While approval of funding can be a major milestone for any project, the process of formalising agreements and maintaining ongoing funding requires an experienced and trusted set of hands. At Veros, we have managed multiple projects through the business case and contract agreement phase, as well as project delivery. During this time we have become accustomed to the challenges these projects can present. We have been at the forefront of the Provincial Growth Fund (PGF) and Crown Infrastructure Partners (CIP) initiatives driving business case development, negotiating agreements, and delivering projects. Our Project Director, Craig McMichael has provided insights below from his years of experience working with these processes:
Achievability – First and most importantly, Project Managers should be engaged in the business case phase to ensure proposals are achievable. A Project Manager will ensure risk is controlled and help to minimise uncertainty.
Strategy – PGF & CIP contract agreements can be complex and conditions precedents can place considerable risk on recipients should conditions not be met, recipients should ensure deliverables can be met and do not place undue risk on ratepayers or businesses in the event they cannot be met. Strategic thinking during the formalisation of contract agreements is required to manage risks.
Organisation is key – Government and Council ability to process a high-volume of agreements in a short time will be severely limited, with limited personnel with actual hands-on experience formalising agreements, those recipients who are the best organised and with the most experienced support will be the first to receive funding. Recipients who cannot efficiently navigate through the contract process may find they experience a substantial delay in receiving funds.
Use it or Lose it – Due to the above constraints on resource to implement funding agreements, we anticipate a staggered approach to the funding of CIP projects, approval on lessor importance projects may be some time away. Those who cannot use funding quickly will risk losing it.
Be prepared – A substantial number of CIP applications will be made with minimal design information – yet are currently marketed as “shovel ready”, the ability to adapt to deliver projects quickly yet align with procurement guidelines can present challenges, adaptable and strategic thinking in the delivery space is required.
Move swiftly – Continuity of government representatives can be changeable, ensuring engagement processes are completed swiftly and effectively to “seize the moment” is important as personnel changes during the contract agreement phase can severely impact on programmes.
With our skilled team and years of experience, Veros are the safe pair of hands that can get you through funding processes on your project.