As a minimum, the VfM Report should contain:
• the VfM proposition approved in the Business Case;
• the Owner's VfM Statement;
• an assessment of whether the agreed legal and commercial terms and conditions in the PAA provided for a best-in-market actual outcome;
• an assessment of the VfM outcomes the Owner has achieved as a result of engaging its advisers;
• a reconciliation between what was required (i.e. the Business Case and the Owner's VfM Statement) and what was delivered;
• a reconciliation between the Owner's approved capital budget for the alliance with the Target Outturn Cost and the Actual Outtun Cost;
• a full reconciliation of the Business Case Budget estimate with the actual total project cost to the Owner/government;
• an assessment of the risks that eventuated on the project in comparison to expectations within the Business Case;
• an account of the expenditure on risk provisions and contingencies;
• the benefits delivered from innovation (with verification);
• reporting on scope changes and their effect on capital expenditure and operational expenditure;
• reporting on compliance issues and tracking of approvals;
• comment on how well the alliance managed the movement of project budget and costs; and
• lessons learnt.
Appendix B contains a VfM Report Template.