Cost, Schedule, And Performance Problems Of The Lake Pontchartrain And Vicinity, Louisiana, Hurricane Protection Project [open pdf - 1MB]
"The Lake Pontchartrain and Vicinity, Louisiana, Hurricane Protection plan--a series of control structures, concrete floodwalls, and levees--is intended to protect the lowlands in the Lake Pontchartrain tidal basin, lying within the greater New Orleans metropolitan area, from flooding by hurricane-induced sea surges and rainfall. Its estimated cost has risen from $85 million in 1965 to $352 million and its completion has been delayed 13 years. Almost two-thirds of this increase is due to inflation. In spite of this, the project retains a benefit-to-cost ratio of about 13 to 1. The Federal share of the project cost (70 percent) has increased from $66 million to $242 million. There is a possibility that the Federal share could increase by $85 million more should local jurisdictions be unable to pay their portions."
Government Accountability Office (GAO): http://www.gao.gov/