Localities in receipt of funding (such as a ‘Local Growth Funds’ as part of their devolution Growth Deal agreement with Government) are required to have an assurance framework that defines how they:
- Appraise projects and allocate funding
- Demonstrate appropriate levels of transparency in the way they operate
- Monitor and evaluate projects to ensure that they achieve value for money and projected outcomes.
Program Framework’s LEP Portfolio Governance solution is for Portfolio Management Offices (PMO) within LEP Delivery Directorates, helping them to efficiently operate such an assurance framework. The solution ensures:
- Consistent Project Delivery on time & within budget
- Accurate & Timely Information
- Increased Efficiency
- Robust Governance & Assurance
- Smooth Handover to Operations
- Early visibility of progress, issues and problems.
The sample dashboard provided here demonstrates some of the reporting capabilities relating to project funding – allowing analysis of both funding and spend by programme, partner organisation, funding source and other categories. A variety of dashboards will be available to the central LEP authority, but also to each partner organisation, allowing them to track their funding allocation, current level of claims, remaining forecast and many other data points.
The visibility of the cost and financial performance of each project enables the LEP to provide robust oversight of each programme and its projects, facilitating the timely release of funds. It will also improve the management of cash flow and payments to partner organisations. Partner organisations benefit from having instant access to their own data.
All data is sourced from a pre-configured Microsoft Project Online data model - this solution delivers not just cost management capabilities (such as Funding and Claims management), but also Planning and Scheduling, Risk and Issue Management, Document Management, Change Control, Outputs and Benefits Realisation. The solution provides a shared collaboration platform for the central authority and all its partner organisations.
See our case study at: https://programframework.com/case-studies/_wyca