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Author: Great Britain: National Audit Office
Publisher: The Stationery Office
ISBN: 9780102969672
Category : Business & Economics
Languages : en
Pages : 36
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Book Description
Lessons from the experience of using PFI can be applied to improve other forms of procurement and help Government achieve its aim of securing annual infrastructure delivery cost savings of £2 billion to £3 billion. To secure the best value for money from all types of procurement, the public sector needs to develop skills the NAO has identified. These are collecting better data to inform decision-making; ensuring projects have the right skills; establishing effective arrangements to test, challenge and, if necessary, stop projects; and using commercial awareness to obtain better deals. The case for using private finance in public procurement needs to be challenged more. Also, privately financed projects will often still be off balance-sheet which may continue to act as an incentive to use PFI. There has not been a systematic value for money evaluation of operational PFI projects by departments. So there is insufficient data to demonstrate whether the use of private finance has led to better or worse value for money than other forms of procurement. The Treasury and departments should identify alternative methods for delivering infrastructure and related facilities services to maximise value for money for government. The NAO welcomes the current plans of the Treasury and Cabinet Office to strengthen project assurance. The report highlights the need for independent challenge capable of stopping projects which do not give the prospect of value for money. This is particularly important as there is still a shortage of the skills needed to manage and oversee complex major projects.
Author: Great Britain: National Audit Office
Publisher: The Stationery Office
ISBN: 9780102969672
Category : Business & Economics
Languages : en
Pages : 36
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Book Description
Lessons from the experience of using PFI can be applied to improve other forms of procurement and help Government achieve its aim of securing annual infrastructure delivery cost savings of £2 billion to £3 billion. To secure the best value for money from all types of procurement, the public sector needs to develop skills the NAO has identified. These are collecting better data to inform decision-making; ensuring projects have the right skills; establishing effective arrangements to test, challenge and, if necessary, stop projects; and using commercial awareness to obtain better deals. The case for using private finance in public procurement needs to be challenged more. Also, privately financed projects will often still be off balance-sheet which may continue to act as an incentive to use PFI. There has not been a systematic value for money evaluation of operational PFI projects by departments. So there is insufficient data to demonstrate whether the use of private finance has led to better or worse value for money than other forms of procurement. The Treasury and departments should identify alternative methods for delivering infrastructure and related facilities services to maximise value for money for government. The NAO welcomes the current plans of the Treasury and Cabinet Office to strengthen project assurance. The report highlights the need for independent challenge capable of stopping projects which do not give the prospect of value for money. This is particularly important as there is still a shortage of the skills needed to manage and oversee complex major projects.
Author: Nikiforos Meletiadis
Publisher: Routledge
ISBN: 0429821808
Category : Business & Economics
Languages : en
Pages : 220
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Book Description
Annually, the government commits significant expenditure to a type of public contracts which are known as Public-Private Partnerships (PPPs) or the Private Finance Initiative (PFI). These contracts bind the public purse for decades in sectors such as Health, Defence and Detention, and involve the assignment of a significant role to the private sector in the provision of public services. This book explores the controversial subject of the public accountability of these contracts, and the corresponding large sums of public money involved. It explains how public accountability works for PPPs and the PFI, and it argues that it should be provided as part of the Economic Constitution. Drawing comparative understandings from the UK and the USA constitutional legal traditions, the book investigates public accountability from the perspective of the Economic Constitution, focusing on three accountability criteria - legal, accounting and administrative. In doing so, it provides an analysis which informs both from the perspective of academic research and from that of legal and consulting practice.
Author: Great Britain: Parliament: House of Commons: Committee of Public Accounts
Publisher: The Stationery Office
ISBN: 9780215561237
Category : Business & Economics
Languages : en
Pages : 70
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Book Description
There are legitimate concerns being expressed about the continuing financial cost of PFI for public organisations such as NHS Trusts. The Committee believes that some of the Government's case for using PFI has not been based on robust analysis, but on ill-founded comparisons and invalid assumptions. The costs and benefits identified in business cases need to be revisited after contracts are signed and periodically thereafter, to inform future procurement decisions. In particular, the Committee's view is that the Government should revisit the tax assumptions it builds into the cost and benefit case for PFI. Taxpayers could get a much better deal from PFI, and the taxpayer's position is also made worse by poor transparency of investor and contract information alongside patchy public sector commercial skills. The Treasury and departments should make full use of existing contractual rights of access and further investor information to increase transparency and find ways for taxpayers to get a share of the profits made by PFI contractors. At present, PFI deals look better value for the private sector than for the taxpayer. Private sector funds have built up portfolios of PFI projects from the large market that government has created, benefiting from potential economies of scale without any obligation to share such volume gains. Government, in contrast, has a fragmented approach and is not making use of its bulk buying power. The Treasury is seeking further efficiency savings, but achieving any savings on existing contracts will depend on voluntary agreements with investors and suppliers.
Author: Manal Fouad
Publisher: International Monetary Fund
ISBN: 1513576569
Category : Business & Economics
Languages : en
Pages : 61
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Book Description
Investment in infrastructure can be a driving force of the economic recovery in the aftermath of the COVID-19 pandemic in the context of shrinking fiscal space. Public-private partnerships (PPP) bring a promise of efficiency when carefully designed and managed, to avoid creating unnecessary fiscal risks. But fiscal illusions prevent an understanding the sources of fiscal risks, which arise in all infrastructure projects, and that in PPPs present specific characteristics that need to be addressed. PPP contracts are also affected by implicit fiscal risks when they are poorly designed, particularly when a government signs a PPP contract for a project with no financial sustainability. This paper reviews the advantages and inconveniences of PPPs, discusses the fiscal illusions affecting them, identifies a diversity of fiscal risks, and presents the essentials of PPP fiscal risk management.
Author: Construction Industry Council
Publisher: Thomas Telford
ISBN: 0727726625
Category : Construction industry
Languages : en
Pages : 98
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Book Description
- What is the Private Finance Initiative? - What will PFI mean for me? - Is this project me? - How to bid for a PFI project - Negotiating the contract - Delivering the service and generating the revenue - Long-term issues - Lessons learned - Bibliography - Appendix
Author: Herbert Robinson
Publisher: John Wiley & Sons
ISBN: 9781444318753
Category : Technology & Engineering
Languages : en
Pages : 264
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Book Description
"The book not only gives a clear picture of the policy andstrategic framework of PFI/PPP projects, the governance andknowledge management issues through different phases from planning,design development to operation and service delivery and theprocesses associated with each phase, but practical tools,methodologies and capabilities needed to deliver PFI/PPP projectsin a range of sectors are also explained. It clearly demonstratesthe key imperatives that are the hallmark of successful programmesand projects no matter what there method of funding or delivery. I have no doubt that, in undertaking the programmes and projectsthat I am responsible for delivering and in undertaking OGC GatewayReviews, to support clients delivering their own programmes andprojects, I will draw on the material contained in thisbook." —From the Foreword by Rob Smith, Director of GatewayReviews and Estates & Facilities, Department of Health There is a growing demand worldwide for transport, healthcare,education, energy and water infrastructure. However, governmentresources are often insufficient to meet the needs of new projectsand to upgrade existing infrastructure. Private participation inpublic infrastructure is therefore increasing but the respectiveroles of the public and private sectors are the subject of intensedebate. This has led to renewed interest in public-privatepartnerships in developed and developing countries. Governance and Knowledge Management for Public-PrivatePartnerships shows how effective governance and knowledgemanagement can improve the performance of PFI/PPP projects. Itprovides an in-depth understanding of different dimensions ofgovernance and how they affect project management structure,processes, and decision-making ability of actors and teams involvedin PFI/PPP projects. The role of knowledge management strategy, theneed for benchmarking knowledge management efforts, specific toolsand methodologies for capturing, sharing and applying knowledge toaccelerate learning and capacity building are also examined. The book is essential reading for all those involved in PFI/PPPprojects, including policy makers, industry practitioners,academics and students. The practical tools for governance andknowledge management it offers make this book particularly usefulfor consultants, contractors and client organisations.
Author: Takuji Matsumoto (S.M.)
Publisher:
ISBN:
Category :
Languages : en
Pages : 97
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Book Description
Japan has a long history of Public-Private Partnerships (PPPs); however, it has experienced many failures but learned various lessons from them. The representative example is a management failure of the third sector, which is a joint corporation capitalized by both the public and private sectors. In fact, many of the third sectors were successively bankrupted or serious questions were raised concerning their decision processes and management systems. This is because the governance of the third sector did not have a specific system for responsibility sharing but instead relied on a cozy relationship between the public and private sectors. Based on these experiences, the new scheme "Private Finance Initiative" (PFI) was introduced and actively promoted with great expectations. PFI is based on the concept of clarifying the responsibility by contractual governance, which solves the problem of the ambiguous risk sharing. Because the definite risk allocation of the PFI makes it possible to produce the private sector's ingenuities, many successful projects have been implemented to achieve economical and efficient operations. Currently, the PFI projects in Japan have been limited in their application area and scale, but both are expected to increase due to an amendment to the PFI law that was enacted in May 2011. Hence, this thesis reviews the problems of Japanese PFIs and proposes policy recommendations. By citing some case studies, this thesis describes some problems that exist in Japanese PFIs regarding the public-private relationship, risk management, contractual governance, and decision-making process. Regarding the relationship and risk management, this thesis claims the need for risk workshops, an effective use of private finance, and an improvement of guidelines for a better risk allocation. Concerning the contractual governance, the thesis discusses the need to develop precise contract standards or guidelines that allow for the creation of proper incentives for the private sectors and the flexibility to appropriately deal with the risk and uncertainty derived from a long-term contract. With respect to the decision-making process, it also claims to increase the transparency and accountability of PFI projects through an evaluation by a third party.
Author: Albert P. C. Chan
Publisher: Routledge
ISBN: 1135008116
Category : Business & Economics
Languages : en
Pages : 207
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Book Description
Over the last ten years public private partnerships have become ever more popular worldwide, expanding the body of experience among construction professionals, government agencies, and industry. In these economically challenging times, PPP has emerged as a crucial framework for providing infrastructure, and also to boost construction industry activity, while shielding the taxpayer from some of the cost. Understanding the lessons learnt is essential to ensuring the success of future projects, and this timely book will prepare the reader to do just that. Starting by defining PPP itself, part one is designed to help the novice to get to grips with the basics of this topic. Part two tackles the practicalities of PPPs, including successful implementation, managing the risks involved, and how to assess the suitability of a project for the PPP route. Part three presents detailed case studies from Asia, Africa, and Australia to illustrate how PPPs should be managed, how problems emerge, and how PPPs can differ across the world. Drawing on extensive internationally conducted research, from both industry and academia, the authors have written the essential PPP guide. Taking into consideration the perspectives of those in the public sector and the private sector, as well as built environment professionals, it is essential reading for anyone preparing to work on public private partnerships in construction.
Author: Eduardo Engel
Publisher: Cambridge University Press
ISBN: 1107035910
Category : Business & Economics
Languages : en
Pages : 193
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Book Description
The authors provide a summary of the main lessons learned from the past twenty-five years regarding public-private partnerships.
Author: Catherine Bochel
Publisher: Bloomsbury Publishing
ISBN: 1137484659
Category : Political Science
Languages : en
Pages : 321
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Book Description
This brand new text examines power and inequalities and how these are central to our understanding of how policies are made and implemented. It introduces the concepts and theoretical approaches that underpin the study of the policy process, reflects upon key developments and applies these the practice of policy formulation and implementation.
