This research responds to issues identified with the forecasting of operational expenditure by providing an in-depth analysis of a multi-modal transportation programme from New Zealand. It shows material issues that are likely to be of relevance to wider infrastructure practice. It also indicates that management tools and processes can inadvertently result in budgetary and operational omissions. Significantly, those omissions include the very service, societal, and environmental requirements upon which the programme was predicated, and also omitted provisions for the long-term maintenance of major assets (such as bridges and other structures). A more holistic model is therefore proposed to support a re-orienting of practice towards an integrated whole-of-system approach.