PPPs are usually joint financing arrangements as defined pursuant to section 5A of the PAFA Act. The Treasurer's approval is required under section 20 of the PAFA Act for the Responsible Agency to enter into a joint financing arrangement, on the recommendation of the Responsible Minister. NSW Treasury should be consulted on the appropriate form of words of the Minister's letter requesting the Treasurer approve the Responsible Agency/Minister entering the joint financing arrangement. Responsible Agencies should contact NSW Treasury for templates of both the Minister's letter and the Treasurer's response letter (i.e. the approval).
Prior to the Treasurer or the Treasurer's delegate releasing approval to enter into the joint financing arrangement, the Responsible Agency will need to provide the Treasurer or the Treasurer's delegate (and NSW Treasury) with a copy of:
■ the final Project Deed and supporting documents
■ final accounting and Fiscal Impact Tables.
Responsible Agencies must plan to allow sufficient time to obtain a signed letter from their Minister and for the Treasurer to consider the Minister's letter and respond, taking into account target dates for contractual and financial close. The Treasurer's letter will state that:
"The Responsible Agency must consult Treasury regarding proposed future amendments to the joint financing arrangement. Depending on the nature and materiality of the proposed amendments, NSW Treasury will advise whether any other (e.g. Departmental, Ministerial or Cabinet) approvals are needed, consistent with the NSW PPP Guidelines and TC15-16."