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Author: Great Britain. Department of the Environment Publisher: ISBN: 9780117531611 Category : Government property Languages : en Pages : 36
Book Description
The objective of the Private Finance Initiative (PFI) is to secure the best possible value for money for the taxpayer through the involvement of the private sector in the delivery of services to, or on behalf of, the public sector, where the delivery of these services involves a significant capital spend. This document provides guidance on the way in which the government's PFI can be applied to government office accommodation projects. The main sections describe the commercial structure of PFI accommodation projects and the respective roles of public and private sector in the allocation of risk and responsibilities, and an outline of the process for procuring government office accommodation through the PFI route.
Author: Great Britain. Department of the Environment Publisher: ISBN: 9780117531611 Category : Government property Languages : en Pages : 36
Book Description
The objective of the Private Finance Initiative (PFI) is to secure the best possible value for money for the taxpayer through the involvement of the private sector in the delivery of services to, or on behalf of, the public sector, where the delivery of these services involves a significant capital spend. This document provides guidance on the way in which the government's PFI can be applied to government office accommodation projects. The main sections describe the commercial structure of PFI accommodation projects and the respective roles of public and private sector in the allocation of risk and responsibilities, and an outline of the process for procuring government office accommodation through the PFI route.
Author: Great Britain: National Audit Office Publisher: The Stationery Office ISBN: 9780102965285 Category : Architecture Languages : en Pages : 44
Book Description
This report, from the National Audit Office (HCP 71, session 2010-11, ISBN 9780102965285), looks at PFI in Housing. The use of PFI by local authorities to improve housing, usually in areas with a high need for housing and where the stock condition is particularly poor, has had a measure of success, but risks to value for money of the programme have not been managed. In the context of this programme, PFI has been a flexible and useful funding route for local authorities to improve existing housing and build new stock. However, the majority of projects required significant increases in central funding prior to contract signature and all have suffered delays. Twenty one of the 25 projects which have been signed to date have experienced cost increases, with 12 of these over 100 per cent. All signed projects, for which the NAO was able to obtain data, were delayed, on average by 2 years and 6 months. For early projects this was partly because PFI was new to the housing sector and the Department for Communities and Local Government had to develop its understanding of stock condition issues. Also, the Department's management for early projects was also weak and under-resourced. While the capital cost of PFI housing projects is similar to other developments, the Department's evaluation to date has not taken account of the full costs. Procurement also tends to take more time, which can increase procurement and tender costs for local authorities and bidders.
Author: Great Britain: Parliament: House of Commons: Treasury Committee Publisher: The Stationery Office ISBN: 9780215561206 Category : Business & Economics Languages : en Pages : 120
Book Description
The Treasury Committee concludes that Private Finance Initiative (PFI) funding for new infrastructure, such as schools and hospitals, does not provide taxpayers with good value for money and stricter criteria should be introduced to govern its use. Higher borrowing costs since the credit crisis mean that PFI is now an extremely inefficient method of financing projects. Poor investment decisions may continue to be encouraged across the public sector, however, because PFI allows Government departments and public bodies to make big capital investments without committing large sums up front. There is no convincing evidence that savings and efficiencies during the lifetime of PFI projects offset the higher cost of finance. The current Value for Money appraisal system may be biased to favour PFIs and there are problems with the way costs and benefits for such projects are currently calculated. Investment could be increased in the long run if government capital investment were used instead of PFI. Paying off a PFI debt of £1bn may cost taxpayers the same as paying off a direct government debt of £1.7bn. Recommendations include: the Treasury should consider scoring most PFIs in departmental budgets in the same way as direct capital expenditure; the Treasury should discuss with the OBR the treatment of PFI to ensure that PFI cannot be used to 'game' the fiscal rules; the Value for Money assessment process should be subjected to scrutiny by the NAO; the Treasury should review the way in which risk transfer is identified.
Author: Manal Fouad Publisher: International Monetary Fund ISBN: 1513576569 Category : Business & Economics Languages : en Pages : 61
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: Great Britain. Department of the Environment
Author: Great Britain. Department of the Environment
Author: 
Author: Private Finance Panel
Author: Great Britain. Private Finance Panel
Author: 
Author: 
Author: Great Britain: National Audit Office
Author: Great Britain: Parliament: House of Commons: Treasury Committee
Author: Janet Sillett
Author: Manal Fouad