1. Value for Money

2. Challenges Exist The US has beneficial tax-exempt debt market and innovative financing tools The US has a complex federal/state/local tax structure There is a lack of data related to actual project delivery across all structures There are almost infinite levels of risk sharing and project structures available Government’s don’t budget on a Net Present Value basis “Single value” VfM outputs imply false level of accuracy

3. Is there a better way? Focus on the best two structures that are actually deliverable Sensitivity analysis provides good data points to support a decision Break-even analysis can help to define value and be helpful as part of a procurement Affordability can be a key area of focus, the best NPV may not be feasible