Principles for reviewing and approving P3 projects include the following:
■ The P3 approach requires initiation, review, evaluation, and decision-making, as well as regular reporting to Treasury Board within the capital planning process;
■ The P3 approach will result in a project Business Case that provides the parameters for delivery of the infrastructure, thereby allowing some flexibility to the Service Delivery Ministries to deal with minor adjustments. Treasury Board approval will be based on the risk profile and costing as outlined in the Business Case;
■ Ministries are required to return to Treasury Board when, in accordance with the process approved by Cabinet, approvals are required, and when material changes are made to the project;
■ Material changes (defined as a change that could impact a decision maker's decision on the project) include:
o The reallocation of a significant risk, either a risk originally approved to be transferred to the private sector or a risk originally retained by the GOA;
o Major changes to the project scope;
o Change in ownership (as legally defined) of the capital asset from public to non-public;
o Change in the provincial capital contribution from the range or amount originally approved;
o Changes to the construction and/or financing markets;
o Any significant budget changes that require additional funding; and
o Any other change that could erode positive value for money for the P3 procurement
■ If a material change occurs, the impact on value for money must be assessed and the project must be referred back to Treasury Board Committee and Cabinet (if Cabinet approval already granted) for re-approval; and
■ The process approved by Cabinet requires that Cabinet approve the project as a P3 prior to the ministries entering into an agreement.