COWES HARBOUR COMMISSION STRATEGIC PLAN 2016-2021 Mid-Term Review 2019 | Page 18

5 | FINANCIAL MANAGEMENT CORE POLICY Ensure that the commercial and financial management is robust, market-led and enables CHC to deliver its statutory duties and strategic objectives and fund harbour improvements. GUIDING POLICIES 5a. Financially responsible: Optimise income from CHC’s assets and investments. 5b. Governance: Ensure transparent reporting and a commitment that CHC’s statutory position will not be used to CHC’s commercial advantage. 5c. Cost centre management: Manage CHC’s statutory and commercial operations in ‘ring fenced’ cost centres. 5d. Performance and targets: Set and measure financial and operating performance targets and KPIs. 5e. Best Value: Operate best practice procurement in line with ‘Best Value’ principles including routine market testing of in-house service provision and control of administration and operating costs. 5f. Expenditure control: Ensure robust control of administration and operating costs to deliver efficiency savings. 5g. Borrowing: Ensure that any borrowing is appropriate and protects CHC’s long-term asset base. 5h. Reporting: Deliver statutory audited financial statements with an unqualified audit report and publish on CHC’s website. 5i. Stakeholder dividend projects: Consult stakeholders before engaging in stakeholder dividend projects and disclose in CHC Annual Report. 5j. Investment: Continue investment into marine services, facilities and harbour related assets to deliver strategic objectives and improve the long-term harbour offering in the interests of stakeholders. 5k. Funding: Seek opportunities for the external funding of harbour infrastructure projects through grants and/or commercial ventures. OBJECTIVES 5.1 5 year Budget Plan: Update the rolling 5 year Financial Capital and Maintenance Budget Plan linked to the CHC 5 year Strategic Plan. 2017-2021 5.2 Charging policies: Review and update CHC charging policies and develop fit-for-purpose income strategies. 2016-2017 5.3 Reporting and targets: Develop internal report and then consult and publish CHC financial KPIs. 2016-2017 5.4 External funding: Seek to develop and maintain additional external funding and commercial sponsorship. 2016-2021 5.5 Audit: Re-tender the CHC external audit contract. 18 Target Date cowesharbourcommission.co.uk 2018