounting Standards No. 13,
"Accounting for Leases", as amended, which requires that leases be evaluated and classified as operating
or capital leases for financial reporting purposes.
The Company is leasing a construction equipment under long-term non-cancelable operating lease.
During the year ended December 31, 2008, the monthly rental under this long-term lease obligation
is approximately $881, expiring on May 2009. The following is a schedule of future minimum lease
payments required under this lease:
Year Ending
December 31,
2009
Amount
$ 4,405
In addition, The Company is renting certain heavy equipment under short-term cancelable rental
arrangements. Monthly rentals range between $40,000 and $50,000.
NOTE 15 - Stand-by letter of credit:
The Company issued a $136,109 irrevocable stand-by letter of credit for the benefit of a certain
customer, in connection with a lawsuit filed by The Company, as more fully described in Note - 16.
In order to procure such letter of credit, The Company pledged a $136, I 09 certificate of deposit
to Colonial Bank. The issued date is September 19,2008 and the expiring date is August 29,2009.
NOTE 16 - 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. Management 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
Benitez & Company. CPA's
BUDGET CONSTRUCTION CO., INe. AND BUDGET HOLDINGS, LLC
NOTES TO THE COMBINED FINANCIAL STATEMENTS
Years Ended December 31, 2008 and 2007
NOTE 16 - Contingent liabilities (Continued):
On August 19,2008, a certain customer was awarded damages in the amount of$184,418 in a
counterclaim for uncompleted work by The Company. At December 31, 2008, The Company paid
$72,853 and is appealing the remaining $111,565. The Company secured the remaining balance of the
judgement award and issued an irrevocable standby letter of credit for the same amount plus court
costs and interest.
In addition, The Company settled a lawsuit against a subcontractor for allegations of breach of contract
and other legal actions arising in the ordinary course of business. The subcontractor was awarded
$275,000 plus interest, costs and attorney fees.
NOTE 17 - 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, 2008, current federal income tax liabilities passed through to the stockholders, using an
estimated effective rate of 30%, are summarized as follows:
Estimated taxable income pass through to stockholders
Estimated effective tax rate
Estimated stockholders current tax liability
Less: estimated tax deposits and credits
Net estimated stockholders' current federal tax liability
$ 324,676
30%
97,403
(80,000)
$ 17,403
Although not accrued in the accompanying financial statements, current and deferred federal income
taxes liability pass through to the stockholders at December 31, 2008 are summarized as follows:
Current
Long-term
$ 560,734
$ 560,734
Total
$ 560,734
$ 560,734
Difference in depreciation methods $
Net deferred federal income tax liability pass-through $
Management intends to disburse approximately $17,403 to the stockholders subsequent to year-end
to pay income taxes.
16
Benitez & Company, CPA's
BUDGET CONSTRUCTION CO., INC. AND BUDGET HOLDINGS, LLC
NOTES TO THE COMBINED FINANCIAL STATEMENTS
Years Ended December 31, 2008 and 2007
NOTE 18 - 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, 2008, 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
City Engineering, Inc.
Purpose
Payroll Staff Leasing
Book Value
$ I ,000
Market Value
$ I ,000
NOTE 19 - 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 20 - Backlog:
The following schedule summarizes changes in backlog on contracts during the year ended December
31,2008. 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, 2007:
$ 14,375,624
New contracts during the year ended December 31, 2008:
Contract revenues earned during the year ended December 31,2008:
24,129,721
38,505,345
(21,190,909)
Backlog balance at December 31, 2008:
$ 17,314,436
The Company is generally required to furnish performance and payment surety bonds to contract owners.
During the year ended December 31,2008, certain surety company issued $17,617,299 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, 2008, surety bonds for contracts totaling $32,992,890 had
been issued with a current backlog amount of$16,421,759.
As of January 30, 2009, The Company entered into various construction and engineering contracts
with projected revenues of $3,663,547.
17
Benitez & Company. CPA's
Benitez &
COffiQany, CPA's
CERTIFIED PUBLIC 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
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, 2008 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.
~~0(}4s.
ublic Accountants
Miami, Florida
January 30, 2009
18
American Institute of CPA's
Florida Institute of CPA's
National Association of Certified Valuation Analysts
Construction Financial Management Association
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BUDGET CONSTRUCTION CO., INC. AND BUDGET HOLDINGS, LLC
SCHEDULE OF COMBINED RECONCILIATION OF GROSS PROFIT
Years Ended December 31, 2008 and 2007
Contract Cost of Gross Profit
Revenues Revenues Before
Job to Date Reconciliation Earned Earned Indirect Costs
Contracts completed at
December 31, 2008 $ 16,386,108 $ 13,374,420 $ 3,011,688
Uncompleted contracts at
December 31, 2008 20,649,242 15,946,864 4,702,378
Sub-total 37,035,350 29,321,284 7,714,066
Less: Revenues earned on uncompleted
contracts before January 1, 2008 (15,844,441 ) (11,856,549) (3,987,892)
Statement of Income at
December 31, 2008 $ 21,190,909 $ 17,464,735 $ 3,726,174
Cost of Gross Profit
Revenues Revenues Before
Job to Date Reconciliation Earned Earned Indirect Costs
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 $ 20,778,80 I $ 15,224,591 $ 5,554,210
The accompanying notes are an integral part
of the combined financial statements.
22
Benitez & Company, CPA's
BUDGET CONSTRUCTION CO., INC. AND BUDGET HOLDINGS, LLC
SCHEDULE OF COMBINED INDIRECT COSTS NOT ALLOCATED TO CONTRACTS
Years Ended December 31,
Cost description 2008 2007
Fuel $ 953,453 $ 735,633
Salaries - Mechanics, Supervisors, and Others 530,012 526,347
Depreciation 527,270 505,511
Repairs 467,543 668,160
Insurance 218,541 305,448
Permits and fees 127,165 234,756
Radio and telephone 53,815 64,908
Taxes 50,552 65,449
Other indirect costs 18,338 38,436
Total indirect costs 2,946,689 3,144,648
Less: portion allocated to contracts (2,359,891) (321,791)
Total indirect costs not allocated to contracts $ 586,798 $ 2,822,857
The accompanying notes are an integral part
of the combined financial statements.
23
Benitez & Company. CPA's
BUDGET CONSTRUCTION CO., INC. AND BUDGET HOLDINGS, LLC
SCHEDULE OF COMBINED GENERAL AND ADMINISTRATIVE EXPENSES
Years Ended December 31,
Expense Description: 2008 2007
Office salaries $ 1,307,558 $ 1,051,072
Professional fees 191,260 94,832
Insurance expenses 93,170 95,357
Office expenses 72,708 99,972
Travel and entertainment 67,482 67,460
Taxes 46,753 27,774
Retirement plan 30,151 11,847
Cleaning and maintenance 27,165 21,303
Bank service charges 24,660 46,248
Telephone 19,710 23,688
Office supplies 17,434 17,383
Utilities 17,387 19,208
Postage and delivery 15,266 12,993
Charitable contributions 12,910 13,846
Dues and subscriptions 9,247 16, III
Advertisement 8,108 12,830
Licenses expense 7,639 10,830
Depreciation 7,370 6,730
Combined Totals $ 1,975,978 $ 1,649,484
"
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The accompanying notes are an integral part
of the combined financial statements.
24
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