COWES HARBOUR COMMISSION STRATEGIC PLAN 2016-2021 June 2016 | Page 14
FINANCIAL MANAGEMENT
CORE POLICY
Ensure that the commercial and financial management is robust, market-led and enables CHC
to deliver its statutory duties and strategic objectives and fund harbour improvements.
GUIDING POLICIES
n Financially responsible: Optimise income from CHC’s assets and investments.
n Governance: Ensure transparent reporting and a commitment that CHC’s statutory position will
not be used to CHC’s commercial advantage.
n Cost centre management: Manage CHC’s statutory and commercial operations in ‘ring fenced’
cost centres.
n Performance and targets: Set and measure financial and operating performance targets and KPIs.
n Best Value: Operate best practice procurement in line with ‘Best Value’ principles including routine
market testing of in-house service provision and control of administration and operating costs.
n Expenditure control: Ensure robust control of administration and operating costs to deliver
efficiency savings.
n Borrowing: Ensure that any borrowing is appropriate and protects CHC’s long-term asset base.
n Reporting: Deliver statutory audited financial statements with an unqualified audit report and publish
on CHC’s website.
n Stakeholder dividend projects: Consult stakeholders before engaging in stakeholder dividend
projects and disclose in CHC Annual Report.
n Investment: Continue investment into marine services, facilities and harbour related assets to deliver
strategic objectives and improve the long-term harbour offering in the interests of stakeholders.
n Funding: Seek opportunities for the external funding of harbour infrastructure projects through grants
and/or commercial ventures.
OBJECTIVES
n 5 year Budget Plan: Update the rolling 5 year Financial Capital and
Maintenance Budget Plan linked to the CHC 5 year Strategic Plan.
2017
n Charging policies: Review and update CHC charging policies and develop
fit-for-purpose income strategies.
2016-2017
n Reporting and targets: Develop internal report and then consult and publish
CHC financial KPIs.
2016-2017
n External funding: Seek to develop and maintain additional external funding
and commercial sponsorship.
2016-2021
n Audit: Re-tender the CHC external audit contract.
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Target Date
COWESHARBOURCOMMISSION.CO.UK
2018