The total cost of the introduction and running of the troubled Cowes Floating Bridge has now risen to over £6,400,000, it has been revealed.
A document published by the Solent Local Enterprise Partnership (LEP) includes a detailed breakdown of the financial costs associated with Floating Bridge No. 6.
Some £5,931,936 has been spent in relation to the out-turn delivery of the vessel, with a further £539,281 spent on the replacement passenger launch that has been frequently used to transport passengers across the River Medina. The Solent LEP say around £1.49million can be associated with the extra work required since the delivery of the new floating bridge in Spring 2017.
The additional costs incurred since the chain ferry’s introduction relate primarily to increased professional fees and project management fees; additional chain surveys, mitigation works and associated fees in addressing early operational noise issues; final contract variations and extended warranty costs and current design works for remedial options.
A further £90,000 is expected to be spent on variable message signing to improve communication of service status and £75,000 to alter the highway layout at Ferry Road/Castle Street in East Cowes.
In addition to the rising costs, the number of foot passengers and vehicles using the East Cowes to Cowes service has declined. In August of this year there were 4,846 less passengers and 1,725 less vehicles using the service than in August 2017.
What has the £6.4million been spent on?
• Professional Fees (naval architect, owners reps etc) – £328,764
• Superstructure (construction, fit out, approvals) – £3,031,249
• Superstructure (contract variations) – £431,412
• Ticketing -£160,282
• Slipways – £683,149
• Slipway design – £49,029
• Chain survey, works, fees – £114,603
• Noise mitigation works – £31,441
• IWC costs – project manager – £65,000
• Other expenditure – £205,307
• Known additional works – £169,200
• Extended Warranty – £65,000
• Remedial options design work – £500,000
• Contingency – £100,000
• Replacement Launch Costs (2017 and 2018) – £439,281
• Operative Employment costs (additional) – £114,000
• Other operating incurred costs (additional) – £33,000
• Savings in Floating Bridge 6 out of service – -£47,000
Total: £6,471,217
