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Value for money (VFM) forms a key element of our 2050 Strategic Plan: by being more efficient, we can create more value that will enable us to build more of the right homes, in the right places, that are safe, decent and energy efficient, and deliver high levels of service to our customers.
We made £11m of efficiencies this year, generating additional income and reducing costs, without compromising customer service. More savings will be made in the next five years, through our Digital Programme and initiatives such as managing the disposal of our empty homes in-house and increasing the size of our inhouse legal team.
We must also continue to get the best possible value for money for our customers whenever we buy goods or services, in the face of increasing costs. In 2021/22, our Procurement team worked on seven major contract tenders, identifying combined savings of £4.1m over the life of the contracts. We also raised £280k by selling our procurement frameworks, and collaborated with external partners in managing and promoting about 90 more.
We track VFM performance through a range of financial, operational and strategic metrics, as well as those required by the Regulator for Social Housing. Highlights are below; you can find detailed scorecards in the Value for money section of the Financial report (PDF, 13MB).