Shared finance system could save councils £6.8m

Richmond and Wandsworth Councils have announced a new shared finance system that they believe will save an estimated £6.8 million.

The Councils have signed a contract with Capita Local Government to provide the system, as well as a range of transactional services, which will run for six years with the option of a four year extension.

Richmond and Wandsworth are in the process of forming a shared workforce as this stands as as one of the first jointly procured contracts to combine buying power and secure a better deal for local taxpayers.

Cllr Geoffrey Samuel, Richmond Council deputy Leader and cabinet member for finance, said: “I am delighted to welcome yet another example of the determination of this Council to save money through back office efficiencies. In controlling our finances we aim to secure for our residents the service provider who best offers a combination of quality and price. This is what we have achieved. I am convinced that as well as saving both Councils money Capita will provide a high quality service for our councils and our residents.”

Chris Buss, director of finance at the Wandsworth Council, said: “Capita has the experience, resource and expertise we are looking for and this new contact will deliver real value for money for local taxpayers. This is a good early win for our joint working arrangement with Richmond and will deliver a saving for both Councils which helps to protect front line services.”