FAMILY LIFE CENTER PROJECT FINANCIAL UPDATE
The estimate of FLC costs in May was $1.2M, but that was before we discovered asbestos deep in the wallboard’s mud. This added almost $100,000 in costs. We also found corrosion in the sprinkler pipes that could have caused substantial damage if it was not discovered. We have now repaired those pipes and resolved the root cause.
We knew going into the project that accurately estimating construction cost with the age of the building and with many unknown factors would prove difficult. We now estimate the costs at $1.45M. The good news is that the surprises have now become more of a trickle, and any increases are realizations of really great improvements.
On the funding side, to date, over one million dollars has been given! What’s more, right in the midst of the project, general fund giving has continued to be strong and we have been able to fund ministry without disruption. As we move into our 70th year, we are expectant that God will do great things through your generosity.
The elders prayerfully considered several options for meeting the increased cost of the project. It has been decided that we will continue as a church to raise money for the project. At the point where actual project costs exceed gifts, we will borrow from our operating reserves—which are roughly equivalent to an individual’s checking and savings account balances. If operating reserves drop below our minimum, we will utilize a line of credit on a short term basis.
We trust God for his provision through you and once again are grateful for your faithful giving! We encourage any questions you might have about funding or about the project in general- you can submit these online at highlandscc.org/flc or call Scott Kaseburg at the church office at (425) 255-4751.