Maximising Value for Money: Different Approaches, Same Objective
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The Value in public finance peer learning group provides a platform for those in government, academia, private and other sectors to discuss and explore ways to improve value creation of public expenditure. This peer learning group aims to create a community of individuals and organisations interested in improving public finance and how economies perform. We are an inclusive group of thinkers and practitioners and would welcome international engagement on the above themes as well as any others.
The group meets every 2 months for an hour-long discussion and is co-organised by the GO Lab and Chartered Institute of Public Finance and Accountancy (CIPFA). Jeffrey Matsu and Dr Elaine De Gruyter co-lead the sessions.
Session Overview
Value for money (VfM) assessment is a critical process organisations undertake to determine whether the benefits of a project justify its costs. While the objective is clear, in practice there are a myriad of approaches due to differences in context, data, resources, and other factors.
This session will feature the following presentations on innovative approaches and recent case studies before opening up to a Q&A and wider group discussion:
- Case studies on Smarter Public Spending: Two practical frameworks designed to strengthen financial decision-making in the public sector will be introduced, drawing on case studies from the London Borough of Redbridge and the Thames Valley Violence Reduction Unit.
- Commissioning Social Services Through a Traditional Fee-for-service Contract or Social Outcomes Partnership: Which is Better Value for Money? We will share the GO Lab’s recent work examining the cost effectiveness of the Kirklees Better Outcomes Partnership in comparison to the ad-hoc services commissioned under fee-for-service contracts which preceded it.
- Early Intervention Investment Framework (in Victoria, Australia): This innovative framework has been in place for five years, with the Department of Treasury and Finance implementing the framework for Government. It aims to maximise VfM by improving outcomes for service users and reducing growth in government expenditure, with rigorous quantification requirements. The presentation will cover the framework, approach and implementation experience to date.
Speakers
Jeffrey Matsu – Chief Economist, Chartered Institute of Public Finance and Accountancy, and Fellow of Practice, GO Lab, University of Oxford
Dr Elaine De Gruyter – Postdoctoral Research Associate, GO Lab, University of Oxford
Matt Donoghue – Director, Early Intervention and Reform, Department of Treasury and Finance (Victoria, Australia)