Income generation 2015: Securing alternative funding streams
WRITTEN BY Local Partnerships
POSTED ON 4th March 2015
Jim Scopes, Programme Director for Assurance at Local partnerships, led a session exploring the ‘spin-out’ journey, from the first idea through to an established organisation.
In light of both cuts to central government funding and a rise in demand for services, budgets for public services are growing ever tighter. With the Local Government Association estimating a funding gap for local authorities of £5.6 billion between 2014-2016, the need to find alternative streams of income to sustain the delivery of public services has become critical.
On Tuesday 28th April, the Income Generation 2015: Securing Alternative Funding Streams forum, organised by Inside Government, offered delegates the opportunity to hear from leading experts and practitioners on best practice and innovative models for local authorities to identify market opportunities, develop commercial activities and ensure funding to sustain the delivery of frontline services.
The session described the five stages of the journey and how to manage and minimise risk as Local Authorities explore the options for income generation, from being clear about desired strategic outcomes through to a successfully launched new enterprise. This drew on Local Partnerships wide range of experience of best practice and pitfalls in establishing such entities.
To read more about our work on alternative service delivery models click here
To read more about the work that Jim has led at Local Partnerships on local authority trading assurance click here
To read more about our approach to Local Authority Trading company reviews please read this article by Azhar Gose. Azhar is qualified as both a Chartered Secretary and Solicitor and is a LP associate. He has over 15 years’ experience in the public sector and 10 years in the private sector including running his own business click here
Rob Hann wrote this article after attending the annual local authority lawyers’ weekend school earlier this year. Trading and setting up companies was a recurring theme. The article demonstrates that, whilst companies have their place, they are not the only or first option when looking at trading and income generation. The article features by way of example three other options and is aimed at all in local government especially, but not exclusively, LG lawyers. To read the article, please click here.