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Ministry of Finance and Ministry responsible for the Olympics |
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PROVINCE RAISES
CAPITAL STANDARD THRESHOLD FOR PPPS |
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VICTORIA – As part of the government’s commitment to accelerate capital infrastructure projects the threshold has been increased for any provincially-funded capital project to be considered as a public-private partnership.
All provincially-funded capital projects with a value of $50 million or more will be considered first by Partnerships BC to be built as public-private partnerships (PPPs) unless there is a compelling reason to do otherwise. Previously the threshold for consideration as a PPP was $20 million.
Since the introduction of the capital standard policy, all projects recommended to be a PPP have been over $100 million with the exception of one, and none have been below $20 million. Raising the threshold to this level will ensure that larger projects continue to be considered as potential PPPs, while streamlining the process for smaller-value projects that would not likely be a good fit as PPPs.
Projects between $20 million and $50 million will still be screened to determine whether a more comprehensive assessment of the project as a PPP is warranted. However, it is expected that typically such an assessment will not be needed, thus streamlining the planning process for smaller projects. Most projects receiving provincial funding over $50 million will continue to require preparation of a full business case before project approval.
To-date, public-private partnerships have resulted in significant
benefits for taxpayers, including $131 million in additional benefits on the
Sea-to-Sky Highway, $92 million in benefits for the new Canada Line, $39
million in benefits on the Abbotsford Hospital and Cancer Centre, and $25
million in benefits from the new William R. Bennett Bridge. Every project
undertaken as a PPP in
-30-
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Communications and Government Relations Director Partnerships BC 778 991-8326 |
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For more information on government services or to subscribe to the Province’s news feeds using RSS, visit the Province’s website at www.gov.bc.ca. |
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