The annual cross-government capital planning process can be used to identify potential P3 projects. During the capital planning process projects should be reviewed to determine whether value could potentially be generated by using a P3 approach. Principles for evaluating capital projects for potential P3 delivery include the following:
■ The P3 approach, based upon value for money, represents an alternative way to deliver major capital projects such as roads, schools and other infrastructure projects;
■ The P3 approach is not suitable for all capital projects and will only be considered for projects with the potential to provide value using the P3 delivery method;
■ Projects must be a priority as determined by the capital planning process;
■ Suitable projects may be considered for P3 applicability prior to inclusion in the Capital Plan, but a procurement process will not be undertaken until the project is approved in the Capital Plan;
■ Project procurement and financing methods for P3 projects will be structured to provide best value for money over the project lifecycle. Factors to consider in maximizing value for money include how project objectives will be met, the amount and timing of any provincial capital contribution, risk transfer, opportunities for innovation and economic growth, and community issues;
■ Projects proceeding to procurement must be accommodated within both the approved Capital Plan and the projected operating budget of the Program Ministries;
■ The Capital Plan and Fiscal Plan impacts are not a valid way of selecting the procurement method; and
■ The P3 approach recognizes that emerging projects with a limited window of opportunity should be reviewed but they must be considered within the principles applied to all potential P3 projects.
The characteristics of suitable P3 projects are shown in Section 5.2.