“The lack of capital budgeting (separate CIP and Operations work programs and budgets for infrastructure) in the U.S. means large infrastructure projects are planned and executed without a meaningful discussion of the whole of life implications of the project. This in turn produces construct cycle budgeting and procurement with little to no concern for the OM&R budgets and impacts of the project during procurement of the initial construction.

Additionally, except for a few instances, most P3 projects are not a part of an overall pipeline. For the P3 market to flourish in the U.S., public owners must have the ability/mandate to program a stream of projects that would go through a thorough full project life cycle analysis and budgeting process (including meaningful VFM).”