Chief Executive David Ralph said robust procedures are in place to ensure the D2N2 Local Enterprise Partnership delivers economic growth in the Derbyshire and Nottinghamshire region.
He was speaking following a report published by MPs today that said LEPs are subject to a “misguided” funding policy from central government that is jeopardising their role as the “engine of local growth”.
The committee of MPs also urged that LEPs need to be given the “certainty and security” to help generate long-term growth by having their core funding extended to 2020.
The Business, Innovation and Skills (BIS) Committee report, published this morning, called on the government to set their levels of funding for the five years from 2015.
It also recommended a single minister with responsibility and accountability for LEPs should be appointed. Committee chairman Adrian Bailey said the move would enable LEPs to make long-term investments.
Mr Ralph confirmed that D2N2 LEP is absolutely clear on the importance of its role in managing public money.
He said: “The LEP understands the importance of managing a significant amount of public money and has put in place robust procedures to ensure this money is spent properly and appropriately to deliver economic growth and jobs.
“LEPs have strong governance models in order to form strong partnerships, with local government, business, colleges, universities and others in order to provide the best local understanding and solutions. Also, in terms of scale and funding, cost and bureaucracy, they are fundamentally different to Regional Development Agencies.
“D2N2 is absolutely up for the challenge of delivering the best benefits for local people and business and we look forward to the continued support of Government for our work.”