6.  Approval process

A business case must be submitted to Treasury prior to an agency seeking BCC approval to procure new infrastructure. The business case must contain the following elements:

•  scope and objectives of project;

•  economic appraisal report;

•  supporting information underlying the economic appraisal;

•  financial appraisal;

•  financial impact statement;

•  risk assessment, mitigation and valuation; and

•  a satisfactory Gateway review report at the planning and definition stage.

After the BCC approves procurement of a project and it is being considered for delivery via private finance, it is developed in a five phase process outlined in Table One below. These phases are based on BCC approval points.

PPPs procured by State-owned corporations or other public trading enterprises with a board of directors must obtain board approval before requesting BCC approval to go to the next phase. This approval process is required for all PPPs regardless of whether the project falls under other guidelines, such as the Guidelines for Assessment of Projects of State Significance.

The BCC may require submission of further updates at other points in the tender process.