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Lest we forget
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The National Audit Office issued its latest report on the Millennium Dome last month, this one concentrating on the winding-up process. The report concludes: ‘The Millennium Dome project was unique. Yet it provides lessons which may be helpful to others involved in major capital projects, and indeed other Lottery projects… This report highlights the importance of proper records and internal controls, and, as was achieved, a clear focus on the requirements of public accountability. But these reports are no substitute for those directly involved in the project directly reflecting on their personal experiences and drawing out the lessons for others… this is something in which the Department for Culture, Media and Sport could usefully take the lead.’ The two tables here, taken from the NAO report, serve as a warning to anyone involved with large capital projects just how badly the finances can go wrong if initial projections are unsound.
Table 1
Table 2
