Accord’s VFM strategy
The Board-approved VFM strategy has been developed to meet the requirements of the regulatory standards, to complement the delivery
of the Business Plan objectives and also to ensure that there is transparency in the work of the Group from which stakeholders can
take assurance. The strategy is underpinned by a detailed action plan which the Executive Board monitor through updates via the VFM
working group, staffed by senior managers. This work helps to ensure that efficiencies are driven throughout each part of the business
consistently and that colleagues are demonstrating keen awareness of the requirements.
Application and delivery
Outlined below are some of the Group’s key VFM achievements in 2015/16. The extent and significance of these outcomes demonstrate
Accord’s commitment to delivering value for money in its core services.
Theme
Plan and manage
our costs
Objective: What has
Accord committed to?
Implementation:
What has been delivered?
Develop a VFM framework/model to
measure VFM achieved on strategic
business objectives.
n Revised Project Approval Panel (PAP) assessment tool to
clearly outline the viability of investment opportunities
n Overhead efficiencies of £1.6m included in the
2016/17 budget
n St affing budget reductions of £1.2m achieved through
realignment of corporate functions
n Board approved action plan based on the observations
and outcomes from benchmarking exercises
n Further increased use of benchmarking data and
outcomes to better understand aspects of the Group’s
performance in the context of comparable organisations
n Tightening of corporate performance measures including
voids/lettings, arrears and bad debts
n Tightening of key asset management metrics, including
void turnaround and cost efficiencies. New targets
are included in the recently Board approved Asset
Management Strategy
n 2015/16 group surpluses ahead of budget.
Review and reorganisation of
overheads to drive efficiency and
increase VFM
Improved use of performance
management and benchmarking
data to understand costs and drive
business improvement.
Financial Statements 2016
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