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