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1 VOLTA RIVER AUTHORITY Capital Expenditure Guidelines November 2012 TABLE OF CONTENTS PAGE 1.0 Purpose and Scope of Guidelines Projects Guidelines Apply To Exemptions from Guidelines Unplanned Asset Replacement Notification Requirements Initial Project Briefs Final Project Brief Review Financial Implications Business/Management Project Plan Risk Management Monitoring and Reporting.. 11 APPENDIX A APPENDIX B Page 1 of 16
2 Page 2 of 16
3 Purpose and Scope of Guidelines These Guidelines have been developed to assist VRA departments and Special Business Units (SBUs) to prepare their capital budget/expenditure requirements. Capital expenditure is incurred when a department/sbu spends money to construct, acquire, improve and therefore extend the life of an asset. It describes how investment possibilities can be evaluated so that they may be taken from the idea stage to the implementation phase in a successful manner. The guideline begins with the formulation and definition of a project in the overall economic development data requirements for the evaluation. Additionally, criteria for accepting a successful project would be achievement of corporate strategy, critical for operational security, return on investment, corporate social responsibility and cost saving in operation viewpoints. In summary the guidelines provides a financial and economic framework for determining which investment opportunities are accepted for implementation. The Guidelines have been designed to: encourage departments to evaluate major capital expenditure by means of a consistent methodology, improve the quality of analysis performed in supporting all forms of project funding and capital expenditure in VRA, and enable the financial impact of projects on the authority s finances to be quantified, identified and controlled. The Guidelines also aim to ensure that the Authority s evaluation of proposed capital expenditure is consistent and rigorous, that merits of projects can be compared and resource allocation can be made on an informed basis. It is important that evaluation of projects is carried out in a clear, transparent and systematic way. The process of evaluation and reporting methods outlined in these Guidelines will enhance the transparency and rigour of capital expenditure project evaluation. Capital Expenditure Review must be seen as a necessary part of the Authority s capital budgeting process and should therefore be undertaken before committing to any major capital project to ensure the prudent management of the Authority s resources. Capital Budget Summary The VRA Capital Budget Process is the tool used in the normal planning process to identify, assess and plan for the capital needs of the Authority and should fully support the overall objective and goals of the Five-Year Corporate/Financial Plan. This process provides a basis for determining alternative sources of funding, a framework for assessing the impact of new capital expenditures on the operating budget, as well as providing a system to account for VRA s capital resources. The annual capital budget is prepared for the next fiscal year, but it is presented within the context of the Five-Year Corporate Plan. This budget is also presented to the Finance Committee and the Board of Directors near the end of the current fiscal year. Page 3 of 16
4 What projects do the guidelines apply to? These guidelines apply to capital projects for infrastructure facilities, the acquisition of plant and equipment and expenditure on such things as land purchased for an applicable project which should be included as part of the capital expenditure review of that project.. What projects are exempt from the guidelines? The guidelines do not apply to: capital expenditure on projects where funding has been approved in the national budget, for example for power projects undertaken by the Ministry of Energy (MOE) projects that are classified as Public-Private Partnerships; but for which VRA is the implementing agency. project designs and feasibility studies that do not commit VRA to the project (the cost of such studies are however to be included if VRA subsequently proceeds with the project). While the guidelines do not apply to the projects described above, it is expected, that in accordance with best practice, departments would apply the principles of these guidelines to all capital projects. Unplanned asset replacement arising from premature failure From time to time, emergency situations like premature failure, fire, flood or accidental damage may require departments to replace assets. In these circumstances, departments should take the opportunity to review and assess the assets giving cognizance to these guidelines in conjunction with VRA s asset management plans, the asset s prior serviceability and corporate requirements prior to replacement. When do departments need to notify the Executive and notification requirements Departments are required to notify the Executive of all capital expenditure projects to which these Guidelines apply, prior to the commencement of the project. Notification to the Executive will include: A brief description of the project The estimated cost of the project and proposed funding sources Page 4 of 16
5 Anticipated start and completion dates A brief commentary on how the department has fulfilled each of the Capital Expenditure Review requirements relevant to the project based on cost. To establish the project costs, all elements of the project must be taken into account. This includes feasibility studies, project design and scoping costs, the provision of non-monetary goods and/or services and any costs associated with the development application and its conditions. Further guidance on this is given below in the following paragraphs IDEA AND DEFINITION The beginning point of every project is its idea and its definition. It is important because every project is supposed to bring about some benefits to its targeted consumers. For a project to be viable its benefits should outweigh its associated cost. The project should state clearly its benefit in terms of these: Support of corporate strategy Critical for operational effectiveness Corporate social responsibility Return on investment Cost savings PRE FEASIBILTY This stage attempts to examine the overall potential of the project. The overriding purpose is to obtain secondary estimates that reflect the right order of magnitude of the variables in order to roughly indicate whether the project is attractive enough to warrant more detailed designed work This stage covers seven different areas as follows Demand model: the demand for the project and prices are estimated, quantified and justified by assessing what others have done. Technical or engineering model: the input parameters of the projects are specified in detail and cost estimates developed. Manpower and administrative support module: manpower requirements are specified for the implementation, as well as for the operation of the project, and sources of manpower identified and quantified. Financial/budget model: the financial expenditures and revenues are evaluated along with an assessment of the alternative methods of financing Economic module: the project s economic costs and benefits as a whole are appraised from the viewpoint of the economy Environmental impact assessment module: the various environmental impacts of the project are identified and evaluated and proposals developed for the mitigation. Stakeholder module: the project is appraised from the point of view of who receives the benefits and who pays the costs of a project. Where possible, quantification should be made to determine by how much each of these groups benefits or pays. FEASIBILITY After completing all the models of the pre-feasibility, the project must be examined to see whether it now shows promise of meeting the financial, economic, and social Page 5 of 16
6 criteria that the Authority has set for the investment expenditures. A sensitivity analysis must be carried out to identify the key variables that determine project outcome. The function of the feasibility appraisal is to improve the accuracy of the measures of key variables if this particular project indicates potential for success. In order to improve the accuracy of the project more primary research will have to be undertaken and perhaps a second opinion sought on the other variables. It is at this end of the stage that the decision whether the project is financially attractive to all interested parties and should therefore be approved has to be made. DETAILED DESIGN When decision-makers give their approval to the project the next task is to develop the basic program, allocate tasks, determine resources, and set down operational form the functions to be carried out and their priorities. Not only is the physical design of the project completed at this stage, but also the program for administration, operating, and marketing. PROJECT IMPLEMENTATION The implementation stage entails the completion of negotiations to finalize the conditions for financing and formal approval of the project. The formal approval will require the acceptance of funding proposals and agreement on the contract documents, including tenders and other contracts requiring the commitment of resources. This will include the granting of authority to make the decision in areas related to personnel, legal and financial matters, organization, and administration. EX-POST EVALUATION The evaluation compares the predicted with the actual performance of the project. The evaluation helps to repeat the successful experiences and to eliminate the failures. Departments may be requested to provide additional information to the Executive/Branch Heads/IPB Review Committee in some instances. The reviewing authority would assess the process undertaken by the department for the capital expenditure project as part of the review process. If project costs increase by 10% of the initial costs at any time, the sponsoring department must notify the Executive of the revised project cost and give a brief explanation as to the reasons for the increase and the department s process and plans to meet these increases. Initial Project Briefs Before a department undertakes a capital expenditure project a preliminary business case in the form of an Initial Project Brief (IPB) must be prepared using the prescribe method explained above to determine whether the proposal is necessary, consistent with VRA s strategic plan, delivery program and operational plans, offers value for money and that the department has the capacity to deliver and maintain their current and future services in the long term. There must be a distinction between user department (owner), and the executing department Page 6 of 16
7 Departments must demonstrate that the decision to carry out the capital expenditure is based on sound strategic and financial planning, supported by valid data and research; and that it reflects the priorities and objectives of VRA. Departments are required to prepare an IPB for each project to which these Guidelines apply. It is also appropriate to prepare an IPB for any project assessed or considered as high risk. The IPB must describe the high level objectives for the project and identify possible alternative proposals. It should outline the risks, sustainability issues, costs and benefits relevant to these alternatives, as well as identify any assumptions on which the proposal(s) are based. Cost estimates should be reasonably reliable to facilitate the capital expenditure review process. The more accurate the costing is, the more useful it will be for early decision making. It is expected that the cost estimate in the IPB be within 15% of the project s final cost. Any ongoing costs relating to the capital works project (ie, lifecycle costs), should also be identified. The amount of detail in the IPB should reflect the proposed project s scale, cost and risk. The governance model and internal controls, which will be utilised to manage project risks and assist the successful completion of the project, should also be identified. For example, IPB s should include information relating to the project s Steering Committee, Project Team, as well as monitoring and review systems to ensure a successful completion of the project. The IPB should be supported by evidence and evaluate the service needs, options and implementation of the proposal. The evidence must be based on quantitative and qualitative data, use established methodologies that assess costs and benefits and link resources to services and results via evidence-based results logic. It is important that any assumptions on which supporting data is based are clearly identified. Once the IPB Review Committee is satisfied that sufficient information and evidence has been provided in the IPB the department must go on to prepare the Final Project Brief (FPB) for review and approval by the Executive. A department s project proposal could only be moved into the capital budget upon executive approval of the FPB. Final Project Brief (FPB) Review Minimum Requirements The following are the minimum requirements for an FPB review. It is recommended that this review is undertaken for all material or high risk capital expenditure projects, irrespective of the funding source. Outline of proposed Project Departments should give a brief outline of the project. Page 7 of 16
8 Justify the Need Justify the need for the proposal based on firm estimates of future needs, including: demonstration of a clear relationship between the department s proposal and VRA s strategic plan, delivery program and operational plan completed review of IPB/feasibility study analysis of VRA s/department s needs and expectations based on consultation, which should identify how the project will address those specific needs and any issues of concern an outline of the projected costs Assess Department s Capacity/Implementation readiness Departments and entities would be required to outline their readiness and capacity to implement the project/programme. This should include construction start and end dates. Timelines for environmental impact assessments, land acquisition, development and intergovernmental approvals should be outlined in the supporting documentation. Cognisance should be taken of industry interests and the availability of materials in outlining the department/entity s readiness The following activities among others may be undertaken to assess the capacity of departments to manage the project to completion and into the future by: determining the capacity of department s management and skill base to undertake the project identifying the responsibilities of departments to the project on a year-by-year basis throughout the project s lifetime. These responsibilities must be itemised and costed. undertaking a risk assessment of the project including: assessment of the governance and management structures in place to effectively minimise project risks. The appropriate structure will depend on the type and complexity of the project and the stakeholders involved assessment of compliance requirements including but not limited to the regulations of the Environmental Protection Agency (EPA)and any other legislation considered appropriate for the project. O considering the appointment of a Steering Committee designating a project manager. Departments should ensure that candidates for this position have the appropriate skills, expertise and experience to manage the project Page 8 of 16
9 Priorities Determine the priority of the project in relation to existing capital commitments and future works by: assessing the impact of the project s funding on existing and future capital works and services in accordance with VRA s long term financial plan reviewing VRA s strategic plan, delivery program and operational plan to ensure the proposal is aligned to VRA s objectives, and reviewing the asset management plan/s to ensure that other assets do not require the funding as a higher priority Alternatives Consider the full range of project alternatives, including: the preparation of a project plan with appropriate economic appraisals of the department s preferred and alternative options an assessment of alternative service delivery methods an assessment of alternative methods of acquisition. Possible alternatives to consider include renting, renovating, constructing, or acquiring an existing building the consequences of not proceeding with the proposal. Financial Implications Project costs should be considered from a whole of life perspective. They should also be included in a department s long term financial plan. These costs should include, but not be limited to: i. design costs ii. iii. iv. the costs of land acquisitions the costs of land disposals land and property development costs v. raw materials costs vi. vii. viii. maintenance and other ongoing operational costs depreciation and/or provisions for replacement costs labour costs Page 9 of 16
10 ix. opportunity costs x. overhead costs, such as project management xi. xii. xiii. xiv. xv. xvi. xvii. xviii. xix. payments and fees, including expenses and allowances, to external providers and consultants and advisers loan and/or other financing establishment costs plant and equipment costs sourcing of funds: (i) whether funds are to be borrowed (ii) whether funds are to be sourced internally (iii) whether funds are to be sourced by way of a special variation identification of any potential increase in the department s actual or prospective expenditures, whether in terms of one-off capital amounts or recurrent expenditures. This includes consequential recurrent costs such as maintenance, debt servicing, staffing, etc identification of systems in place to monitor and control increases in project costs identification of any potential loss in the value of department s assets or a potential loss in actual or prospective revenue cash flow analysis. This should detail VRA s ability to repay any loans required for the project. The cost of funds and the effect of debt servicing, including internal reserves, should also be considered Net Present Value calculations cost/benefit. Break-even analysis for best, worst and likely scenarios. It is expected that in the FPB review there will be a higher level of accuracy in relation to estimated costs than at the IPB stage. It is expected that the cost estimate in the FPB capital expenditure review will be within 5% of the final cost. When calculating future costs it is appropriate that project costs are indexed based on prudent and reasonable assumptions. These assumptions should be documented and able to be provided on request or provided as part of the project s capital expenditure review. Business/Management Project Plan Departments must complete a comprehensive project management plan. The plan should contain the key elements and deliverables of the project and outline the costs and revenues associated with them. Details should include, but not be limited to: the project management structure Page 10 of 16
11 key personnel and their relevant experience description of the proposal and its product/service the project objectives both in the short and long term the reason the project will be viable financial projections. The financial projections should include: both direct and indirect costs, separately identified both capital costs and ongoing recurrent costs, as well as any other expenses that are expected to occur once the project has been delivered and is operational inclusion of these projections in the department s long term financial plan and asset management plan. A report on all financial/economic implications is to be prepared, including: o o an economic/market appraisal which includes: a cost/benefit analysis test (where major benefits can be quantified) o an analysis of cost effectiveness (where outputs are not readily measured in monetary terms) The analysis should consider but not be limited to issues such as: Environment effects on land, flora, fauna, air and water Health & Safety that the community is not exposed to unnecessary health or safety risks Risk Management Plan Departments must identify and assess the main areas of risk that might prevent a project from delivering anticipated results/outputs. Consequently departments must develop and put into operation an appropriate risk management plan for the project. The plan should be reviewed, updated and amended as and when required during the development of the project. All potential risks must be identified and addressed. Risks may not only be measured in monetary or financial terms. Possible risks may include: Investment/Planning Risk Design Risk Demand/Market Risk Management/Operations Risk Reputation Risk Compliance Risk Page 11 of 16
12 Completion/Construction Risk Environmental Risk Occupational Health and Safety Risk Other Risks These risks are explained in Appendix A. Any other proposal implementation risk not identified under the above headings should be documented and assessed Plans to reduce risks must also be outlined in detail. Departments should therefore consider what actions will be undertaken if the project is not meeting and or achieving milestones or costs, for example: cost overruns including those resulting from scope variations, inflation or forex fluctuations, contractor insolvency, unexpected economic situations, difficulties in securing statutory consent delays in project implementation Reporting Departments must put mechanisms in place to report on all aspects of the project. Minimum reporting requirements for all capital expenditure projects include: monthly and quarterly reporting to the Executive on the progress of the project monthly and quarterly reporting to the Executive on the costs and budget variances regarding the project. Where costs and budget variances are reported by line item, the report should also include the impact on the total project any issue that may have an adverse impact on the project (this may include monetary and non-monetary inputs and outcomes). The risk management plan may be relevant in this regard Initial Project Brief Review Committee (IPBRC) The IPBRC will oversee the capital budget process. The Executive upon the advice of the Directors of Planning and Business Development, Project Systems and Monitoring and Finance departments will establish the level of funding available for each fiscal year s Capital Budget. Although all capital requests are subject to review by the IPBRC and subsequently approved by the Executive, projects that were previously approved and are ongoing or involve capital carryover will be given greater consideration due to the commitment made in prior fiscal years to complete. Page 12 of 16
13 Following departmental submissions of their project proposals, the IPBRC will review all annual capital submissions. The IPBRC will then rank, vote, allocate and finalize each request based on priority determined and applicable factors and advise the Executive for final approval and inclusion in that year s capital budget. Quarterly IPBRC Meetings The IPBRC will meet quarterly to review actual capital spending against the requested budget and other respective capital activities. In the event capital spending is significantly below budget, balances may be transferred to satisfy other capital needs. Project Overruns In the event that a capital request for equipment or a project was underestimated, a revised financial evaluation, will be required that includes all costs related to the project. These projects must be appropriately reviewed and passed by the IPBRC before Executive authority to proceed is given. If these requests are out of cycle, the appropriate Branch Head and the Director Finance will need to give the appropriate approval before additional capital is spent. Investment/Planning Risk Appendix A Investment/planning risk relates to the quality of the planning that has contributed to the investment proposal. It can help to identify critical issues that may not have been considered as part of the planning process or potential costs and benefits that have been incorrectly estimated. There is also the risk that community needs have been misunderstood or that the services to be delivered by the project will not meet needs or expectations. Design Risk Design risk relates to the level of complexity of the project, the extent to which proven technology will be used to achieve the projects aims and the realism associated with the time period estimated for completion External approvals risk relates to issues associated with obtaining approval for the proposal to proceed including public consultation, planning approval, environmental approvals, heritage approvals, etc. Demand/Market Risk The demand or market risk relates to whether there is sufficient demand for the proposed project in order for it to succeed or that the proposed fees and charges will adversely affect demand. Page 13 of 16
14 Management/Operations Risk Management risk relates to the role management plays in ensuring that the investment delivers the expected outcomes. Where the management team named in the proposal has no experience in dealing with similar projects, this increases the risk and lessens the likelihood of success. Operations risk relates to the operational problems that may occur if the project is not planned and managed correctly As part of the assessment of operations risk, council should also consider whether it has adequate insurance coverage for the project and whether or not it has obtained adequate legal advice, if necessary for the project to be delivered. Reputation Risk Reputation risk looks at issues relating to council s reputation being affected if the project is not completed or does not meet its targets or the expectation of the community. Other issues to be considered as part of this analysis could include such things as cost overrun, time over run, impractical designs and looking closely at council s community consultation to ensure the project is supported by the community and wider public. Compliance Risk Compliance risk relates to the risk that the project fails to comply with any relevant regulations, legislation or polices, eg planning, heritage or environmental. Completion/Construction Risk The completion/construction risk relates to the risk that the proposed project will not be completed in accordance with the specifications and within the stipulated timeframe and/or budget. In assessing such a risk, consideration will need to be given to the potential external and financial impacts of such outcomes. Environmental Risk Environmental risk refers to the impact of the proposal on the environment and will encompass the criteria previously considered. Occupational Health and Safety Risk All occupation health and safety issues need to be considered such as construction material, noise and site safety. Page 14 of 16
15 Appendix B (1) The Planning Department shall perform the following responsibilities: Update its financial model with the agreed technical and financial assumptions and prepare budgetary projections Co-ordinate review of the Authority s capital programme, collate final project briefs (FPB) and prepare the capital budget. Prepare the capital investment programme which outlines the Authority s capital programme and financing requirements for a 10 year period Prepare the 10 year Financial Forecast to show the financial impact of the Authority s capital investment programme. (2) The Engineering Services Department shall perform the following responsibilities: Update Project costs for ongoing projects. Ongoing projects are projects that have been designed, tendered for and/or awarded and projects being implemented Assist Departments to scope their projects, cost them and schedule for inclusion in the investment programme Prepare detailed designs and cost estimates, tender documents after project briefs have been approved for inclusion in the particular year s budget Procure the Contract for the implementation of the works and supervise the project implementation (3)The Finance Department shall perform the following: Assess the financial impact of the project by undertaking financial, economic/market appraisal for each project Review the IPB for the viability of the project cost benefit analysis Provide guidance to Departments and help in the preparation of their cash flow statement as required. (4) The Project Systems Monitoring Department shall perform the following responsibilities: Page 15 of 16
16 (5) The Capex Working Group shall perform the following responsibilities: The Capex Working Group Members are departmental representatives who serve as the link with the Planning & Engineering Departments and assist with preparation of their department s capital budgets. To provide a central co-ordinating at all stages of the capital budgeting process in their departments To ensure adherence to agreed timescale for the Capital budget preparation and to liaise with the Budget Manager or his representative in this regard. To submit the department s draft capital budget to the Departmental Director for approval All significant aspects of the capital budget should be discussed and agreed with the Departmental Head prior to submission to Planning & Engineering. Page 16 of 16
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