A Capital Works Plan is a document that outlines the planned expenditures for capital projects and how they will be funded. The purpose of a Capital Works Plan is to ensure that projects are undertaken in a timely, cost-effective manner while minimizing impact on the public. You can also avail the benefits of the Capital Works Plan at Archi-QS online.
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The Capital Works Plan process begins with an identification of projects that require new or improved facilities or infrastructure. Once these projects have been identified, the Capital Works Branch of the Ministry of Infrastructure will work with the project proponent to develop a funding plan.
The Capital Works Branch then provides this funding plan to the Ministry of Finance for approval. Once approved, the funding plan will be incorporated into the Capital Works Program budget.
The Capital Works Program budget is used to fund individual projects within the plan. Each project is scheduled and budgeted according to its specific required work schedule and cost.
As each project progresses, cost overruns and delays are monitored and addressed as necessary. In order to maintain overall program budgeting control, all capital projects must be completed within predetermined time frames and at predetermined costs – even if some individual projects run over budget or behind schedule.