Consideration should be given as to when the costs will be incurred, who will incur the costs and the certainty of costs. Costs should be based on a verifiable source and the basis for the cost estimates should be retained.
Typical sources of information and supporting evidence for key costs include the following:
• Capital, operating and maintenance and cyclical renewal/rehabilitation:
o Planning studies;
o Owner's Engineering Consultant estimators and quantity surveyors;
o Internal government records of historical prices;
o Review of past similar projects, procured either as a P3 or traditionally;
o Private-sector information; and
o Consultation with industry.
• Financing
o Marketing sounding;
o Comparison with other P3 projects;
o Consultation with Alberta Finance and Enterprise; and
o Consultant input (Capital Markets, Financial).