Abstract: A cutting tool for locating an axis in a first member and cutting a sized hole in a second member overlying the first member. The cutting tool includes a base assembly and a cutter assembly which may be used independently of the base assembly. The cutter assembly includes a guide member, a cutting blade and a handle structure with a face portion. The guide member is coupled to the handle structure and extends from the face portion. The cutting blade is coupled to the handle structure such that the cutting blade extends from the face portion and is spaced radially outward of the guide member. The base assembly has a base structure, a stem member and a pilot aperture. The base structure has a first side adapted to contact the second member and a distal side adapted to contact the first member. The stem member is coupled to the distal side of the base structure and is adapted to engage a hole in the first member to locate the axis in the first member.