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Cost Overruns

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BUSINESS
April 30, 1988 | The Inquirer Staff
Aydin Corp., the Horsham defense contractor, reported substantial declines in operating and net profits for the first quarter because of rising expenses and cost overruns on government contracts. The company said operating profit dropped from $2.2 million on $33.5 million in sales in the first quarter of 1987 to $1.5 million on $39.3 million in sales in the latest quarter. The decline in net income was even steeper because Aydin's net income in the first quarter last year was swelled by $6 million from accounting changes related to the Tax Reform Act of 1986.
NEWS
May 17, 1987 | By Francie Scott, Special to The Inquirer
Councilman Charles F. Kelly has asked Conshohocken Borough Council members to investigate the escalating costs and the construction procedure of the borough's proposed sewer plant because he is afraid they may be building something the residents cannot afford. Kelly told council members at Wednesday night's meeting that the plant was to have cost $11.7 million when it was proposed in 1984, but he recently learned that it currently carries an estimated price tag of $19.7 million.
NEWS
May 6, 2013 | By Ricardo Alonso-Zaldivar, Associated Press
WASHINGTON - Thousands of people with serious medical problems are in danger of losing coverage under President Obama's health-care overhaul because of cost overruns, state officials say. At risk is the Pre-Existing Condition Insurance Plan, a transition program that's become a lifeline for the so-called uninsurables - people with serious medical conditions who can't get coverage elsewhere. The program helps bridge the gap for those patients until next year, when under the new law insurance companies will be required to accept people regardless of their medical problems.
NEWS
August 28, 1989 | By Linn Washington, Daily News Staff Writer
After working nearly 40 years as a house painter, Thomas Lee thought he was making the big step from employee to entrepreneur when his fledgling family- owned business won a $171,290 contract to paint the 61 homes that were rebuilt following the 1985 MOVE confrontation. But Lee's big dream turned into a big nightmare. When he finished painting the houses in July 1986, the general contractor, G&V General Contractors of Virginia, refused to pay him. G&V wasn't paying Lee because the city wouldn't pay G&V for millions of dollars in cost overruns.
NEWS
August 27, 1991 | By James R. Carroll, Inquirer Washington Bureau
A powerful House subcommittee chairman yesterday cited a report that the Air Force's new C-17 cargo plane has estimated cost overruns of up to $3.2 billion and called on the Pentagon to cancel the plane's contract. Congressional staffers were told that the plane's manufacturer has an internal cost overrun projection of that amount, Rep. John D. Dingell (D., Mich.) told Defense Secretary Dick Cheney in a letter. The overrun figure is significantly higher than the $400 million that the company, McDonnell Douglas Corp.
NEWS
August 28, 1997 | By Lisa Sandberg, INQUIRER CORRESPONDENT
Facing intense opposition from a packed room of angry residents, the school board rejected a $29 million bond issue that would have paid for high school renovations and cost overruns on construction of an elementary school. The 7-2 vote Tuesday came after nearly three hours of bitter protest from a crowd of 150. Some on the board said they favored the issue but were voting against it because opposition was so strong. "I'll vote no but I'll vote no for one simple reason, the strangest of reasons.
NEWS
April 22, 2001 | By Melanie D. Scott INQUIRER SUBURBAN STAFF
After months of meeting with politicians and testifying before state committees, school-district officials are relieved to see the passage of Senate Bill 1972, which offers financial help to districts opening new schools this September. The bill provides a budget-cap adjustment that essentially allows cost overruns of no more than 3 percent, or the current Consumer Price Index, whichever is higher. For Mount Laurel, cap limitations would have meant cutting more than $2 million from next year's budget requests.
NEWS
December 1, 1992 | By Lacy McCrary, INQUIRER STAFF WRITER
With the Persian Gulf war all but inevitable in late 1990, Delaware's Dover Air Force Base prepared for expansion. The Air Force wanted a one-acre, all-weather cargo facility to store tons of food, weapons and materiel required by Desert Storm troops. When construction bids were let, it seemed like a wartime bonanza to Marc D. Pevar, a contractor in Kennett Square, Chester County. On Feb. 15, 1991, nine days before the ground war began, the Pevar Co. won a $1.1 million contract to build the warehouse under a rigid 120-day deadline.
NEWS
February 25, 2000 | By Robert Sanchez, INQUIRER SUBURBAN STAFF
Montgomery County will file a lawsuit against the architects who helped revamp a Norristown hospital to be used as a county geriatric facility, the county's solicitor said yesterday. Solicitor Steven O'Neill said the county was filing the suit against Horsham Township-based architect The Kwait Organization because of delays and cost overruns in the remodeling of Sacred Heart Hospital. He declined to say what the suit would ask for, but said it should be filed within 30 days. Commissioners Chairman Michael Marino said the county had expected to pay $30 million to buy and renovate the Sacred Heart building, but now it appeared that an additional $10 million might be needed to complete the project.
NEWS
February 16, 2006 | By Peter Dobrin INQUIRER CULTURE WRITER
Rafael Vi?oly to the Kimmel Center: It's your fault, not mine, that the building of Philadelphia's arts center cost more and took longer than anticipated. And don't blame me for your money woes. In a response to a suit filed by the Kimmel Center against Rafael Vi?oly Architects (RVA), the internationally esteemed firm says that "the delays and increased costs of this project were caused by [the Kimmel's] failure to make timely, fixed and consistent programmatic and budgetary decisions required of it . . . " The Kimmel suit, filed in November, does not seek specific monetary damages from Vi?oly but cites a loss of $23 million.
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NEWS
May 6, 2013 | By Ricardo Alonso-Zaldivar, Associated Press
WASHINGTON - Thousands of people with serious medical problems are in danger of losing coverage under President Obama's health-care overhaul because of cost overruns, state officials say. At risk is the Pre-Existing Condition Insurance Plan, a transition program that's become a lifeline for the so-called uninsurables - people with serious medical conditions who can't get coverage elsewhere. The program helps bridge the gap for those patients until next year, when under the new law insurance companies will be required to accept people regardless of their medical problems.
NEWS
February 8, 2013 | By James Osborne, INQUIRER STAFF WRITER
New Jersey Assembly Budget Committee Chairman Vincent Prieto threatened to subpoena the state treasurer today after he failed to appear for a hearing on a controversial cleanup contract for Hurricane Sandy. "It just blows my mind, and it's an insult not just to this body but all the residents of New Jersey," Prieto (D., Hudson) said at the hearing about the failure of Andrew P. Sidamon-Eristoff to appear. "He's not just the governor's treasurer. He's the treasurer for all the residents and he needs to answer these questions.
NEWS
July 5, 2012 | By Karen Heller, Inquirer Columnist
Almost two decades ago, America went on a cultural building spree, constructing or expanding an extraordinary number of museums, theaters, and performing arts centers - more than $16 billion worth between 1994 and 2008, an artistic Manifest Destiny. Philadelphia was not immune, erecting 13 projects, some of them massive, with several more in blueprints. But this artistic me-tooism, with so many cities hoping to create a domestic Bilbao, didn't turn out as imagined, according to a just-released major study, "Set in Stone.
NEWS
April 11, 2012 | By Paul Nussbaum, Inquirer Staff Writer
When Gov. Christie canceled a rail tunnel linking New Jersey and New York City, indignantly citing the burden it could place on New Jersey taxpayers, he overstated the estimated costs associated with the mega-project, according to a report released Tuesday by the federal Government Accountability Office. Supporters of the tunnel's construction, including Democratic politicians and transportation advocates, responded to the findings by reiterating their belief that Christie killed the tunnel to bolster his political reputation at the expense of commuters' needs.
BUSINESS
June 27, 2011
As walk-ups go, the headquarters of Talson Solutions L.L.C. is a cardiac workout: The climb from the doorstep of 306 Market St. to the homey confines of the consulting business Robert S. Bright founded 10 years ago is 64 steps. On his mother's first visit, she had to sit down for a breather partway up, Bright said. Then again, he doesn't make a living as a property scout. His expertise is finding waste and other forms of trouble in construction projects, from cost overruns to fraud.
NEWS
November 24, 2010 | INQUIRER STAFF
New Jersey Gov. Christie said, "No chance," when asked Tuesday if he was going to run for president during an appearance on "Late Night with Jimmy Fallon. " Christie's popularity among Republicans nationwide has soared in recent months and he toured the country helping GOP candidates in the recent election. Fallon's show is taped in Manhattan early in the evening, but Christie didn't appear on TV screens until almost 1:30 a.m. EST - long after Jessica Simpson and Fallon played a dopey, ringtoss version of tic-tac-toe - but perhaps YouTube can help spread Christie's turn on Fallon's stage.
NEWS
October 29, 2010 | By Maya Rao, Inquirer Staff Writer
One day after Gov. Christie followed through on plans to scuttle construction of a major rail tunnel between New Jersey and New York, a woman confronted him about the decision during a town-hall meeting in Moorestown. "I reject your unwillingness to reconsider, because the tunnel is an investment," she said Thursday. Christie, who had to interrupt the woman several times during the exchange to make himself heard, was clear: The state can't afford billions of dollars in projected cost overruns, and he won't raise taxes to offset the expense.
NEWS
October 28, 2010 | By Adrienne Lu, Inquirer Trenton Bureau
TRENTON - Gov. Christie announced Wednesday that he was sticking to his decision to shut down the nation's largest public works project, a second rail tunnel to connect New Jersey and New York City. The governor first announced his decision to cancel the tunnel on Oct. 7, but was persuaded by U.S. Transportation Secretary Ray LaHood, who traveled to Trenton for a personal meeting, to reconsider. Christie said he would take two weeks to review his decision. Since then, federal officials have offered New Jersey $358 million in new funding, on top of $3 billion already committed, as well as a host of options to lower costs, including trimming the scale of the project and low-interest federal loans.
NEWS
October 18, 2010 | ASSOCIATED PRESS
TRENTON - Gov. Christie says New Jersey does not have the money to pay for a multibillion-dollar commuter rail tunnel into Manhattan. Christie has given a team of advisers until Friday to come up with financing options that could keep the $9 billion project on track. The governor killed the tunnel because of cost overruns. But Christie agreed to reconsider at U.S. Transportation Secretary Ray LaHood's urging. The federal government is kicking in $3 billion to the largest public works project under way in America.
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