Public-private partnerships to get new rules
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Hey there, time traveller!
This article was published 23/05/2012 (5268 days ago), so information in it may no longer be current.
THE Selinger government is setting new rules governing infrastructure projects financed through public-private partnerships.
Finance Minister Stan Struthers introduced a bill Tuesday he said would improve the “transparency and accountability” of such P3 projects.
Bill 34 would require the province and municipalities that wish to enter such partnerships, to:
— Conduct a detailed risk and value-for-money analysis to determine if a P3 arrangement provides the best value for the money;
— Consult with the public before proceeding with the bidding process;
— Appoint an independent fairness monitor to oversee and review the bidding process;
— Publicly report the terms of the P3 contract; and
— Provide regular status reports during the term of the partnership.
“We want to make sure that Manitobans can have a transparent look at how their money is spent in terms of infrastructure. We want an accountable process,” Struthers said Tuesday.
Public-private partnerships can provide an opportunity for the public sector to build projects more efficiently and receive better value for the money being invested, he said. “But at the same time our responsibility requires greater transparency in the disclosure of the plans and financial decisions relating to contract agreements and management practices.”
Struthers said the proposed legislation will help ensure taxpayers get the best value for their infrastructure dollars and that governments are accountable for their decisions.
A P3 is a long-term agreement where responsibility for financing, operations or maintenance of a major public-sector capital project is transferred to a private-sector partner. P3s are generally used for larger-scale assets designed and built by a private-sector company for government.
— Larry Kusch