Plans for the future

Value for money targets 2016/17 and onwards
Looking forward, the Board has set the following VFM efficiency targets:

  • Operating cost savings – over the four year period to 31st March 2020 to reduce operating costs by £500k
  • Development target savings – an aspirational VFM target has been set whereby development costs should be 25% below the published relevant BCIS inflationary increase over the life of the 2015-20 programme (subject to a review following the Board agreeing the future development strategy)
  • Treasury target – to manage the portfolio of new and existing debt so that the average fixed interest rate anticipated for the period 2016/17 to 2021/22 does not exceed the long term interest rate included in the Financial Plan

What we will improve on in 2016/17 and onwards
We believe we can always improve our performance in delivering VFM. In addition to various initiatives, we have an ongoing programme to ensure that VFM continues to be a key strategy, underpinning all that we do. In particular, during 2016/17 we will:

  • Continue exploring a bigger partnership for procuring responsive and void repairs across Cumbria, involving three other Cumbrian landlords.
  • Look at sharing wider services within the above group e.g. development and HR. 
  • Following the Board agreeing a new development strategy, review our development partnership to see what further efficiencies can be delivered as well as a VFM KPI that better reflects the Board’s decision to adopt new home ownership products.
  • Continue with an ongoing review of tenders and partnership arrangements for key support services.
  • Continue our ongoing investment in IT.
  • Continue to implement our ongoing stock rationalisation review.
  • After initial proof of concept and research project with Northumbria University and Capita on Building Information Modelling (BIM) was completed this year, during 2016/17 we will be developing models to enable detailed testing of the new Capita OPENHousing BIM module, due to be available in 2017/18.
  • Continue to review the adoption of ‘channel shift’, in particular to draw up action plans for the increased use of the residents’ portal and also for the reduction in our rent collection costs.
  • Following the implementation of the fundamental housing management services review (implementation date Q2 2016/17) the immediate VFM priorities are
    o To carry out an options review for the medium and long term provision of sheltered housing accommodation
    o To design new KPIs which will measure the performance of the re-structured Housing Services department
    o To complete the internal leasehold services review
  • Following the Board’s agreement in March 2016, to implement a revised set of KPIs, in particular KPIs which measure the success of strategies agreed by the Board.
  • To implement stage one of a three year plan to rationalise office accommodation.
  • To re-procure our cyclical maintenance contracts.

For more information, click here to read our full Value for Money statement
 

Further information

Documents

VFM Self Assessment Statement 2015-16

VFM Self Assessment Statement 2015-16

File type: PDF document
File size: 1 MB

TCHA Annual Report and Financial Statements to 31st March 2016 web version

TCHA Annual Report and Financial Statements to 31st March 2016 web version

File type: PDF document
File size: 608 KB