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Value for money

Our ‘value for money statement 2015/16 gives full details of what we have done over the last year to achieve value for money (VfM) and sets out our priorities for the next year. It describes where we have saved money and how we have become more efficient and improved services.

What is value for money?

As a not-for-profit organisation, we re-invest any profit we make into our homes and services. So getting the best VfM is a hugely important part of what we do. For us, VfM is about three main things.

Spending less (economy) – this means correctly understanding the resources we need and what they cost. This way we can set clear budgets and savings targets.
Spending well (efficiency) – this means only buying the resources we actually need and using them effectively.
Spending wisely (effectiveness) – this means making sure that everything we do has a clear purpose and meets our business objectives.

To help us achieve VfM we have:

  • a corporate plan which sets out our business objectives for the next five years
  • a financial business plan to make sure that we plan and make sound financial decisions
  • a programme of service improvement reviews to respond to your feedback
  • a procurement strategy to help us make sure our buying is co-ordinated and effective
  • an asset management strategy to help us make the best use of our housing assets
  • a treasury management policy to help us efficiently manage borrowing costs and risk, and
  • a programme to improve our business systems and communications technology.

What does this mean for residents?

We want you to be sure that we are spending the money you pay us in rent and service charges wisely. We also want you to be happy with the quality of your homes and the levels of service we provide you.

By being smarter with our money, we have more to invest in our homes and services: providing better services for our existing customers and building more new homes for people that need them.
By involving residents in our VfM reviews, we listen to your feedback and act on your recommendations. This way, we know that we are focusing on things that are important to you.