Ireland’s Minister for Finance and Public Expenditure & Reform Paschal Donohoe has published an updated Public Spending Code (PSC) for projects over EUR100m.
Entitled, ‘A Guide to Evaluating, Planning and Managing Public Investment’, the code builds on the original 2013 version but is said to strengthen the existing guidance to better reflect the realities of project delivery “with a particular focus on financial appraisal, cost estimation and risk management”.
According to the department, the updated PSC will support public bodies in delivering greater VFM, provide greater clarity on roles and responsibilities; revise the project lifecycle to reflect the realities of project delivery; strengthen guidance; and increase transparency through publication of business cases and evaluation reports.
The code will also be backed by new governance and assurance process for major projects and will involve an independent, external review of major projects at key stages in the project lifecycle.
Minister Donohoe said: “’Major projects are complex endeavours. Application of this Code will allow the promise of public investment to be pursued within a sustainable financial setting”.