Private-public partnerships get the go-ahead to protect the public.
Public enterprises have always relied on public staff but public finance consulting in California (CA) has changed the way that public enterprises can manage projects. Public projects are projects where the public’s money is used, which can be through allocated budgets, taxes and taxpayers or funding. Wherever the money comes from, it needs to be allocated for and any public project has to be transparent about their spending. In the past this has been a huge shortcoming for public enterprises, simply because their skills are not always financial. The coming together therefore of public enterprises and private firms is hugely welcome, because it means public projects have a much better chance of coming in on time and coming in on budget.
Public projects and budget
Budgets are allocated for a public project and public finance consulting ensures that the budget is used the way it should be used, without any misallocations of funding. When we say misallocations this can be in error, as they often are, but they can also be corruption. Corruption has to be stamped out in any sphere of the public enterprise market, another reason why the teaming up of private financial consultants is very much welcomed. A private financial consulting team will not take over the management of the funds, unless they are asked to do this, but they will take over the guidance and consulting for anything and everything to do with the funds.
Private enterprises and management of funds
In many instances a private consulting firm will take over the management of the funds. Of course they have to be asked to do this but because public and private are now being encouraged to work together, this is being asked of, more and more. It is in the interest of a public project for the project to be well managed; there are consequences when there is mismanagement. To be transparent and accountable to their funders, the taxpayers, the public, a public project has to be well managed and every aspect has to be accounted for.
Coming in on deadlines
When a public project is first conceived, there are many hoops to go through. Firstly, the funds need to be allocated. Then, the project needs to be designed and the right staff and the right teams need to be allocated. Builders are appointed, as is a financial team. This is where the private market comes into play, as financial consultants will be invited to join the project, to consult and guide on all things to do with the finances. A deadline will have been put in place and the public project has a much better chance of coming in on deadline if all departments are well-managed and in some instances, when departments are micro-managed. To come in on deadline and to meet budget and to be fully accountable and transparent, public finance consulting is always a viable option, ensuring open and transparent management and allocation of funds.