Spending Public Money Wisely

LOCAL PEOPLE MAKING LOCAL DECISIONS

The devolution deal agreed in 2015 committed to a new place-based approach that gives Tees Valley greater flexibility over a wider investment fund than ever before. Government recognised that the delivery of long-term growth requires longer-term funding commitments, and that Tees Valley should to be able to manage funds locally so we can meet our region’s specific needs and respond flexibly to opportunities as they arise.

We manage all public funds according to the Tees Valley Combined Authority Assurance Framework (2024).

The Assurance Framework covers all funds within the Tees Valley Investment Fund, incorporating the Single Pot under the Tees Valley Devolution Deal agreed with Government and funds added to the Single Pot since the Devolution Deal, together with other sources of income such as Enterprise Zone business rates and loan repayments.

The Assurance Framework provides Government with a guarantee that we are accountable for all Single Pot funds in a way that is consistent with their practices. Following this framework ensures we are open, transparent and accountable for all of our decisions on how we spend public funds.

We assess all investment proposals in line with the Assurance Framework and the supporting Assessment Framework. This is aligned with the HM Treasury Green Book Guidance to look at:

• Strategic Fit: Does it deliver the SEP? How does the proposal deliver our Investment Plan priorities?
• Economic Impact: What will it deliver? Is there a need for public funding? Is it value for money? What economic return will we see?
• Commercial Considerations: Is it feasible and deliverable? How will it be procured fairly?
• Financial Model: Is it affordable? What is the financial risk? What is the financial model, i.e. grant, loan, joint investment?
• Management & Legal Issues: What is the deliverability risk to the project? Does the project lead have a strong track record/experience? How will the project be monitored and evaluated?

The key objectives of the Assurance Framework is to support the Combined Authority to make judgements about the value for money of potential investments and to accept or reject accordingly.  However it is just one of a range of guidance developed by the Combined Authority to inform decision making and ensure value for money, including:

Strategic Economic Plan 2016-2026 – The Industrial Strategy for Tees Valley

• A key strategy for the region
• Sets high level targets for jobs and GVA for the Combined Authority and develops the rationale for intervention across the region over six themes and seven priority sectors.

Ten Year Investment Plan 2019-2029

• Sets output targets both in terms of spend and impact for the six themes in the Strategic Economic Plan

Draft Monitoring and Evaluation Plan

Monitoring and Evaluation Framework 2020

• Sets out the process and requirements for the monitoring and evaluation of all projects and programmes supported by the Combined Authority.

The following describes the various templates developed by the Combined Authority which must be completed by applicants seeking funding support, including:

Expression of Interest

• Expressions of interest are only required for programmes or projects that are not already covered by the Investment Plan
• Expressions of interest guidance notes

Business Case

• A full business case to be completed by all applicants seeking funding support from the Combined Authority.