14.04.16
Value for money and transparency needed to receive Single Pot funding
Value for money and transparency are vital for devolved bodies to receive Single Pot funding under new DCLG guidelines.
The Single Pot is allocated to devolved bodies to consolidate funding and reduce ring-fences, with the initial pot including allocations of the Local Growth Fund, consolidated multi-year transport settlements, and additional allocations of grant-based investment funds.
The guidelines say local authorities should develop a local assurance framework that sets out the key roles and responsibilities in decision-making, how the funding will be used and administered, and measures for ensuring that decision-making is transparent and engaged with local partners and members of the public.
They also say Local Enterprise Partnerships should develop a Strategic Economic Plan, which will be used as a basis for decision making by local authorities.
The guidelines also say: “It is important that all localities have robust arrangements in place to ensure value for money and effective delivery, through monitoring, strong project development, project and options appraisal, prioritisation, and business case development.”
Funding decisions will be made based on impartial advice and appropriate checks and balances, and there should be a named individual responsible for risk management.
To view the guidance, go here.
Chancellor George Osborne promised a series of new devolution packages in last month’s Budget.
But a report this week from campaign group Democracy Matters recommended greater local democratic involvement in devolution arrangements, instead of a ‘top-down’ approach.
(Image c. Images of Money)