In 2015, Tees Valley Combined Authority was awarded the long term Investment Fund of £450 million over 30 years as part of its Devolution Deal and Single Pot funding arrangements. In line with other Devolution Deals agreed, places can allocate and spend Investment Funds on locally appraised projects, providing them with greater control over directing priority investment decisions.<\/p>
The Combined Authority has responsibility for how it will invest these funds within the scope of an agreed assurance framework, which sets out how they will appraise, monitor and evaluates schemes to achieve value for money. This is based on Government\u2019s Single Pot Assurance Framework national guidance. To ensure value for money is achieved for the taxpayer, future release of Investment Funds are subject to five yearly Gateway Reviews which include an economic impact assessment carried out by an independent panel.<\/p>"} , "answeringMember" : {"_about" : "http://data.parliament.uk/members/4060", "label" : {"_value" : "Biography information for Sir Jake Berry"} } , "answeringMemberConstituency" : {"_value" : "Rossendale and Darwen"} , "answeringMemberPrinted" : {"_value" : "Jake Berry"} , "dateOfAnswer" : {"_value" : "2018-12-10", "_datatype" : "dateTime"} , "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"} , "questionFirstAnswered" : [{"_value" : "2018-12-10T17:35:17.083Z", "_datatype" : "dateTime"} ]} , "answeringDeptId" : {"_value" : "7"} , "answeringDeptShortName" : {"_value" : "Housing, Communities and Local Government"} , "answeringDeptSortName" : {"_value" : "Housing, Communities and Local Government"} , "date" : {"_value" : "2018-12-05", "_datatype" : "dateTime"} , "hansardHeading" : {"_value" : "Teesside International Airport"} , "houseId" : {"_value" : "1"} , "legislature" : [{"_about" : "http://data.parliament.uk/terms/25259", "prefLabel" : {"_value" : "House of Commons"} } ], "questionText" : "To ask the Secretary of State for Housing, Communities and Local Government, with reference to the proposal from the Tees Valley Mayor to buy Durham Tees Valley Airport, what the Government's policy is on devolved resources to Combined Authorities being used to bring airports into public ownership; and if he will make a statement.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"} , "tablingMember" : {"_about" : "http://data.parliament.uk/members/4122", "label" : {"_value" : "Biography information for Alex Cunningham"} } , "tablingMemberConstituency" : {"_value" : "Stockton North"} , "tablingMemberPrinted" : [{"_value" : "Alex Cunningham"} ], "uin" : "199386"} ], "itemsPerPage" : 10, "page" : 0, "startIndex" : 1, "totalResults" : 1, "type" : ["http://purl.org/linked-data/api/vocab#ListEndpoint", "http://purl.org/linked-data/api/vocab#Page"]} }