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We’d Love To Help! – The Basics: Keeping Track of Your Project Expenditures

Posted on 2 years ago
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Advice

A core question our firm receives all the time is, “What is the best strategy to manage our reimbursement packages and track our expenditures?”

With each financing program [ex. Transportation Uniform Mitigation Fee (TUMF), Development Impact Fee (DIF), Community Facilities District (CFD), Road Bridge Benefit District (RBBD), etc.] and jurisdiction having unique approaches and guidelines to follow, it can become quite difficult and overwhelming to navigate without a clear understanding of each program’s requirements.

An effective strategy that we have noted is to isolate services rendered specific to the Financing Program’s eligible improvements.

It is not necessarily a requirement to pay via separate checks, but we have found that it helps to clearly identify items specific to the funding program’s related improvements.

In the example pay application below, you can see that the specific line items have been categorized as “CFD.” This creates a clear distinction of what each contractor or consultant can invoice against while maintaining a level of transparency and cohesiveness for an auditor to follow.

Again, in our experience – the ideal scenario is to issue separate contracts and/or at minimum defined items of work to keep your expenditure tracking precise and efficient.

Blog Written By: Christian Gagne, Director of Reimbursements & Agreements

Comments or questions? Please feel free to contact Chris at cgagne@murowdc.com

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