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COMMISSION ISSUES ADVICE ON PRIVATE FINANCE

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The Audit Commission has published a management paper giving guidance to councils on private finance initiatives. ...
The Audit Commission has published a management paper giving guidance to councils on private finance initiatives.
The report, Building for the future, says the long-term nature of PFI contracts means councils must be flexible, and it can take as long as four years from initial investment appraisal to a working PFI scheme.
Commission controller Sir Andrew Foster said: 'The procurement process is a long and complex one demanding a great deal of senior management time.'
A survey into partnership with the private sector carried out by the Local Government Association and Zurich Municipal shows four out of 10 senior figures feel the increasing role of the private sector presents serious risks. Nearly 75% say there is insufficient advice available.
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