The methodology as set out in this document applies to building projects assigned to IO by the Province. The VFM analysis is prepared at multiple stages of procurement by an external advisory firm. The VFM analysis serves as a decision tool for the IO Board of Directors at multiple stages of procurement ensuring that the choice of proceeding via AFP is the best value proposition for the public sector at a given point in time based on best information available.
IO's methodology and approach to VFM may be subject to change as new and better information becomes available, but the ultimate methodology and all underlying assumptions will be based on what is the most conservative, accurate and transparent approach to estimating VFM. This ensures that public interest remains paramount.
For additional information and greater understanding of IO practices, this document should also be read in conjunction with any other IO documents on VFM, such as VFM reports on individual projects.