Value for money toolkit launched by CIPFA

CIPFA has partnered with the University of Oxford's Government Outcomes Lab (GO Lab) to develop the innovative GO Lab-CIPFA Value for Money (VfM) Toolkit.

Based on the National Audit Office's standard definition of value for money, the toolkit offers a consistent approach to programme evaluation and has been developed in response to recent trends towards the use of outcomes-based contracts (OBCs) and impact bonds.

The toolkit provides public managers with a framework to help assess the economic validity of public programmes, while also serving as a self-assessment instrument. The toolkit promotes thinking about the longer-term effects of interventions, such as outcomes and impacts, during the design and planning stage of public sector programmes.

A 'Value in Public Finance' peer learning group, co-organised by GO Lab and CIPFA, has also been created to discuss and explore ways to improve value creation of public expenditure. The group will meet quarterly with participation open to individuals and organisations interested in improving public finance and how economies perform.

Jeffrey Matsu, chief economist at CIPFA, said: "The pandemic has intensified budgetary pressures on public bodies, and this toolkit is part of our wider commitment to support the public sector in a practical, equitable and outcomes-centred way. We've also worked to design additional resources and guidance to make using the toolkit that much easier for users."