Conditions of funding for project inclusion
Each Low cost, low risk improvements programme must be supported by a list of projects using the Transport Agency's template, as set out below.
If an approved organisation does put a project forward with an estimated total cost of over $1,000,000 as a low cost, low risk improvement, the Transport Agency will only financially assist such a project to a cap of $1,000,000 and any amount over this cap will be treated as third party/supplementary funding, which the approved organisation must fund itself. For example, a project of $1,200,000 total cost will be assumed to have $200,000 third party/supplementary funding and the Transport Agency will assist funding only to the $1,000,000 total cost for approval maximum.
The $1,000,000 total cost for approval maximum includes professional services, property and construction/implementation costs.
A low cost, low risk public transport improvement project cost must not be split or claimed over multiple work categories and activity classes. It must be claimed only under Work Category 532.
A project must not be split into more than one low cost, low risk improvement project to circumvent the $1,000,000 total cost for approval cap.
The total cost for approval of any multi-party funded Low cost, low risk improvement project must not exceed the $1,000,000 cap across all funding parties.
If the tender price for a planned low cost, low risk improvement project means that its total cost exceeds the $1,000,000 limit, either it is withdrawn as a low cost, low risk improvement and resubmitted as a stand-alone project in Transport Investment Online or it remains as a low cost, low risk improvement and any amount over the limit will be treated as third party/supplementary funding, which the approved organisation must fund itself.
Where the actual outturn total cost for approval exceeds the tendered cost and exceeds the $1,000,000 limit, the project may remain as a low cost, low risk improvement and receive funding assistance against all of the total cost for approval, provided the Transport Agency representative relevant to the approved organisation agrees that the reasons for the increased cost are justified and that the increase is reasonable.