As with any business, Housing Associations need to make sure that they are running efficiently and making the best use of their resources.
Since 2005 we have been required by the Housing Corporation to produce an Annual Efficiency Statement (AES). This must include a self assessment of efficiency for the previous year and estimated efficiency gains for the coming year.
Gains can be made by reducing costs whilst maintaining services at the same level, by maintaining costs whilst improving the quality of services or where an improvement to a service far outweighs the cost involved.
In 2007/08 we achieved 128,000 worth of savings. We are a not for profit organisation, so any money we save by using our resources efficiently can be spent in areas where it is needed.We also need to ensure that we are achieving value for money. This means that we need to consider the impact and benefit to customers of the cost and efficiency savings we make. Value for money is one of the Key Lines of Enquiry (KLOE) used by the Audit Commission when undertaking inspections of Housing Associations. Go to the Audit Commissionís website for more information.