POLICY: Project Cost Report

PURPOSE: To report cost information needed to manage and maintain control of all job costs.


PROCEDURE: This computer report is a listing of:

  • The updated working budget which includes all committed cost Owner approved change orders to date.
  • Last week’s cost.
  • Actual cost to date.
  • Anticipated final cost.
  • Anticipated gain/loss.
  • Percent complete based on cost to date.

This data will be collected and reported to provide a means of monitoring spending of the updated budget. The cost projections are intended to immediately identify spending trends that could result in budget over runs. This identification is needed so that appropriate action can be taken at the earliest point in time to control over spending of the budgeted amounts.

Accuracy in coding must be maintained for this report to be effective
as a management tool. Proper knowledge of how much money is actually being spent for a particular item of work is the key to efficient management of the budget. It provides the opportunity to analyze cost and implement measures to minimize spending.

The following information describes the weekly project cost report that will be used to manage the total budget for the project.

The headings of this report are as follows:

NOTE: Refer to Sample Report.

1. Cost Code: 6 Digit number identifying the activity.

2. Cost Type: M Material on Formal Purchase Order L Labor (Carter & Carter Construction, LLC Labor Only) S Subcontract on Formal Subcontracts G General
3. Description: Brief written description of cost item.

4. No. Of Units: The total quantity of material or time budgeted for the item of work.

5. U/M: Unit of measure estimated.

6. Unit Cost: Total Budget divided by number of units.

7. Total Budget: Total estimated amount including executed change orders.

8. Committed Cost: Contracted amount with Vendor or Subcontractor.

9. Last Weeks Cost: The costs approved and entered the previous week.

10.Cost to Date: The total costs approved and entered through the date and time the report was generated.

11. Anticipated Final Cost: The total cost the project team anticipates for each individual line item as provided through the anticipated final cost worksheet (O.P.M.-130).

12. Anticipated Gain/Loss: The variance between the project team’s anticipated final cost and the updated total budget.


This report requires the following submittal of information to the
Accounting Department:

A. Time Card – (O.F.M.-185)

B. Quantity Report – (O.F.M.-220)

C. Invoice Copy Stamp

Invoices will be forwarded to the Project Manager and subsequently to the Superintendent as required for coding and approvals. Each invoice will be stamped by the Accounting Department and will be completed by the Project Manager or Superintendent with the appropriate job number, code and approval initial.


The Project Cost Report will be printed once a week for office management and will be distributed to the jobsite weekly.

Review and Use

This report should be reviewed by the Superintendent and the Project Manager with special attention given to:

  • Verification of updated total budget job total amount. This should be the latest approved Change Order to date amount.
  • Check for improper coding.
  • Identification of item showing over budget projections.

This report should be used to monitor and analyze cost. Items experiencing projected over runs should be analyzed as to what is causing the budget problem. Measures should then be developed to control the over run.

General Rules

  • Do not shuffle budget amounts from one code to another unless it is a case of subcontracting work previously coded as material and labor or vice versa.
  • Consider job conditions and timing of work when analyzing cost.


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