Did You Know?

Since our creation in April 2016 we have supported the creation of over 8,000 new jobs

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 Single Pot Assurance Framework which we agreed with Government as part of the devolution arrangements. This provides Government with assurance 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.

The Framework covers arrangements for governance, decision-making, project appraisal and value for money and these requirements are embedded in our constitution and in our everyday working arrangements. The Assurance Framework was agreed in August 2016 and is currently being reviewed to reflect updated governance arrangements and our project appraisal process.

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 results of this assessment help inform decision makers through our governance arrangements.

We will invest in the strongest projects that will have the biggest impact on our ambitions set out in the Strategic Economic Plan and our Investment Plan.