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. 14 Target Date COWESHARBOURCOMMISSION.CO.UK 2018