Where the efficiency savings came from
The savings we make as a council are recorded through National Indicator (NI) 179 - Value for money
The Government definition is: Value for money - total net value of ongoing cash-releasing value for money gains that have impacted since the start of the 2008-09 financial year.
This means all parts of the public sector need to continue to seek and implement ways to deliver higher quality public services with the resources that are available.
This means enhancing value for money and the whole public sector has been set a target of achieving at least 4 per cent per annum value for money gains during the 2007 Comprehensive Spending Review period, all of which should be cash-releasing, i.e. free up resources that can be redeployed elsewhere.
The response to pressure on available resources should be to seek greater value for money, rather than to simply reduce the effectiveness of public services. Therefore, this indicator records the value of ongoing net cash-releasing value for money gains achieved by councils.
This is same as the figure for total cumulative cashable efficiency gains that until now has been reported through the Annual Efficiency Statement (which is being rescinded).
General Fund Revenue Savings £0.570m
Financial Services Review £0.090m
Treasury Management £0.935m
Graduate Trainee Scheme £0.110m
Corporate Procurement Savings £0.077m
Total efficiency savings £1.782m