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Board Report: 2021-FMIC-B-004 March 10, 2021

The Board Can Improve the Management of Its Renovation Projects

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The Board is planning and managing major renovations of all four buildings it owns. Its total renovation budget, as of June 2020, was $2.1 billion. We assessed the Board's process for planning and managing multiple renovation projects as well as procuring services under various renovation-related contracts.

The Board can improve its planning and managing of ongoing renovation projects as well as future large, complex, multidivision initiatives by

  • developing a policy that outlines the required project planning components, including project governance
  • ensuring that contractors submit required progress reports and meeting minutes
  • ensuring that the project team formally approves schedule changes

The Board complied with its policies and procedures for conducting market research and awarding competitive contracts to bidders, which also aligned with industry and government practices.

This report contains recommendations.