Categorisation and Handling of Funding Streams Sample Clauses

Categorisation and Handling of Funding Streams. In general the LAA involves consideration of two types of funding streams: • Pooled funding streams, which are wholly ‘owned’ and accounted for through the LAA governance mechanism; and • Aligned funding streams, which are committed to the delivery of the outcomes framework but continue to be held by their original ‘owner’. The key characteristics of these funding stream types within the LAA and the key principles by which they will be managed are set out below. Aligned Funding Streams • Are aligned (in full or in part) to the outcomes framework. Where monies (whether all or part of a fund) are aligned, any conflicts between what the funding provider requires to be delivered for those funds and what is committed to in the outcomes framework will have been resolved in advance • Continue to be paid to the fund holder • Fund holder retains ultimate accountability for delivery of the outcomes but delivers in full co- operation with the relevant sub-group within the LAA governance framework. • In the main will continue to be subject to existing monitoring and reporting arrangements unless specific changes are negotiated during the LAA process. Pooled Funding Streams • Cease to be paid individually to the Local Authority and are instead delivered in a single monthly payment from each central Government Department (via GoL) • Cease to be subject to existing monitoring and reporting mechanisms and are reported on through the single agreed LAA PMF. • Accountability for funding is transferred from the previous recipient to the Local Authority. • Proposals for spending will be drawn up by the WCP Thematic Networks and LAA Partnership Board, endorsed by the WCP and approved by the Local Authority. Westminster is keen to ensure that, as far as possible, the LAA is supported by all funding streams and budgets that are directly relevant to the delivery of the outcomes framework. However, there are a number of funding streams which are only partly dedicated to the delivery of an LAA outcome(s) or where an element of the fund has to be allocated on a more reactive basis than the relevant network could manage. In these cases it would not make sense to pool the entire fund. However, because of the difficulties that would be created in terms of financial management at the central government end, we have been advised that it is impossible to pool part of a fund. In order to deal with this Westminster has created a third category of funding stream, a ‘locally pooled fund’ (as o...