TAILIEUCHUNG - Social Impact Bonds: A new way to privatize public services

Social Impact Bonds are the newest idea to catch the eye of governments attempting to “reform” the public service to save money. In the 2012 federal budget, Finance Minister Jim Flaherty announced that Social Impact Bonds held “promise” and the federal government was looking at adopting them. As part of his report for the Ontario government recommending major cuts to public services, Don Drummond called for pilot projects using Social Impact Bonds in several different areas. In Alberta, the Progressive Conservatives support them. The fear is that Social Impact Bonds will become yet another way to privatize and/or cut funding from community and social services. Among the areas. | national union research Social Impact Bonds A new way to privatize public services April 2012 Social Impact Bonds A new way to privatize public services Summary Social Impact Bonds are the newest idea to catch the eye of governments attempting to reform the public service to save money. In the 2012 federal budget Finance Minister Jim Flaherty announced that Social Impact Bonds held promise and the federal government was looking at adopting them. As part of his report for the Ontario government recommending major cuts to public services Don Drummond called for pilot projects using Social Impact Bonds in several different areas. In Alberta the Progressive Conservatives support them. The fear is that Social Impact Bonds will become yet another way to privatize and or cut funding from community and social services. Among the areas where Social Impact Bonds have been proposed as a way of providing services are developmental services homelessness supports for people with developmental disabilities mental health justice and corrections and public health. An added concern is Social Impact Bonds will increase administrative costs and reduce public accountability. What are they The idea behind Social Impact Bonds is that private investors and the government enter into a contract. Private investors fund services that have the potential to save governments money. Governments repay investors their capital and an agreed-on profit if agreed-upon social outcomes are met. If the service does not meet the agreed-on social outcomes investors get nothing back. An intermediary organization administers all aspects of Social Impact Bond projects including hiring the organization that is actually delivering the Proponents of Social Impact Bonds have made it clear that ideally the role of governments would be limited to agreeing on the social outcomes and paying up if the social outcomes are All other decisions about how the service will be delivered will be in the hands of

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