State Private Partnership

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https://www.state.gov/public-private-partnerships-pepfar
PEPFAR strategically focuses its public private partnerships (PPPs) on increasing programmatic impact and efficiency. PEPFAR’s PPP strategy includes finding opportunities where the private sector can complement PEPFAR goals and priorities by leveraging private sector market-driven approaches, distribution networks, marketing expertise, innovation, and technology to help achieve epidemic control.
https://www.state.gov/subjects/public-private-partnerships
20.01.2021 · State Department Partners Celebrate 60 Years of Exchanges. March 26, 2021. Media Note. 2021 P3 Impact Award Applications Are Now Open. February 2, 2021. Office of Global Partnerships. January 20, 2021. Public-Private Partnership Advisory Council to End Human Trafficking. Biographic Information for Members of the Public-Private Partnership …
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The pros & cons of public-private partnerships
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YouTube › Pennsylvania Department of Transportation
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https://suretyone.com/pdf/public-private-partnership-laws-in-the-states-2018.pdf
adequately protect the State. Excerpt: “28-7705. Public-private partnership agreements A. In any public-private partnership or other agreement for any eligible facility under this chapter, the department may include provisions that: 14. Require a private partner …
https://www.emerald.com/insight/content/doi/10.1108/JOPP-03-2019-025/full/html
04.03.2019 · State public-private partnership legislation Most P3 projects in the USA have been implemented at the state- and local-government levels (PWF, 2016b). State …
https://www.cga.ct.gov/current/pub/chap_055d.htm
Sec. 4-260. Funding of public-private partnerships. The state agency or the state may apply for and accept funds from local or federal government and other sources of financial aid to further the purposes of sections 4-255 to 4-263, inclusive, and to fund public-private partnerships …
What is the definition of a public private partnership?
What is the definition of a public private partnership?
Public-private partnerships involve collaboration between a government agency and a private-sector company that can be used to finance, build, and operate projects, such as public transportation networks, parks, and convention centers. Financing a project through a public-private partnership can allow...
www.investopedia.com/terms/p/public-pri…
How long do Public-Private Partnerships usually last?
How long do Public-Private Partnerships usually last?
Public-private partnerships typically have contract periods of 25 to 30 years or longer.
www.investopedia.com/terms/p/public-pri…
What makes a P3 a public private partnership?
What makes a P3 a public private partnership?
According to Weimer and Vining, "A P3 typically involves a private entity financing, constructing, or managing a project in return for a promised stream of payments directly from government or indirectly from users over the projected life of the project or some other specified period of time".
en.m.wikipedia.org/wiki/Public%E2%80%93…
Who was the first to study public private partnerships?
Who was the first to study public private partnerships?
In economic theory, public–private partnerships have been studied through the lens of contract theory. The first theoretical study on PPPs was conducted by Oliver Hart.
en.m.wikipedia.org/wiki/Public%E2%80%93…
https://en.m.wikipedia.org/wiki/Public–private_partnership
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Using PPPs have been justified in various ways over time. Advocates generally argue that PPPs enable the public sector to harness the expertise and efficiencies that the private sector can bring to the delivery of certain facilities and services traditionally procured and delivered by the public sector. On the other hand, critics suggest that PPPs are part of an ideological program that seeks to privatize public services for the profits of private entities.

Off-balance-sheet accounting
Using PPPs have been justified in various ways over time. Advocates generally argue that PPPs enable the public sector to harness the expertise and efficiencies that the private sector can bring to the delivery of certain facilities and services traditionally procured and delivered by the public sector. On the other hand, critics suggest that PPPs are part of an ideological program that seeks to privatize public services for the profits of private entities.

Off-balance-sheet accounting
PPPs are often structured so that borrowing for the project does not appear on the balance sheet of the public-sector body seeking to make a capital investment. Rather, the borrowing is incurred by the private-sector vehicle implementing the project, with or without an explicit backup guarantee of the loan by the public body. On PPP projects where the cost of using the service is intended to be borne exclusively by the end-user, or through a lease billed to the government every year during the operation phase of the project, the PPP is, from the public sector's perspective, an "off-balance sheet" method of financing the delivery of new or refurbished public-sector assets.

This justification was particularly important during the 1990s, but has been exposed as an accounting trick designed to make the government of the day appear more fiscally responsible, while offloading the costs of their projects to service users or future governments. In Canada, many auditor generals have condemned this practice, and forced governments to include PPP projects "on-balance sheet".

On PPP projects where the public sector intends to compensate the private sector through availability payments once the facility is established or renewed, the financing is, from the public sector's perspective, "on-balance sheet". According to PPP advocates, the public sector will regularly benefit from significantly deferred cash flows. This viewpoint has been contested through research that shows that a majority of PPP projects ultimately cost significantly more than traditional public ones.

In the European Union, the fact that PPP debt is not recorded as debt and remains largely "off-balance-sheet" has become a major concern. Indeed, keeping the PPP project and its contingent liabilities "off balance sheet" means that the true cost of the project is hidden. According to the International Monetary Fund, economic ownership of the asset should determine whether to record PPP-related assets and liabilities in the government's or the private corporation's balance sheet is not straightforward.

Project costs
The effectiveness of PPPs as cost-saving venture has been refuted by numerous studies. Research has showed that on average, governments pay more for PPPs projects than for traditional publicly financed projects. This higher cost of P3s is attributed to these systemic factors:
• The private sector's higher cost of capital: governments can typically borrow capital at an interest rate lower than any private company ever could. This is because governments have the power of taxation, which guarantees that they will be able to repay their debts. Since lending to governments almost always come at a lower risk than lending to private entities, governments get better credit and cheaper financing costs for building large infrastructure projects than private finance.
• Transaction costs: P3 contracts are much more complex and extensive than contracts made in traditional publicly financed projects. The negotiation of these contracts require the presence of lawyers on all sides of the table and can take months or even years to finalize. Barrie Mckenna reports that "transaction costs for lawyers and consultants [in P3s] add about 3 percent to the final bill."
• Operating profits: Private companies that engage in P3s expect a return on investment after the completion of the project. By financing PPPs, they partner engages in low-risk speculation. Over the course of the contract, the private partner can charge the end-users and/or the government for more money than the cost of the initial investment.

Sometimes, private partners manage to overcome these costs and provide a project cheaper for taxpayers. This can be done by cutting corners, designing the project so as to be more profitable in the operational phase, charging user fees, and/or monetizing aspects of the projects not covered by the contract. For P3 schools in Nova Scotia, this latter aspect has included restricting the use of schools' fields and interior walls, and charging after-hours facility access to community groups at 10 times the rate of non-P3 schools.

In Ontario, a 2012 review of 28 projects showed that the costs were on average 16% lower for traditional publicly procured projects than for PPPs. A 2014 report by the Auditor General of Ontario said that the province overpaid by $8 billion through PPPs.

Value for money
In response to these negative findings about the costs and quality of P3 projects, proponents developed formal procedures for the assessment of PPPs which focused heavily on value for money. Heather Whiteside defines P3 "Value for money" as:

Not to be confused with lower overall project costs, value for money is a concept used to evaluate P3 private-partner bids against a hypothetical public sector comparator designed to approximate the costs of a fully public option (in terms of design, construction, financing, and operations). P3 value for money calculations consider a range of costs, the exact nature of which has changed over time and varies by jurisdiction. One thing that does remain consistent, however, is the favoring of "risk transfer" to the private partner, to the detriment of the public sector comparator.

Value for money assessment procedures were incorporated into the PFI and its Australian and Canadian counterparts beginning in the late 1990s and early 2000s. A 2012 study showed that value-for-money frameworks were still inadequate as an effective method of evaluating PPP proposals. The problem is that it is unclear what the catchy term "value-for-money" means in the technical details relating to their practical implementation. A Scottish auditor once qualified this use of the term as "technocratic mumbo-jumbo".

Project promoters often contract a PPP unit or one of the Big Four accounting firms to conduct the value for money assessments. Because these firms also offer PPP consultancy services, they have a vested interest in recommending the PPP option over the traditional public procurement method. The lack of transparency surrounding individual PPP projects makes it difficult to draft independent value-for-money assessments.

A number of Australian studies of early initiatives to promote private investment in infrastructure concluded that in most cases, the schemes being proposed were inferior to the standard model of public procurement based on competitively tendered construction of publicly owned assets. In 2009, the New Zealand Treasury, in response to inquiries by the new National Party government, released a report on PPP schemes that concluded that "there is little reliable empirical evidence about the costs and benefits of PPPs" and that there "are other ways of obtaining private sector finance", as well as that "the advantages of PPPs must be weighed against the contractual complexities and rigidities they entail".

In the United Kingdom, many private finance initiative programs ran dramatically over budget and have not provided value for money for the taxpayer, with some projects costing more to cancel than to complete. An in-depth study conducted by the National Audit Office of the United Kingdom concluded that the private finance initiative model had proved to be more expensive and less efficient in supporting hospitals, schools, and other public infrastructure than public financing. A treasury select committee stated that 'PFI was no more efficient than other forms of borrowing and it was "illusory" that it shielded the taxpayer from risk'.

Transfer of risk
One of the main rationales for P3s is that they provide for a transfer of risk: the Private partner assumes the risks in case of cost overruns or project failures. Methods for assessing value-for-money rely heavily on risk transfers to show the superiority of P3s. However, P3s do not inherently reduce risk, they simply reassign who is responsible, and the Private sector assumes that risk at a cost for the taxpayer. If the value of the risk transfer is appraised too high, then the government is overpaying for P3 projects.

Incidentally, a 2018 UK Parliament report underlines that some private investors have made large returns from PPP deals, suggesting that departments are overpaying for transferring the risks of projects to the private sector, one of the Treasury's stated benefits of PPP.

Supporters of P3s claim that risk is successfully transferred from public to private sectors as a result of P3, and that the private sector is better at risk management. As an example of successful risk transfer, they cite the case of the National Physical Laboratory. This deal ultimately caused the collapse of the building contractor Laser (a joint venture between Serco and John Laing) when the cost of the complex scientific laboratory, which was ultimately built, was very much larger than estimated.

On the other hand, Allyson Pollock argues that in many PFI projects risks are not in fact transferred to the private sector and, based on the research findings of Pollock and others, George Monbiot argues that the calculation of risk in PFI projects is highly subjective, and is skewed to favor the private sector:

When private companies take on a PFI project, they are deemed to acquire risks the state would otherwise have carried. These risks carry a price, which proves to be remarkably responsive to the outcome you want. A paper in the British Medical Journal shows that before risk was costed, the hospital schemes it studied would have been built much more cheaply with public funds. After the risk was costed, they all tipped the other way; in several cases by less than 0.1%.

Following an incident in the Royal Infirmary of Edinburgh where surgeons were forced to continue a heart operation in the dark following a power cut caused by PFI operating company Consort, Dave Watson from Unison criticized the way the PFI contract operates:

It's a costly and inefficient way of delivering services. It's meant to mean a transfer of risk, but when things go wrong the risk stays with the public sector and, at the end of the day, the public because the companies expect to get paid. The health board should now be seeking an exit from this failed arrangement with Consort and at the very least be looking to bring facilities management back in-house.

Furthermore, assessments ignore the practices of risk transfers to contractors under traditional procurement methods. As for the idea that the private sector is inherently better at managing risk, there has been no comprehensive study comparing risk management by the public sector and by P3s. Auditor Generals of Quebec, Ontario and New Brunswick have publicly questioned P3 rationales based on a transfer of risk, the latter stating he was "unable to develop any substantive evidence supporting risk transfer decisions". Furthermore, many PPP concessions proved to be unstable and required to be renegotiated to favor the contractor.
https://www.un.org/esa/desa/papers/2016/wp148_2016.pdf
state owned enterprises, often for the promotion of privatization (Cavelty and Sute 2009). It was argued that handing over public tasks to private actors, (i.e.,
https://www.agc.org/public-private-partnership-p3-basics
The National Council for Public-Private Partnerships (NCPPP) defines a public-private partnership as "a contractual agreement between a public agency (federal, state, or local) and a private sector entity.
https://www.investopedia.com/terms/p/public-private-partnerships.asp
What Are Public-Private Partnerships?
How Public-Private Partnerships Work
Advantages and Disadvantages of Public-Private Partnerships
Public-Private Partnership Examples
Public-private partnerships involve collaboration between a government agency and a private-sector company that can be used to finance, build, and operate projects, such as public transportation networks, parks, and convention centers. Financing a project through a public-private part…
Александровск-Сахалинский, Сахалинская область
Александровск-Сахалинский, Сахалинская область
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