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Cost Overruns

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NEWS
By James M. Coram and James M. Coram,Sun Staff Writer | September 20, 1994
The Howard County Council last night approved transfers of $4 million in school construction money to pay for cost overruns at River Hill High School in Columbia.The overruns -- the first in more than five years -- occurred because the state took away $2 million in promised construction aid and because the school system replaced the plumbing contractor, who was performing poorly, a school official told council members.Sydney L. Cousin, associate school superintendent for finance and operations, told council members it is not unusual for state officials to re-evaluate school construction projects, "but to do it this late in the process is unusual."
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NEWS
By Ian Duncan, The Baltimore Sun | August 28, 2014
A new state audit says Maryland's public defender's office is failing to properly document whether its clients are poor enough to need its help. The periodic review by the state's Office of Legislative Audits, released Thursday, also found the office is struggling with cost overruns and heavy workloads for attorneys, and needs to do more to put resources where they are most needed. Those findings and questions about client screenings have been raised in previous audits. The state Office of the Public Defender provides legal representation to poor people charged with crimes.
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BUSINESS
By Allison Connolly and Allison Connolly,Sun reporter | November 8, 2006
Shares of United Industrial Corp. tumbled yesterday after the Hunt Valley defense contractor reported that third-quarter profit fell by more than a third because of cost overruns. The company, whose subsidiary AAI Corp. manufactures drones for the Army, reported net income declined 34 percent to $6.2 million, or 48 cents per diluted share, from $9.4 million, or 69 cents per diluted share, for the corresponding period a year ago. Net income from continuing operations dropped to $7.4 million, or 56 cents per diluted share, from $9.3 million, or 68 cents per diluted share, a year ago. The results were below the 77 cents per diluted share estimated by analysts polled by Thomson Financial First Call, and Wall Street punished the stock, sending it down 8.65 percent, or $4, to close at $42.25 a share.
BUSINESS
By Jamie Smith Hopkins, The Baltimore Sun | May 5, 2013
Rep. Donna F. Edwards slipped into the F-35 cockpit - a stationary demonstration model - and gave the jet a simulated spin, trying out the controls, shooting down enemy aircraft over the Chesapeake Bay and executing a celebratory roll. "This feels so cool ," said Edwards, a Prince George's County Democrat. "OK, let's land this thing - give somebody else a chance. " This hands-on version of show and tell, held in Linthicum on Thursday, is part of a public-relations campaign for the most expensive weapons program in the nation's history.
NEWS
By Boston Globe | December 5, 1990
WASHINGTON -- Two Navy officers have been censured and a third has been forced into early retirement for failing to inform top Pentagon officials of serious delays and cost overruns in the A-12 Stealth aircraft program.However, reports by the Navy and the Pentagon's inspector general, written last week and released yesterday, conclude that the pattern of failures and cover-ups goes beyond just those officials.The reports also attribute the problems to poor judgment by the undersecretary of defense in charge of weapons acquisition, the intense secrecy surrounding Stealth aircraft programs and a weapons-purchasing system that discourages officers from reporting bad news up the chain of command.
NEWS
By Ian Duncan, The Baltimore Sun | August 28, 2014
A new state audit says Maryland's public defender's office is failing to properly document whether its clients are poor enough to need its help. The periodic review by the state's Office of Legislative Audits, released Thursday, also found the office is struggling with cost overruns and heavy workloads for attorneys, and needs to do more to put resources where they are most needed. Those findings and questions about client screenings have been raised in previous audits. The state Office of the Public Defender provides legal representation to poor people charged with crimes.
NEWS
By Michael Dresser and Alec MacGillis and Michael Dresser and Alec MacGillis,SUN STAFF | September 4, 2003
The University of Maryland plans legal action to recover millions of dollars from an architectural firm that allegedly mishandled the renovation of the student center at College Park -- a project that has gone 22 percent over its original contract amount. John D. Porcari, UM's vice president for administrative affairs, told the state Board of Public Works that faulty design work was to blame for two-thirds of the nearly $10 million in cost overruns on the project. "This is kind of our poster child of what we don't want to happen in the future," Porcari told the board.
SPORTS
By JEFF BARKER and JEFF BARKER,SUN REPORTER | February 8, 2006
WASHINGTON -- The D.C. Council last night rejected a stadium lease agreement that the mayor had negotiated with Major League Baseball, an action that baseball called "a serious setback" and a council member said could ultimately cost the city its team. By an 8-5 vote, the council opted not to approve a lease in which the city would rent a new, publicly financed stadium to the Washington Nationals for 30 years. Baseball had already accused the District of defaulting on its contractual commitments by failing to endorse the lease by the end of 2005.
NEWS
By Melody Simmons and Melody Simmons,SUN STAFF | October 9, 1995
The splendor of yesterday's historic visit of Pope John Paul II to Baltimore will cost city taxpayers more than originally planned, but Mayor Kurt L. Schmoke said it's well worth it.Although bills were not expected to be totaled until tomorrow, the mayor predicted cost overruns yesterday morning as the pontiff arrived at Baltimore-Washington International Airport."
NEWS
By Timothy B. Wheeler and Timothy B. Wheeler,SUN STAFF | January 3, 2001
A legislative audit has found numerous financial irregularities and cost overruns in a project to convert portions of Spring Grove Hospital Center into state offices, prompting an internal investigation at the Department of Health and Mental Hygiene. The renovation of closed patient-care buildings at the state psychiatric hospital in Catonsville - which was budgeted at $2.5 million and has cost $6.3 million - was supposed to have been done over the past four years with labor supplied by prison inmates.
NEWS
April 4, 2012
Gov.Martin O'Malley's wind power bill is the economic hocus pocus play that you guys back up for whatever reason ("A better wind bill," April 2). You start by portraying the finances as positive - "wind will remain free" and "cost overruns will be borne by the developers not the ratepayers. " Then in the last paragraph the truth comes out: "the deal likely depends on the extension of federal subsidies and loan guarantees. " Once again, the middle class and our children will be responsible for paying this bill.
NEWS
October 6, 2011
As a recent Sun article ("Astronomers fret over Webb Telescope's future," Oct. 2) pointed out, I enthusiastically support the scientific mission of the James Webb Space Telescope. As chairwoman of the Commerce, Justice and Science (CJS) Appropriations Subcommittee that funds NASA, I'm also a fiscal watchdog who insists on value for every taxpayer dollar. I was the first to call for an independent review that found the Webb telescope was technically sound but poorly managed and budgeted.
NEWS
July 8, 2010
Max Obuszewski is both inaccurate and misleading in his complaints about Rep. Steny H. Hoyer's support for the new Calvert Cliffs reactor ("Readers Respond," July 6). It is untrue that "the insurance companies refuse to issue policies for nuclear power plants." There is a consortium of insurance companies, the American Nuclear Insurers, which provides the insurance mandated by the Price-Anderson Act, which requires the owner of each reactor to carry $110 million of insurance to cover the clean-up and liability costs of an accident at any other reactor in the U.S. (if a company owns multiple reactors, it must carry that multiple of $110 million)
BUSINESS
February 27, 2008
USEC INC. Shares of the Bethesda-based company, the lone U.S. producer of enriched uranium to fuel nuclear power plants, tumbled $2.43 to $6.82. Analysts said cost overruns at a new plant may reduce earnings.
BUSINESS
By Allison Connolly and Allison Connolly,Sun reporter | November 8, 2006
Shares of United Industrial Corp. tumbled yesterday after the Hunt Valley defense contractor reported that third-quarter profit fell by more than a third because of cost overruns. The company, whose subsidiary AAI Corp. manufactures drones for the Army, reported net income declined 34 percent to $6.2 million, or 48 cents per diluted share, from $9.4 million, or 69 cents per diluted share, for the corresponding period a year ago. Net income from continuing operations dropped to $7.4 million, or 56 cents per diluted share, from $9.3 million, or 68 cents per diluted share, a year ago. The results were below the 77 cents per diluted share estimated by analysts polled by Thomson Financial First Call, and Wall Street punished the stock, sending it down 8.65 percent, or $4, to close at $42.25 a share.
NEWS
By LOS ANGELES TIMES | March 28, 2006
LOS ANGELES -- The Jet Propulsion Laboratory's Dawn mission to the asteroids Ceres and Vesta, canceled this month, was given a reprieve yesterday when NASA officials said they would reinstate the project despite cost overruns and technical problems. The cost overruns are not unprecedented given the complexity of the mission, and the technical hurdles are well on the way to being overcome, Rex Geveden, associate administrator of the National Aeronautics and Space Administration, said in a teleconference.
NEWS
By Jon Morgan and William F. Zorzi Jr. and Jon Morgan and William F. Zorzi Jr.,SUN STAFF | July 31, 1997
Faced with overruns of as much as $20 million on the new Ravens stadium, the state agreed yesterday to let the team sell the name of the structure to a corporate sponsor in exchange for pitching in at least $10 million more toward construction costs.The arrangement could prove a windfall to the team, which analysts say could get as much as twice that for the name.The Board of Public Works -- made up of Gov. Parris N. Glendening, Comptroller Louis L. Goldstein and Treasurer Richard N. Dixon -- approved an amendment to the agreement between the state and the Ravens that also would speed up payments of another $10 million to the state.
BUSINESS
February 27, 2008
USEC INC. Shares of the Bethesda-based company, the lone U.S. producer of enriched uranium to fuel nuclear power plants, tumbled $2.43 to $6.82. Analysts said cost overruns at a new plant may reduce earnings.
SPORTS
By JEFF BARKER and JEFF BARKER,SUN REPORTER | February 8, 2006
WASHINGTON -- The D.C. Council last night rejected a stadium lease agreement that the mayor had negotiated with Major League Baseball, but then reversed its action in a marathon session in which it reached a consensus on capping costs. After initially rejecting a lease in which the city would rent a stadium to the Washington Nationals, the council reversed course. It first approved a stadium cost cap and then endorsed a lease agreement in a 9-4 vote. The final vote came after the council could not initially agree on a stadium cost cap that could have salvaged the lease by addressing many members' chief concern: cost overruns.
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