Forensic accountant, Ron Parks has co-authored a report that evaluates four P3 projects completed in BC, The Canada Line, Sea-To-Sky Highway improvements, the Diamond Ambulatory Care Centre and the Abbotsford Regional Hospital for their financial costs. His findings show that P3’s are substantially more expensive than the public option due to hidden costs. While publicly funded projects can include safe guards such as penalizing builders that go over budget, P3’s don’t have the same restrictions and “the costs can go spiraling out of control.” Read more in the Abbotsford News.
Find report backgrounder: Evaluation of Public Private Partnerships: Costing and Evaluation Methodology here.
Download full report here.