Financing government infrastructure projects : the UK experience. David Finlay

Size: px
Start display at page:

Download "Financing government infrastructure projects : the UK experience. David Finlay"

Transcription

1 Financing government infrastructure projects : the UK experience David Finlay Director, National Audit Office

2

3

4

5

6

7 Topics to be covered The different methods of funding infrastructure investment in the UK The effect of the banking crisis on using private finance The role of the NAO as the auditor of government Lessons from recent NAO infrastructure reports

8 The different methods of funding infrastructure investment in the UK Built using public finance and paid for by the taxpayer Built using private finance and paid for by the taxpayer Built using private finance and paid for by consumers

9 Traditional procurement spend on new facilities (the theory) Replacement of Building Components (Life cycle Maintenance) Replacement of Building Components (Life cycle Maintenance) Replacement of Building Components (Life cycle Maintenance) Capex Operating & Maintenance Costs time

10 Traditional procurement spend on new facilities (what the advocates of PFI claim) Potential cost overruns and the asset delivered late Back log maintenance work can only be avoided for so long Capex Asset not fully maintained due to budget restraints Operating & Maintenance Costs time

11 Under PFI, the authority pays a flat charge regardless of the contractors costs Flat unitary charge Contractors costs time

12 The different methods of funding infrastructure investment in the UK Built using public finance and paid for by the taxpayer Built using private finance and paid for by the taxpayer Built using private finance and paid for by consumers

13 The effect of the banking crisis on using private finance Less available financing Therefore less competition Higher financing costs

14 INCREASE IN PROJECT COSTS AFTER BANK CRISIS Three main components of the annual charge averaged over project life Financing cost (about 25% of the annual charge) Up-front capital costs (25%) (funded by equity and debt) Operating and Maintenance cost (about 50%) Financing cost up by 20-33% (now about 30% of the annual charge) Up-front capital costs (23%) (similar amount of debt, but now harder to obtain) Operating and Maintenance cost (unchanged in cash terms but a lower proportion, 47% of whole cost) Overall increase in annual charge about 6% to 7% Total cost before bank crisis Total cost after bank crisis

15 The role of the NAO as the auditor of government Reports on value for money to Parliament The reports are generally after contracts have been awarded We will discuss potential issues with departments but will not provide advice We will offer training in issues the NAO has reported on

16 Lessons from recent NAO infrastructure reports You need programme management.and project management Good data is essential for good decisions Consider possible alternative solutions Allow independent challenge of procurement plans Effective contract management is essential

17

18 Lessons from recent NAO infrastructure reports You need programme management.and project management Good data is essential for good decisions Consider possible alternative solutions Allow independent challenge of procurement plans Effective contract management is essential

19

20 Financing government infrastructure projects : the UK experience David Finlay Director, National Audit Office

Review of the VFM assessment process for PFI

Review of the VFM assessment process for PFI Briefing for the House of Commons Treasury Select Committee Review of the VFM assessment process for PFI OCTOBER 2013 Our vision is to help the nation spend wisely. Our public audit perspective helps Parliament

More information

The refinancing of the Fazakerley PFI prison contract

The refinancing of the Fazakerley PFI prison contract Report by the Comptroller and Auditor General The Prison Service The refinancing of the Fazakerley PFI prison contract Ordered by the House of Commons to be printed 26 June 2000 LONDON: The Stationery

More information

Equity investment in privately financed projects

Equity investment in privately financed projects REPORT BY THE COMPTROLLER AND AUDITOR GENERAL HC 1792 SESSION 2010 2012 10 FEBRUARY 2012 HM Treasury Equity investment in privately financed projects Our vision is to help the nation spend wisely. We apply

More information

THE CERTIFICATE OF THE COMPTROLLER AND AUDITOR GENERAL TO THE HOUSE OF COMMONS

THE CERTIFICATE OF THE COMPTROLLER AND AUDITOR GENERAL TO THE HOUSE OF COMMONS THE CERTIFICATE OF THE COMPTROLLER AND AUDITOR GENERAL TO THE HOUSE OF COMMONS I certify that I have audited the financial statements of Defence Equipment & Support for the year ended 31 March 2015 under

More information

International Seminar on Strengthening Public Investment and Managing Fiscal Risks from Public-Private Partnerships

International Seminar on Strengthening Public Investment and Managing Fiscal Risks from Public-Private Partnerships International Seminar on Strengthening Public Investment and Managing Fiscal Risks from Public-Private Partnerships Budapest, Hungary March 7 8, 2007 The views expressed in this paper are those of the

More information

A new approach to public private partnerships

A new approach to public private partnerships A new approach to public private partnerships December 2012 A new approach to public private partnerships December 2012 Official versions of this document are printed on 100% recycled paper. When you

More information

The choice of finance for capital investment

The choice of finance for capital investment Briefing by the National Audit Office HM Treasury The choice of finance for capital investment MARCH 2015 Our vision is to help the nation spend wisely. Our public audit perspective helps Parliament hold

More information

Helping consumers to manage their money

Helping consumers to manage their money Report by the Comptroller and Auditor General Money Advice Service Helping consumers to manage their money HC 879 SESSION 2013-14 5 DECEMBER 2013 4 Key facts Helping consumers to manage their money Key

More information

Digital Britain One: Shared infrastructure and services for government online

Digital Britain One: Shared infrastructure and services for government online REPORT BY THE COMPTROLLER AND AUDITOR GENERAL HC 1589 SESSION 2010 2012 9 DECEMBER 2011 Cross government Digital Britain One: Shared infrastructure and services for government online 4 Key facts Digital

More information

Appendix 5D Ernst & Young Accounting Treatment

Appendix 5D Ernst & Young Accounting Treatment Appendix 5D Accounting Treatment (Ernst & Young) Appendix 5D Ernst & Young Accounting Treatment Introduction An off balance sheet treatment from the position of the Authorities is a fundamental requirement

More information

Who makes a profit from your local hospital: a DIY guide to tracking the payments to the financial parties to PFI agreements

Who makes a profit from your local hospital: a DIY guide to tracking the payments to the financial parties to PFI agreements Who makes a profit from your local hospital: a DIY guide to tracking the payments to the financial parties to PFI agreements 1. Getting started the basic details of the PFI and PFI payments for your hospital

More information

Private Finance Initiative and Private Finance 2 projects: 2015 summary data

Private Finance Initiative and Private Finance 2 projects: 2015 summary data Private Finance Initiative and Private Finance 2 projects: 2015 summary data March 2016 Private Finance Initiative and Private Finance 2 projects: 2015 summary data March 2016 Crown copyright 2016 This

More information

Subject: Prudential Indicators 2016/17 to 2020/21

Subject: Prudential Indicators 2016/17 to 2020/21 CLACKMANNANSHIRE COUNCIL THIS PAPER RELATES TO ITEM 04 ON THE AGENDA Report to: Special Council Date: 23 February 2016 Subject: Prudential Indicators 2016/17 to 2020/21 Report by: Depute Chief Executive

More information

Managing complex capital investment programmes utilising private finance

Managing complex capital investment programmes utilising private finance MARCH 2010 From Private Finance Units to Commercial Champions: Managing complex capital investment programmes utilising private finance A current best practice model for Departments The National Audit

More information

Paying government suppliers on time

Paying government suppliers on time Report by the Comptroller and Auditor General Cabinet Office and Department for Business, Innovation & Skills Paying government suppliers on time HC 906 SESSION 2014-15 8 JANUARY 2015 Our vision is to

More information

The Value of Public-Private Partnerships

The Value of Public-Private Partnerships The Value of Public-Private Partnerships How Risk Transfer and Performance Security Influence a Deal Aaron Toppston Director, Aon Infrastructure Solutions Baker & McKenzie International is a Swiss Verein

More information

Online publication date: 15 March 2010

Online publication date: 15 March 2010 This article was downloaded by: [Swets Content Distribution] On: 17 September 2010 Access details: Access Details: [subscription number 925215345] Publisher Routledge Informa Ltd Registered in England

More information

Better Information Economic Efficiencies Net Debt Reduction Education Financing Competitiveness Investor Confidence Tax Relief. Sustainable Growth

Better Information Economic Efficiencies Net Debt Reduction Education Financing Competitiveness Investor Confidence Tax Relief. Sustainable Growth Better Information Economic Efficiencies Net Debt Reduction Education Financing Competitiveness Investor Confidence Tax Relief Positive BENEFITS & Protective BENEFITS Sustainable Growth BENEFITS Points:

More information

CONCEPT AND BACKGROUND TO PUBLIC PRIVATE PARTNERSHIP (PPP) / PRIVATE FINANCE INITIATIVE (PFI) UK EXPERIENCE

CONCEPT AND BACKGROUND TO PUBLIC PRIVATE PARTNERSHIP (PPP) / PRIVATE FINANCE INITIATIVE (PFI) UK EXPERIENCE CONCEPT AND BACKGROUND TO PUBLIC PRIVATE PARTNERSHIP (PPP) / PRIVATE FINANCE INITIATIVE (PFI) UK EXPERIENCE Professor Mustafa Alshawi 11/20/2009 Chairman Iraq Institute for Economic Reforms (IIER) Baghdad,

More information

Public Service Productivity: Methodology. Metrics of Efficiency and Productivity used by ONS and HMT

Public Service Productivity: Methodology. Metrics of Efficiency and Productivity used by ONS and HMT 1 January 2008 UK Centre for the Measurement of Government Activity Public Service Productivity: Methodology Metrics of Efficiency and Productivity used by ONS and HMT 1. Objectives of this paper: To clarify

More information

private finance initiative

private finance initiative private finance initiative Lessons Learned We recently held a series of PFI Roundtable Discussions in collaboration with Trowers & Hamlins LLP. Finance managers from throughout the UK were invited to share

More information

Reorganising central government. Synergy reporting for Mergers and Acquisitions

Reorganising central government. Synergy reporting for Mergers and Acquisitions Reorganising central government Synergy reporting for Mergers and Acquisitions MARCH 2010 Contents Drawing parallels with the private sector National Audit Office Synergy reporting for Mergers and Acquisitions

More information

Manchester City Council

Manchester City Council Manchester City Council Accounts Audit Plan 2009/10 18 December 2009 Contents Page 1 Introduction 2 2 Approach and audit risks 3 3 Administration 13 4 Planned outputs 16 Appendices A B IFRS Action Plan

More information

Developing a Public-Private Partnership Framework: Policies and PPP Units

Developing a Public-Private Partnership Framework: Policies and PPP Units Note 4 May 2012 Developing a Public-Private Partnership Framework: Policies and PPP Units This note is the fourth in a series of notes on developing a comprehensive policy, legal, and institution framework

More information

The Help to Buy equity loan scheme

The Help to Buy equity loan scheme Report by the Comptroller and Auditor General Department for Communities and Local Government The Help to Buy equity loan scheme HC 1099 SESSION 2013-14 6 MARCH 2014 4 Key facts The Help to Buy equity

More information

The quality of service for personal taxpayers

The quality of service for personal taxpayers Report by the Comptroller and Auditor General HM Revenue & Customs The quality of service for personal taxpayers HC 17 SESSION 2016-17 25 MAY 2016 4 Key facts The quality of service for personal taxpayers

More information

WIDP GUIDANCE BRIEFING ACCOUNTING TREATMENT ASSESSMENT FOR NATIONAL ACCOUNTS PURPOSES

WIDP GUIDANCE BRIEFING ACCOUNTING TREATMENT ASSESSMENT FOR NATIONAL ACCOUNTS PURPOSES WIDP GUIDANCE BRIEFING ACCOUNTING TREATMENT ASSESSMENT FOR NATIONAL ACCOUNTS PURPOSES Introduction This note has been prepared by the WIDP Commercial team to outline WIDP s requirements in relation to

More information

CODE OF PRACTICE DEALING WITH THE RELATIONSHIP BETWEEN THE NATIONAL AUDIT OFFICE AND THE COMPTROLLER AND AUDITOR GENERAL

CODE OF PRACTICE DEALING WITH THE RELATIONSHIP BETWEEN THE NATIONAL AUDIT OFFICE AND THE COMPTROLLER AND AUDITOR GENERAL CODE OF PRACTICE DEALING WITH THE RELATIONSHIP BETWEEN THE NATIONAL AUDIT OFFICE AND THE COMPTROLLER AND AUDITOR GENERAL The Budget Responsibility and National Audit Act received Royal Assent in March

More information

Welsh Government Housing Policy Regulation

Welsh Government Housing Policy Regulation www.cymru.gov.uk www.llyw.cymru www.llyw.cymru Welsh Government Housing Policy Regulation Financial Viability Judgment Bro Myrddin Housing Limited L069 December 2015 1 Financial Viability Judgement The

More information

Defra and RPA Reports on Accounts 2013 14. HC 10 10 July 2014. HC229 8 July 2014

Defra and RPA Reports on Accounts 2013 14. HC 10 10 July 2014. HC229 8 July 2014 Defra and RPA Reports on Accounts 2013 14 HC 10 10 July 2014 HC229 8 July 2014 Department for the Environment Food and Rural Affairs Annual Report and Accounts 2013 14 The Report of the Comptroller and

More information

Lessons from PFI and other projects

Lessons from PFI and other projects House of Commons Committee of Public Accounts Lessons from PFI and other projects Forty-fourth Report of Session 2010 12 Report, together with formal minutes, oral and written evidence Ordered by the House

More information

Public Private Partnerships

Public Private Partnerships Public Private Partnerships Blackwell Publishing Ltd THE PRIVATE FINANCING OF NHS HOSPITALS: POLITICS, POLICY AND PRACTICE Mark Hellowell and Allyson M. Pollock This article outlines and critiques the

More information

Lessons from major rail infrastructure programmes

Lessons from major rail infrastructure programmes Report by the Comptroller and Auditor General Department for Transport Lessons from major rail infrastructure programmes HC 267 SESSION 2014-15 29 OCTOBER 2014 Our vision is to help the nation spend wisely.

More information

THE PRIVATE DELIVERY OF PUBLIC SERVICES

THE PRIVATE DELIVERY OF PUBLIC SERVICES THE PRIVATE DELIVERY OF PUBLIC SERVICES Report of seminar 143 held on 3rd June 2008 at Freshfields Bruckhaus Deringer, London SUMMARY KEY CONCLUSIONS The PFI market in the UK is now mature, with over 600

More information

The Future Impact of Borrowing and Private Finance Commitments

The Future Impact of Borrowing and Private Finance Commitments The Future Impact of Borrowing and Private Finance Commitments REPORT BY THE COMPTROLLER AND AUDITOR GENERAL 14 January 2014 The Future Impact of Borrowing and Private Finance Commitments Published 14

More information

Breaking out: public audit s new role in a post-crash world AN ENGLISH PERSPECTIVE

Breaking out: public audit s new role in a post-crash world AN ENGLISH PERSPECTIVE Breaking out: public audit s new role in a post-crash world AN ENGLISH PERSPECTIVE About ACCA ACCA (the Association of Chartered Certified Accountants) is the global body for professional accountants.

More information

PPP Seminar : Health Royal Liverpool Hospital Case study

PPP Seminar : Health Royal Liverpool Hospital Case study PPP Seminar : Health Royal Liverpool Hospital Case study Gavin Quantock Deloitte Corporate Finance 23 July 2014 Case study Royal Liverpool hospital PPP and Health Background Deloitte involvement Structure

More information

Global Conference on Accounting and Reporting by Governments The global case for transparency

Global Conference on Accounting and Reporting by Governments The global case for transparency www.pwc.com Global Conference on Accounting and Reporting by Governments The global case for transparency Brian Quinn, World Bank Group The Global Case for Transparency Brian Quinn Director World Bank

More information

Funds that have been obligated by a funding agency for a particular project either as a grant, contract, or cooperative agreement.

Funds that have been obligated by a funding agency for a particular project either as a grant, contract, or cooperative agreement. Academic Year Salary Academic year salaries are based on the individual faculty member's regular compensation for the continuous period which, under CCU's policies, constitutes the basis of his/her salary.

More information

Managing the relationship to secure a successful partnership in PFI projects

Managing the relationship to secure a successful partnership in PFI projects Managing the relationship to secure a successful partnership in PFI projects REPORT BY THE COMPTROLLER AND AUDITOR GENERAL HC 375 Session 2001-2002: 29 November 2001 The National Audit Office scrutinises

More information

A Guide to Financial Management for SMEs September 2012

A Guide to Financial Management for SMEs September 2012 A Guide to Financial Management for SMEs September 2012 This document has been compiled by on behalf of Good financial management is critical to the success of any business. Without it, a business can

More information

NPD Model Explanatory Note

NPD Model Explanatory Note NPD Model Explanatory Note December 2011 FOREWORD In recent years a number of public authorities in Scotland have procured privately financed infrastructure projects using the non-profit distributing or

More information

EDUCATION PPP PROJECTS Pre-FINANCIAL CLOSE KEY STAGE REVIEW SCOTTISH EXECUTIVE FINANCIAL PARTNERSHIPS UNIT

EDUCATION PPP PROJECTS Pre-FINANCIAL CLOSE KEY STAGE REVIEW SCOTTISH EXECUTIVE FINANCIAL PARTNERSHIPS UNIT Twinning PPP CZ: Annex 4 to Component 2 fact-finding report EDUCATION PPP PROJECTS Pre-FINANCIAL CLOSE KEY STAGE REVIEW SCOTTISH EXECUTIVE FINANCIAL PARTNERSHIPS UNIT June 2006 Pre-FC Education KSR June

More information

Savings from operational PFI contracts

Savings from operational PFI contracts Report by the National Audit Office HM Treasury Savings from operational PFI contracts 29 November 2013 Our vision is to help the nation spend wisely. Our public audit perspective helps Parliament hold

More information

GOVERNMENT INTERNAL AUDIT COMPETENCY FRAMEWORK

GOVERNMENT INTERNAL AUDIT COMPETENCY FRAMEWORK GOVERNMENT INTERNAL AUDIT COMPETENCY FRAMEWORK March 2007 Government Internal Audit Profession This framework has been compiled by the Assurance, Control and Risk Team and the PSG Competency Framework

More information

ACCA Comments on Consultation Paper Accounting and Financial Reporting for Service Concession Arrangements

ACCA Comments on Consultation Paper Accounting and Financial Reporting for Service Concession Arrangements Technical Director International Public Sector Accounting Standards Board International Federation of Accountants 277 Wellington Street West Toronto Ontario Canada M5V 3H2 1 August 2008 Dear Sir/Madam

More information

Audit Committee of the UK Statistics Authority. Terms of Reference - March 2010

Audit Committee of the UK Statistics Authority. Terms of Reference - March 2010 Audit Committee of the UK Statistics Authority Terms of Reference - March 2010 1. Introduction 1.1 On 1 April 2008 the UK Statistics Authority formally assumed powers under the Statistics and Registration

More information

A. Statement of Accountability

A. Statement of Accountability A. Statement of Accountability National Savings is an Executive Agency of the Chancellor of the Exchequer and a Government Department. The Agency manages the issue and distribution of National Savings

More information

UNITED KINGDOM DEBT MANAGEMENT OFFICE. Executive Agency Framework Document

UNITED KINGDOM DEBT MANAGEMENT OFFICE. Executive Agency Framework Document UNITED KINGDOM DEBT MANAGEMENT OFFICE Executive Agency Framework Document April 2005 UNITED KINGDOM DEBT MANAGEMENT OFFICE Executive Agency Framework Document April 2005 FOREWORD BY THE FINANCIAL SECRETARY

More information

OUTSOURCING STRATEGIES & RISKS FROM AN ISO 9001-2000 PERSPECTIVE. Amera-Veritas. Amera-Veritas. Experts in in Quality, Safety & Supply Chain Assurance

OUTSOURCING STRATEGIES & RISKS FROM AN ISO 9001-2000 PERSPECTIVE. Amera-Veritas. Amera-Veritas. Experts in in Quality, Safety & Supply Chain Assurance OUTSOURCING STRATEGIES & RISKS FROM AN ISO 9001-2000 PERSPECTIVE Amera-Veritas Amera-Veritas Experts in in Quality, Safety & Supply Chain Assurance TOPICS 1. Outsourcing - Requirements of ISO 9001:2000

More information

REPORT BY THE COMPTROLLER AND AUDITOR GENERAL HC 535 SESSION 2013-14 5 JULY 2013. Department for Culture, Media & Sport. The rural broadband programme

REPORT BY THE COMPTROLLER AND AUDITOR GENERAL HC 535 SESSION 2013-14 5 JULY 2013. Department for Culture, Media & Sport. The rural broadband programme REPORT BY THE COMPTROLLER AND AUDITOR GENERAL HC 535 SESSION 2013-14 5 JULY 2013 Department for Culture, Media & Sport The rural broadband programme 4 Key facts The rural broadband programme Key facts

More information

4.03. Brampton Civic Hospital Public-private Partnership Project. Chapter 4 Section. Background. Follow-up on VFM Section 3.03, 2008 Annual Report

4.03. Brampton Civic Hospital Public-private Partnership Project. Chapter 4 Section. Background. Follow-up on VFM Section 3.03, 2008 Annual Report Chapter 4 Section 4.03 Brampton Civic Hospital Public-private Partnership Project Follow-up on VFM Section 3.03, 2008 Annual Report Background In 2001, the then Minister of Finance announced that public

More information

Tel: +8 6382 4600 Fax: +8 6382 4601 www.bdo.com.au 38 Station Street Subiaco, WA 6008 PO Box 700 West Perth WA 6872 Australia DECLARATION OF INDEPENDENCE BY BRAD MCVEIGH TO THE DIRECTORS OF FOUNDATION

More information

Private Finance Initiative its rationale and accounting treatment

Private Finance Initiative its rationale and accounting treatment June 08 Private Finance Initiative its rationale and accounting treatment The Scrutiny Unit in the House of Commons supports the work of committees in scrutinising draft bills and co-ordinates the evidence-taking

More information

Revenue position on reimbursement of travel and subsistence expenses

Revenue position on reimbursement of travel and subsistence expenses Mr Anthony Buckley Assistant Secretary Office of the Revenue Commissioners South West Region Revenue House Blackpool Co. Cork 14 August 2013 Revenue position on reimbursement of travel and subsistence

More information

Internal audit and risk management

Internal audit and risk management Strengthening governance worldwide Internal and risk management Adding value BRITISH ACCREDITATION COUNCIL ACCREDITED SHORT COURSE PROVIDER ACCREDITED SHORT COURSE PROVIDER One-week workshop 7 to 11 March

More information

SUPPLEMENTARY GREEN BOOK GUIDANCE

SUPPLEMENTARY GREEN BOOK GUIDANCE SUPPLEMENTARY GREEN BOOK GUIDANCE ADJUSTING FOR TAXATION IN PFI vs PSC COMPARISONS 1 INTRODUCTION 1.1 This guidance looks at the differential tax receipts that arise from the use of the Private Finance

More information

The Role of Independent Fiscal Institutions. Lisa von Trapp Budgeting and Public Expenditures Organisation for Economic Cooperation and Development

The Role of Independent Fiscal Institutions. Lisa von Trapp Budgeting and Public Expenditures Organisation for Economic Cooperation and Development The Role of Independent Fiscal Institutions Lisa von Trapp Budgeting and Public Expenditures Organisation for Economic Cooperation and Development Luxembourg, 7 June 2011 What is an Independent Fiscal

More information

MINISTRY OF FINANCE & DEVELOPMENT PLANNING PUBLIC FINANCE MANAGEMENT (PFM) REFORM PROGRAMME FOR BOTSWANA

MINISTRY OF FINANCE & DEVELOPMENT PLANNING PUBLIC FINANCE MANAGEMENT (PFM) REFORM PROGRAMME FOR BOTSWANA MINISTRY OF FINANCE & DEVELOPMENT PLANNING PUBLIC FINANCE MANAGEMENT (PFM) REFORM PROGRAMME FOR BOTSWANA 1. Background The Public Finance Management (PFM) Reform Programme for Botswana is a response to

More information

The centre of government: an update

The centre of government: an update Report by the Comptroller and Auditor General Cabinet Office and HM Treasury The centre of government: an update HC 1031 SESSION 2014-15 12 MARCH 2015 4 Overview The centre of government: an update Overview

More information

ISO 9001 Quality Management System

ISO 9001 Quality Management System White paper ISO 9001 Quality Management System Essential best practice for small businesses ISO 9001 - Quality Management System best practice for small businesses ISO 9001 Overview ISO 9001 is an International

More information

Walton Centre. Document History Date Version Author Changes 01/10/2004 1.0 A Cobain L Wyatt 07/01/2005 1.1 L Wyatt Update to procedure

Walton Centre. Document History Date Version Author Changes 01/10/2004 1.0 A Cobain L Wyatt 07/01/2005 1.1 L Wyatt Update to procedure Page 1 Walton Centre Network Monitoring Document History Date Version Author Changes 01/10/2004 1.0 A Cobain L Wyatt 07/01/2005 1.1 L Wyatt Update to procedure Page 2 Table of Contents Section Contents

More information

CORPORATE SELECT COMMITTEE AGENDA ITEM 11 2 nd March 2005

CORPORATE SELECT COMMITTEE AGENDA ITEM 11 2 nd March 2005 CORPORATE SELECT COMMITTEE AGENDA ITEM 11 2 nd March 2005 INTERNAL AUDIT SECTION OPERATIONAL INTERNAL AUDIT PLAN 1 April 2005-31 March 2006 Report of the Internal Audit Manager Executive Member: Councillor

More information

Business Support Application Form

Business Support Application Form Business Support Application Form Reference number: For official use only ECONOMIC DEVELOPMENT 1 Your and your company s details Your company s name: Address: Postcode: Phone number: Fax number: Website:

More information

Environment Sustainability & Highways

Environment Sustainability & Highways Job Title: ICT Contract Manager Job Grade: Band 5 Directorate: Environment Sustainability & Highways Job Reference Number: P01265 The Role The ideal candidate for this role would be a perceptive, technically

More information

Construction Cost Management

Construction Cost Management Construction Cost Management In the last decade, following the Latham and Egan reports, there have been many significant changes in the role of the construction cost manager. Keith Potts examines the key

More information

ESKISP6046.02 Direct security architecture development

ESKISP6046.02 Direct security architecture development Overview This standard covers the competencies concerned with directing security architecture activities. It includes setting the strategy and policies for security architecture, and being fully accountable

More information

Controlling Public Spending: An International Perspective. Ross Campbell Deputy Director Government Financial Reporting

Controlling Public Spending: An International Perspective. Ross Campbell Deputy Director Government Financial Reporting Controlling Public Spending: An International Perspective Ross Campbell Deputy Director Government Financial Reporting Overview: International overview The UK position and the role of HM Treasury The UK

More information

Impact of Control Self Assessment On Station Audit Scope and Work Programme

Impact of Control Self Assessment On Station Audit Scope and Work Programme Impact of Control Self Assessment On Station Audit Scope and Work Programme Emmanuel Rominiyi IAAIA Station Audit Work Programme Workshop Singapore, 18 August 2011 Contents Scope of Station Audit Programme

More information

Guidance Note: Calculation of the Authority s Share of a Refinancing Gain

Guidance Note: Calculation of the Authority s Share of a Refinancing Gain Guidance Note: Calculation of the Authority s Share of a Refinancing Gain 1.1 INTRODUCTION 1.1.1 Clause 34.6 of the model clauses on Refinancing set out in Section 34.8 of Standardisation of PFI Contracts

More information

APB ETHICAL STANDARDS GLOSSARY OF TERMS

APB ETHICAL STANDARDS GLOSSARY OF TERMS APB ETHICAL STANDARDS GLOSSARY OF TERMS (Revised December 2010) accounting services The provision of services that involve the maintenance of accounting records or the preparation of financial statements

More information

9 Revenue Debt Collection

9 Revenue Debt Collection 9 Revenue Debt Collection 9.1 Within Revenue, primary responsibility for debt management rests with the Collector General s Division. That Office is responsible for the collection of taxes and duties and

More information

Managing Approvals in Expenses. Understanding Approvals

Managing Approvals in Expenses. Understanding Approvals Managing Approvals in Expenses Managers are often the approvers for expense transactions. The major concerns of a manager would typically include policy compliance and fiscal responsibility. Managers may

More information

Chairman Superannuation Fund Committee Corporate Director Finance and Procurement. To: Superannuation Fund Committee 8 February 2013

Chairman Superannuation Fund Committee Corporate Director Finance and Procurement. To: Superannuation Fund Committee 8 February 2013 By: Chairman Superannuation Fund Committee Corporate Director Finance and Procurement To: Superannuation Fund Committee 8 February 2013 Subject: Classification: INFRASTRUCTURE INVESTMENT Unrestricted.

More information

M onitoring P P P s O perationa l Is s ues

M onitoring P P P s O perationa l Is s ues M onitoring P P P s O perationa l Is s ues Edward Farquharson June 2011 A g enda Background on the UK Market The importance of contract management 2 S trateg ic C ontext - P P P s Growing market over a

More information

SLC Strategic Development Programme: a 5-year view

SLC Strategic Development Programme: a 5-year view Student Loans Company SLC Strategic Development Programme: a 5-year view Presenter: David Wallace Department: Deputy Chief Executive Date: 26 March 2015 www.slc.co.uk Overview Pace of change Nature of

More information

Infrastructure & Risk: Identification, Management & Transfer of Risk by HM Treasury

Infrastructure & Risk: Identification, Management & Transfer of Risk by HM Treasury Infrastructure & Risk: Identification, Management & Transfer of Risk by HM Treasury Joe Crawford Cambridge Judge Business School 28/02/14 Infrastructure & Risk: Identification, Management & Transfer of

More information

BEE Calculations Content

BEE Calculations Content BEE Calculations Content How the scorecard works Basic calculation of Ownership using the following methods: 1. Control principal 2. Strict flow through principal 3. Modified flow through principal Sale

More information

2015 Salary Report. 2 nd Quarter 2015 Singapore. About Gemini Personnel Pte. Ltd.

2015 Salary Report. 2 nd Quarter 2015 Singapore. About Gemini Personnel Pte. Ltd. 2015 Salary Report About Gemini Personnel Pte. Ltd. Gemini Personnel Private Limited is Singapore s leading Recruitment Company with trained consultants handle a wide spectrum of hiring needs, including

More information

GOVERNMENT EXPENDITURE & REVENUE SCOTLAND 2013-14 MARCH 2015

GOVERNMENT EXPENDITURE & REVENUE SCOTLAND 2013-14 MARCH 2015 GOVERNMENT EXPENDITURE & REVENUE SCOTLAND 2013-14 MARCH 2015 GOVERNMENT EXPENDITURE & REVENUE SCOTLAND 2013-14 MARCH 2015 The Scottish Government, Edinburgh 2015 Crown copyright 2015 This publication is

More information

Crown Agents. Crown Agents Structure

Crown Agents. Crown Agents Structure Private Limited Company Our mission: Crown Agents Deal with humanitarian, economic and social problems which bring suffering to people or prevent people to maximize their potential. We are a Public Interest

More information

Briefing for the House of Commons International Development Committee

Briefing for the House of Commons International Development Committee Briefing for the House of Commons International Development Committee Briefi ng to support the International Development Committee s inquiry into the Department for International Development s Annual Report

More information

UK Guarantees scheme for infrastructure

UK Guarantees scheme for infrastructure Report by the Comptroller and Auditor General HM Treasury UK Guarantees scheme for infrastructure HC 909 SESSION 2014-15 28 JANUARY 2015 4 Key facts UK Guarantees scheme for infrastructure Key facts 40bn

More information

Higher Education Finance & Student Loans Scheme Options for Romania

Higher Education Finance & Student Loans Scheme Options for Romania Higher Education Finance & Student Loans Scheme Options for Romania 1 Why do governments need to be involved in student loan programs? High risk of default: Absence of collateral that can be recovered

More information

Information Sheet Renewable Energy

Information Sheet Renewable Energy In case of discrepancies between the German and the English version of this information sheet, the German version shall prevail. 273 Loan Project financing for offshore wind projects. Aim of financing

More information

Management of Tax Debt

Management of Tax Debt HM Revenue & Customs LONDON: The Stationery Office 14.35 Ordered by the House of Commons to be printed on 17 November 2008 REPORT BY THE COMPTROLLER AND AUDITOR GENERAL HC 1152 Session 2007-2008 20 November

More information

Online Share Dealing

Online Share Dealing Online Share Dealing www.templetonsecurities.com Online Share Dealing Opening your Templeton Securities Online Account Is it possible to combine really low share dealing commission charges with a highly

More information

Contract risk and assurance

Contract risk and assurance Contract risk and assurance Delivering value from your key contracts and suppliers Maximise performance, confirm costs and gain assurance over your third party relationships and suppliers Performance Risk

More information

Financial Modeling Fundamentals Module 03 Accounting Interview Questions Quiz Question

Financial Modeling Fundamentals Module 03 Accounting Interview Questions Quiz Question Financial Modeling Fundamentals Module 03 Accounting Interview Questions Quiz Question 1. On the first day of the year, a company pays $120 for insurance coverage for the entire year, which reduces Cash

More information

GLASGOW LIFE Review of Business Continuity Planning. Final Report

GLASGOW LIFE Review of Business Continuity Planning. Final Report Final Report INTERNAL AUDIT September 2011 Glasgow City Council Internal Audit 1 Table of Contents Section No Section Title 1 Introduction and Background 2 Audit Remit 3 Audit Opinion 4 Conclusions 5 Recommendations

More information

HM Revenue and Customs. Asset Management Strategy. February 2008

HM Revenue and Customs. Asset Management Strategy. February 2008 HM Revenue and Customs Asset Management Strategy February 2008 Page 1 Contents Page Introduction 3 1. Capital Stock Survey 3 1.1 Condition of Assets 3 1.2 Departmental Asset Register 4 1.2.2 Net book value

More information

United Kingdom - Scotland PPP Units and Related Institutional Framework

United Kingdom - Scotland PPP Units and Related Institutional Framework European PPP Expertise Centre European PPP Expertise Centre European PPP Expertise Centre European PPP Expertise Centre United Kingdom - Scotland PPP Units and Related Institutional Framework United Kingdom

More information

Power Project - Debt Financing. Bill Sutherland Senior Managing Director Project Finance April 9, 2014

Power Project - Debt Financing. Bill Sutherland Senior Managing Director Project Finance April 9, 2014 Power Project - Debt Financing Bill Sutherland Senior Managing Director Project Finance April 9, 2014 Project Finance Investment Manulife Project Finance Defined Principal Risks / Mitigates Challenges

More information

Prodev Group Holding. VACANCY: SENIOR FINANCIAL MANAGER Prodev Group Holding Company Date:17.06.2013

Prodev Group Holding. VACANCY: SENIOR FINANCIAL MANAGER Prodev Group Holding Company Date:17.06.2013 Prodev Group Holding VACANCY: SENIOR FINANCIAL MANAGER Prodev Group Holding Company Date:17.06.2013 JOB DESCRIPTION PRODEV GROUP HOLDING COMPANY ProDev Company Holding is a Rwandan company engaged in activities

More information

The Annual Audit Letter for Torbay Council

The Annual Audit Letter for Torbay Council The Annual Audit Letter for Torbay Council Year ended 31 March 2014 October 2014 Alex Walling Engagement Lead T 0117 305 7804 E alex.j.walling@uk.gt.com Mark Bartlett Manager T 0117 305 7896 E mark.bartlett@uk.gt.com

More information

2016 -- LIST OF AVAILABLE COURSES

2016 -- LIST OF AVAILABLE COURSES of days Course Title 1 500 Credit and Collection Management * 2 500 B Advanced Credit and Collection Management 3 600 4 600 A 5 600B * 6 600 M * 7 600N 8 700 * 9 700 A Debt Collection and Revenue Management

More information

NERC CIP Implementation Prepared by David Grubbs City of Garland NERC Critical Infrastructure Protection Committee (CIPC) Municipal Systems are well represented on the NERC CIPC Committee David Grubbs,

More information

Design quality and the private finance initiative

Design quality and the private finance initiative Design quality and the private finance initiative This paper sets out CABE s perspective on the ability of the private finance initiative (PFI) to deliver well-designed public buildings, and considers

More information