The way transport funding is allocated for local major schemes has fundamentally changed since the Gloucestershire Local Transport Board (GLTB) was first established in 2013. Funding for local major schemes, including the GLTB funding, is now allocated to the Local Enterprise Partnership (LEP) through Gloucestershire’s Local Growth Deal.
Government has asked all LEPs to produce an Assurance Framework to govern their arrangements for sound financial management and decision making. This Assurance Framework has now been finalised and replaces the existing GLTB Assurance Framework. It is available on the LEP webpage: GFirst LEP Assurance Framework
This new Assurance Framework will govern the work of the GLTB and the LEP Board will take the final funding decision on all Growth Fund schemes. The GLTB will continue to lead on the business case approval process and will – at the end of that process – make a recommendation to the LEP Board to sign off the funding agreement.
The business case stages required for smaller schemes have been reduced to two, allowing all schemes with a total value of less than £5 Million to merge the Outline and Full Business Cases (please see the new business case guidance on the LEP webpage (GFirst LEP Assurance Framework) for detailed information).