Construction Cost Management and Budgeting Tool
Originally published: 22/06/2020 14:05
Last version published: 26/11/2020 08:07
Publication number: ELQ-96014-4
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Construction Cost Management and Budgeting Tool

A tool for managing costs and budgets for construction projects

This tool can be used to track actual costs of a construction project vs a budget.
Construction costs are divided into 8 categories - land costs, hard costs, soft development costs, consultants, administration, finance charges, interest, and contingency. These categories can be collapsed to show subtotals vs. details.
There are three sections along the top of the tool: Actual Costs, Budget vs. Actual, and Metrics.
Column H of the Budget section is usually populated first. When a contract is finalized, column I - Finalized Contract Amount can be populated. The other columns under the Budget section are automatically calculated, and will show up in a red font for an unfavorable scenario.

The Actual Costs section can be used throughout the project to input costs as they are incurred. Column D is the actual cost before tax, followed by the taxes, any holdback amounts, and the total.
The Metrics section calculates basic metrics for the project. For this section to work, you must populate the # of units figure in cell H2 and the square footage figure in cell J2.

Some empty rows under each category have been left blank so that the user can input any missing subheadings.

This tool was initially designed for construction of a residential building, but can be adapted for other construction projects.

This Best Practice includes
1 Excel Spreadsheet

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