Ontario Builds on Record Infrastructure Investments
Toronto - The Government of Ontario has built upon record infrastructure investments with the release of Jobs for Today and Tomorrow: 2016 Ontario Budget. The Ontario government will spend $137B in infrastructure over the next 10 years, $3B more than the total proposed in the 2015 Economic Outlook and Fiscal Review. These planned investments are expected to support more than 110,000 new jobs for Ontarians on average, each year.
"With major capital expenditures planned in areas such as public transit, highways, hospitals, and schools, the government is building the critical infrastructure necessary to create jobs and keep Ontario growing today and into the future," stated Mark Romoff, President and CEO at the Canadian Council for Public-Private Partnerships (CCPPP).
Budget 2016 highlights the success of Alternative Financing and Procurement (AFP), which is Ontario's model for public-private partnerships (P3s). The AFP approach has led to 44 of 45 projects being completed on budget, a remarkable achievement for Infrastructure Ontario, the agency responsible for executing AFPs in Ontario.
"Infrastructure Ontario's track record of success at delivering public-private partnerships effectively will no doubt help the government deliver on its ambitious, long-term infrastructure plan," added Romoff.
Budget 2016 commits to assessing the AFP model for all major infrastructure projects over $100M. P3s will continue to be an important tool for the government. Projects already underway using this approach include the Eglinton Crosstown, Waterloo's ION LRT, Ottawa's Confederation Line LRT and the Mackenzie Vaughn Hospital.
About the Canadian Council for Public-Private Partnerships: Established in 1993, CCPPP is a national, non-partisan, member-based organization with broad representation from across the public and private sectors. Its mission is to promote innovative approaches to infrastructure development and service delivery through public-private partnerships with all levels of government. The Council is a proponent of evidence-based public policy in support of P3s, facilitates the adoption of international best practices, and educates stakeholders and the community on the economic and social benefits of public-private partnerships.