The $250 million Victorian Business Growth Fund (VBGF) is now open to support long‑term growth opportunities for businesses and boost employment and economic development across the State. “The expansion will include a new vegetable processing factory, new research and development and testing laboratories, offices, vegetable and salads processing equipment and IT infrastructure.”. While I note the department is applying some lessons learned to the new Regional Jobs and Infrastructure Fund, it must be vigilant in ensuring it maintains a renewed focus on evaluation and improved performance reporting, and on improving governance and transparency. Of these, 1 062 submitted a formal project proposal to RDV, and once assessed, only 803 were invited to formally apply. Regional Development Victoria (RDV) did not implement an effective evaluation framework in the initial stages of the RGF, and undertook limited monitoring and reporting of all of the RGF's outcomes. However, the figures reported are potentially misleading as they inflate the actual achievements of the RGF. Independent committees drawing membership from local councils, businesses and communities that made recommendations for the PLFP. No sources of data were identified, targets and benchmarks were not established. undertaking mid- and end-term evaluations with a focus on demonstrating the achievement of objectives. In some cases, assessment committee members were not unanimous about the need for funding, or the level required. The portal contains over 200 variables and 135 geographies. A technology park was started in regional Victoria 17 years ago. It is not clear why RDV did not provide advice to the government regarding towns which were already identified as suitable for connection and had lower project delivery costs. Nearly all applications received for the RGF were ultimately approved for funding, as shown in Figure 2C. provide an accurate picture of actual achievements. Four committees had a role in the overall governance and oversight of the RGF, as shown in Figure 2E. These included financial viability, project feasibility and maximising value to the state. To address this, RDV planned a number of actions, including: RDV did not carry out the planned interim evaluations. These issues are not new to the department, and have persisted under the RGF because it did not adequately address our previous recommendations. RDV advised that the list of towns for the EFR program was announced by the former government in November 2010 as an election commitment, and that it did not provide any input into the list. A list of 12 SAAs was developed, including three for each objective. The five non-metropolitan Victorian RDA committees provide advice to the Minister for Regional and Rural Development on local priority projects, identified needs and government investment opportunities to be funded from the local initiatives of the RGF, including the PLFP. The measures should be developed prior to starting any project.
The guidelines also identify circumstances in which alternative application processes are appropriate.
Pre-application and assessment processes for major Economic Infrastructure Program projects of the RGF were subjective and lacked evidence upon which to base funding decisions, particularly as there was no documentation of the pre-application process. Following this RDV provided more information to the RDA committees, including complete project assessments and proposal outcomes. It also raises a number of significant shortcomings including poor reporting on outcomes, a failure to achieve value for money and inadequate transparency in decision making. This committee made recommendations to the Minister of Regional and Rural Development for infrastructure-related projects. Weaknesses in the design and implementation of the RGF mean that the Department of Economic Development, Jobs, Transport & Resources (the department) cannot fully demonstrate that value for money and the goals and objectives of the RGF have all been achieved. International: (+61 3) 8601 7000, Street and postal address The planned expansion included developing seven hectares of land at one campus and refurbishing a building in the regional city's central business district.

Evaluation questions were reworked providing substantially more detail and context. the identified issues. An internal committee that assessed business project proposals under the PLFP.

REIC and RDA committees were provided with funding applications along with RDV's assessment to consider and make recommendations to the minister. Claiming the jobs of an entire company as jobs retained in such projects is not an accurate reflection of the impact of the RGF. A case study on the expected outcomes of a technology park expansion project funded by the RGF is discussed in Figure 3F. RDA committees were established under a cooperative arrangement between the state and federal governments. We are the one on which you can rely on for your all type of accounting work. The department recommended to the minister that it 'utilise the balance of RGF program funding ($14.681 million) through the existing program framework and governance arrangements to fund high priority projects, including the government's election commitments that are immediately ready to proceed'. The pre-application process was not documented for the Economic Infrastructure Program (EIP), which provides limited transparency of the funding process. Prompt action is Commonwealth and state governments—outside of the RGF—have also funded projects in certain instances, however, in these instances job creation should be correctly attributed to the relevant funding source.

Approximately $231 million, or 46 per cent, of the initial RGF allocation of $500 million was for the election commitments of the previous government. However, key elements, including the evaluation framework, were not sufficiently developed and required significant revision. The change of government meant the NGEP was not pursued further and was replaced by the EFR program. These have not been reported in the BP3 measures. “The LVIIF is helping Latrobe Valley companies reposition themselves for sustainable long-term growth,” Mr. Ryan said. The funding model offers no comparative data for what value for money was achieved for similar previous applications. Figure 3H “This will involve an increase in Covino Farms’ processing capacity, which requires government funding to secure the investment in time to seize market and employment opportunities.”, “Projects such as this one at Covino Farms will also enable the Latrobe Valley to diversify away from a reliance on the coal-fired power generation industry.”. A major initiative like the RGF should be underpinned by a business case that demonstrates the need for the initiative, consideration of alternative options and effective governance and risk management frameworks.

A comprehensive list of performance measures was also developed.

The monitoring of other outcomes is not effectively undertaken. It also provided 21 per cent of the state's employment. This also brings into question whether the state achieved the best value for money for its investment in regional Victoria.

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