New Surrey investment fund to unlock savings of £37 million

Surrey County Council has set up an investment fund that will unlock savings of more than £37 million.

Surrey County Council leader David Hodge. Click image to download

The council estimates that its £9 million investment fund will generate more than four times as much in savings for local taxpayers by 2017.

Under the ‘invest to save’ scheme, services bid for money to get projects off the ground. As part of the process, they have to set out how the cash injection will result in better services and efficiencies.

Installing new technology to keep close tabs on finances is expected to save £6.6m after an initial outlay of £1.2m by giving budget holders better information and saving time.

And a procurement drive to seal better deals with contractors that requires investment of £350,000 will realise savings of £13m.

Surrey County Council leader David Hodge said: “Value for money is at the heart of every decision the council makes. By finding ways of doing things more efficiently we can ensure taxpayers’ money goes further while continuing to provide excellent services to the people of Surrey.

“This pot of money will allow us to do that by providing the funds to get projects up and running that unlock even bigger savings.”

Surrey has saved more than £130 million over the past two years and is on track to save £330m by 2016.

This has been boosted by a three-year programme of Public Value Reviews that examine all the council’s services and look at what is done well and what can be done better.