Economic/financial sustainability strategy
The first programme contract with the Portuguese State was signed on 29 September 2007. It constituted a programming and financing contract (for the 2007-2009 Investment Phase), in which:
Parque Escolar undertakes to carry out the modernisation of the schools and the conservation and maintenance of said schools throughout their useful life;
the State undertakes to make the funding transfers deemed necessary for that purpose;
Parque Escolar is authorised to secure the financing necessary to cover those investments that are not covered by EU funds or the PIDDAC, thus creating the conditions for Parque Escolar to obtain financing under the best market conditions;
the coordinated actions of the Ministry of Education, Parque Escolar and the School Managements are defined, respecting the competences of each entity, in particular the growing autonomisation of the schools.
Later, in December 2008, the Parque Escolar Business Plan for the period 2007-2037 that had been submitted to the responsible ministries was approved.
Giving continuity to that established in the Business Plan, and in conformity with the measures recommended by the Investment and Employment Initiative Programme, on 14 October 2009 the new programme contract was signed with the Portuguese State defining the scope of the Parque Escolar service provision, the school infrastructures covered by this contract and the amounts to be paid by the State to the company for provision of the services.
This contract, to be reviewed after three years, stipulates the payment for the maintenance and conservation components and the investments for the business year 2009. The company’s principles of sustainability are thus defined.
In the initial construction/investment phase (2007-2015), the investment needs up until 2015 will be covered by the following financing sources:
1. National and EU public funding, through the PIDDAC, the Investment and Employment Initiative (IIE) and the EU’s ERDF programme;
2. The European Investment Bank and the Council of Europe Development Bank;
3. Commercial banks.
In the availability/operation phase (September 2008 to 2037), the amount payable by the State to Parque Escolar, linked to the number of square metres of space made available, was calculated on the basis of the responsibilities resulting from the investments made in the construction, remodelling and re-furbishing of school infrastructures and everyday and heavy maintenance. Thus, the amount relating to investment in school construction, remodelling and refurbishment will be fixed for periods of one year, while the funding for maintenance and conservation will be established for three-year periods.
Accordingly there will be phased payment of the moneys for investment in the Modernisation Programme, defined according to different time periods and in accordance with two types of investment made: construction and maintenance and conservation.