When seeking project approval, submissions should provide details of arrangements for regular monitoring and reporting contingency requirements and performance throughout the investment lifecycle. |
Monitoring and transparently reporting use of contingency funds is essential to overall management of capital across the portfolio. This also supports decision-making associated with risk management and/or release and reallocation of surplus contingency funds.
To capture and disclose full performance details, contingency performance should be monitored and reported across each level of governance with accountability for managing contingency allocation.
In addition, Infrastructure NSW will independently report to the Cabinet Standing Committee on Infrastructure on the use of contingency for major projects every two months.