Special Blog: Medium Term Financial Strategy

We have published our Medium Term Financial Strategy, which includes next year in detail and the further out years in decreasing levels of outline.  In essence, we have a balanced budget for Financial Year 18/19, but not yet for future years.  I’m very grateful for everybody’s efforts in getting us to this point, which has not been easy, and the focus must now turn to making more efficiencies in the future.

My reasons for using my blog to communicate this to you is that I firstly wanted to thank everybody involved in this complex and drawn-out process, but also to signal that we will be adopting a different process for next year.  The process which has served us well for the past decade or so has run its course, and it was clear that going through our activities line by line was not identifying the required reductions to meet our budget.  We have yet to decide exactly what next year’s process will look like, but the first point is that our thinking starts now rather than waiting for the summer, and secondly, we will be looking at decisions which replace and transform activities rather than running them in a leaner manner.

The key driver will undoubtedly be digital, and this will require courage as well as innovation.  In essence, you don’t make the savings with a digital service or activity, unless you turn off the analogue service.  This will require us to bring our residents with us as well as our staff, and follow the analysis of the data that we have gathered.  It’s neither easy nor is it straightforward, but I know that it is possible, and the other key enabler, our workforce, will deliver what is needed.

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