BOSTON -- A state-mandated audit out Thursday found that some under-funded insurance accounts will push the project's cost over budget by about $40 million.

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Turnpike Officials React To Audit

NewsCenter 5's David Boeri reported that the auditors agree with Massachusetts Turnpike officials that overall, the project's schedule appears to be holding steady.

The key issues in the Big Dig throughout its history have been budget and schedule. In getting to be a $14 billion project, it went off budget and off schedule.

There's sensitivity to the findings in an independent audit that insurance for the project may be under-funded.

"Without question, there is an appropriate room for this project to see it through completion at its current costs. We are doing fine. Deloite says that themselves. Our schedule is doing fine, and they say that themselves," Massachusetts Turnpike spokesman Sean O'Neil said.

"Forty-million dollars where I come from is a lot of money," Massachusetts Turnpike Board Member Christy Mihos said.

Mihos said that he hasn't seen the audit, but has great faith in the auditors, Deloite and Touche.

"They are saying that there is a $40 million projected hit to the contingency, because of the owner insurance program is a likely occurrence here." Mihos said.

The Turnpike Authority said that the assumptions made by the auditing firm are wrong, because they were based on information given when the project wasn't as far along.

"The schedule on the project today is 90 percent complete. We are basically done. The risk involved in the project has decreased significantly because we are now complete. We are 94 percent complete. Assumptions that were made were inaccurate," O'Neil said.