For User-charge PPPs, a budget model is used for budgeting purposes and should reflect and/ or be derived from the Base Case Financial Model agreed at financial close. The model should reflect the Responsible Agency's non-financial liability (i.e. Service Concession Grant of a Right to the Operator (GORTO) liability) and budget impacts arising over the course of the User-charge PPP project. In consultation with NSW Treasury, the Responsible Agency must update and maintain the budget model for any changes prior to the annual State budget process.