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Value for Money report published | South Lakes Housing

Value for Money report published

The 2016 annual Value for Money (VfM) self-assessment has been published today following consultation with Tenants’ Committee and approval by the SLH Board in September 2016. 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 of our VfM performance builds upon the foundations developed by our VfM culture, the work done over the last couple of years to evaluate the return on our assets and provides additional transparency of our costs. More specifically this year’s report shows;

  • An outline of our change in business strategy from the provision of ‘excellent services’ to maintaining a ‘good/median’ service to maximise efficiencies
  • Details on our VfM savings achieved of £1.079m against a target of £600k for 2015/16 and on our new targets for 2016/17 representing further savings totalling £1.1m
  • Analysis of our unit costs compared to others, an explanation as to why some of these vary from sector averages and new targets to reduce headline unit costs by 13% in 2016/17 and beyond
  • Significant investment in major repairs continues to go into the existing stock as part of the post transfer ‘promises’ to tenants, with expenditure almost double the cost of the average housing association
  • Progress made towards more collaborative working across Cumbria to achieve efficiency gains in the delivery of repairs and maintenance services estimated at £800k over the next 3 years
  • Our Board’s strategy to promote Home Ownership through Shared Ownership and Rent to Buy products and other new development opportunities resulting from reinvestment of compensation monies under the new ‘Voluntary Right to Buy’ – including capacity for over 100 new homes
  • Performance and service quality comparisons with other landlords including actions for improving services to tenants
  • Further detail on our ‘real asset management’ methodology, which shows a 2.8% reduction in assets failing minimum performance criteria, and further details on how this has helped inform our disposal decisions  to re-model hard to let properties
  • Our response to the challenges brought by the four year rent reduction and pressures resulting from reducing benefits from welfare reform
  • Details on the review of funding arrangements to ensure the VfM of our borrowing is maximised
  • An outline of our investment in IT including the implementation of Civica’s ‘Cx’ housing management system
  • An outline of savings generated by self-delivery of improvement works through our Projects Team undertaking new kitchen and bathroom planned works
  • Evidence of social impact including youth engagement projects

The latest self-assessment is available on this link Value for Money Self-Assessment 2016