Capital Project Monitoring... Commentary on the GFOA Best Practices
Part 6: Project Closeout
This is the sixth article in a seven part series of our commentary on the GFOA recommended practices for Capital Project Monitoring and Reporting. We have found that the project close out practices vary widely and are often seen as simply a compliance exercise. We see the project close out process as a critical step in effective Capital Program Management (CPM) that includes the Project Implementation Team and Project Planning Team.
GFOA Recommended Practice: Capital Project Monitoring and Reporting (2007) (CEDCP) October 19, 2007. - Project Close-Out states:
- Upon project completion, ensure that actions are taken to finalize project activity, including, at minimum:
- Confirming that the project is closed out appropriately within all systems used to manage, monitor and report on the project.
- Confirming that the established procedures for user acceptance of project work and final project completion have been followed.
- Confirming that new infrastructure assets are properly recorded.
The purpose of project closeout is to assess the project, perform a financial reconciliation, and gain any lessons learned and best practices to be applied to future projects upon project completion. As the project itself, the project close-out needs to have its own time frame for completion.
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