Value For Money Statement 2016 VFM Statement 2017 | Page 9

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 VFM from which stakeholders can take
assurance. The strategy is underpinned by an annual efficiency plan which informs the budget setting process for that year.
Application and delivery of Accord’s VFM Strategy
Accord’s Board approved 2015-2018 VFM Strategy consists of five strategic themes which are each aligned to regulatory
requirements and complement and supports the delivery of the Business Plan objectives. The table below outlines the key
objectives of the VFM strategy and the key actions already undertaken in delivering against these.
Theme Objective: What has
Accord committed to? Implementation:
What has been delivered?
Plan and
manage
our costs Develop a VFM framework/model
to measure VFM achieved on
strategic business objectives. n During 2016/17 the strategic annual review of VFM in the
context of business plan objectives was again prepared at
the request of the Board.
n In response to the rent reduction regime the outcomes
of the VFM response plan have been embedded in the
2017/18 budget.
n Overhead efficiencies of £2million included in the 2016/17
and 2017/18 budget.
n The Board and Executive continue to be clearly sighted
on benchmarking data including cost per unit analysis to
ensure a full understanding of Accord’s cost base.
n This information is used to inform performance
improvement.
n Benchmarking exercises were undertaken to ensure the
Board and Executive understand Accord’s cost base and
financial performance in the context of peer organisations.
n 2017/18 surpluses ahead of budget.
n Corporate Asset Management budgets were exceeded
– these budgets also included embedded year on year
efficiency savings.
n Improved year on year cost per unit efficiency metrics over
a five year period.
n A number of detailed operational reviews have been
delivered during 2016/17 to implement leaner ways of
working and drive up service standards.
n An investment in core systems to improve operating
practices freeing up front-line resource to prioritise
on adding value through reduced administration/
bureaucracy.
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.
Value For Money Statement 2017
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