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 (2023). This Framework replaces the last published Assurance Framework (2016) and takes on board the national guidance published by the Ministry of Housing, Communities and Local Government for the National Local Growth Assurance Framework (January 2019).
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:
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:
The following describes the various templates developed by the Combined Authority which must be completed by applicants seeking funding support, including:
Expression of Interest
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