The 2017 annual Value for Money (VfM) self-assessment has been published today following approval by the SLH Board in September 2017. The Regulatory Standard on VfM requires that Registered Providers’ Boards shall demonstrate to stakeholders how they are meeting this standard. As part of that process, on an annual basis, landlords are required to publish a robust self-assessment which sets out in a way that is transparent and accessible to stakeholders how they are achieving VfM in delivering their purpose and objectives.
This year’s assessment is set within the context of the 2016-2020 Business Strategy. The strategy responds to the external operating environment and aims to grow the business following the completion of the ‘transfer promises’. VfM is integrated within the four main business objectives which are to; ‘providing a good and cost effective landlord’, ‘increasing our portfolio’, ‘developing commercial and partnership opportunities’ and ‘improving the running of the business’.
The strategy focuses on the following objectives;
- An outline of our change in strategy from the provision of an ‘excellent’ service to maximise satisfaction to maintaining a ‘good’ optimum service standard to maximise efficiencies.
- Reducing cost per unit through better efficiencies whilst continuing to maintain decent homes standards and ensuring compliance with health and safety responsibilities.
- Responding to the challenges brought by the four-year rent reduction, welfare reforms and mitigating risks associated with the Local Housing Allowance cap.
- Analysing unit costs compared to others and using this tool to drive efficiencies.
- Moving towards more collaborative working across Cumbria to achieve efficiency gains in the delivery of repairs and maintenance services.
- Developing our ‘real asset management’ methodology to help inform investment and disposal decisions.
- Promoting Home Ownership through Shared Ownership and Rent to Buy products and other new development opportunities.
- Reviewing funding arrangements to ensure the VfM of our borrowing is maximised.
- Restructuring the sheltered housing service to reduce costs and reconfiguring services in line with the ‘Extra Care’ Strategy.
- Providing a better digital and ‘self-service’ online offer for tenants.
- Developing a Pensions Strategy to manage pension liabilities and to mitigate risks of future increases in employer’s contributions.
The latest self-assessment is available on this link Value for Money Self Assessment 2017