DMFA: THE FINE ART OF OVERBUDGETING

6 percent to around 9 percent, with no upward adjustment in the museum’s budget. The building committee has already decided to substitute limestone for granite in the facade of the new museum, for a savings of about $800,000. To cloud the picture still further, city manager George Schrader recently announced that it wouldn’t be feasible for the city to sell bonds at the current interest rate, which could mean a delay in the museum’s proposed July 1 groundbreaking; the city can’t hire a contractor until the bonds are sold. A one-month delay probably wouldn’t be significant since land acquisition and architectural design work could go ahead with private funds. But a longer delay could present the city with some unpleasant alternatives, ranging from short-terms loans and asking the private sector to come up with more that the agreed-upon $20 million to, less likely, rethinking the design of the museum itself. Though the present picture isn’t especially rosy, both city and museum officials insist they want to avoid reacting to what could be a short-term situation in the municipal bond market in ways that could have permanent consequences for the new museum.