Value for Money Strategy

Transcription

1 Value for Money Strategy

2 Version: 3 Ref: 1009 Lead Officer: Chief Executive Issue Date: July 2013 Approved by: Strategic Board Approval Date: July 2013 Supersedes: Version 2 Review Date: July INTRODUCTION 1.1 Why is Value for Money Important to CVCHA? If CVCHA was a commercial organisation where we would be directly competing with other service providers, then our customers would have the option to evaluate whether they were happy with the price we charge for our services (i.e. rents), based on the quality of services we provide. If we are seen to be too expensive for the quality of service we are providing, then our customers could go to a competitor to seek a service which they perceive to provide better value. In the Social Housing Sector due to the demand for housing, and the current mechanism for setting rents, this competitive pressure does not exist. This creates a risk that the importance of delivering the right quality service at the right price is not a priority. Our Value for Money Strategy therefore creates a method for us to assess how competitive we are, through focussing on how we can provide a high quality of service for the same or less cost as compared to our peers. It sets out how we plan to achieve our aim of making the best use of the money we receive, while complying with the requirements set out by our regulator, the Homes and Communities Agency (HCA). Through measuring value for money performance indicators we can report on our performance and the success of the lean smarter working initiatives which we are implementing. Benchmarking against other organisations or setting targets against our past performance will provide us a competitive edge, while also driving continuous improvement within CVCHA. 1.2 Scope of the Strategy Our Value for Money Strategy sets out how we intend to do this and covers the following themes: The importance of Value for Money for CVCHA. What CVCHA believes value for money to be; through considering service quality, efficient delivery as well as cost reductions. The range of activities being undertaken that demonstrates CVCHA is currently delivering value for money and increased social value through corporate social responsibility activities. How a dedicated business performance management system is embedded to coordinate KPI measurement and drive the identification and implementation of leaner - smart working and process improvement opportunities across the group. An analysis of what is good and what can be improved. Key development actions for

3 1.3 Our Regulator s View The HCA sets out specific requirements for value for money in the Regulatory Framework. It expects Housing Associations to have a strategic approach to value for money and expects Boards to take a proactive approach. This strategy is a key document to enable CVCHA and the Board to comply with this regulatory requirement. In addition, CVCHA is expected to provide an annual statement to customers; setting out the return on assets measured against the organisation s objectives, comparative costs in delivering services and evidence of value for money gains. Extracts from this strategy and information from the Financial Statements will be used to prepare this annual report. 1.4 What is Value for Money? In essence, Value for Money, is about getting the most benefit out of the resources and effort we put in to achieve a cost efficient outcome. Value for money can be broken down into three components: economy, effectiveness and efficiency. Economy A measure of cost that goes into providing a service, i.e. delivering a quality service at the right price. Effectiveness Providing the right service which meets the requirements of our customers and regulatory bodies, while fulfilling our objectives, i.e. doing the right thing. Efficiency Delivering a high quality service with minimum effort and resources in a timely manner, i.e. getting it right first time. In addition to achieving value for money we also need to understand the wider Social Value that our activities can bring to the economic, social and environmental wellbeing of the community. For example if we are able to provide employment opportunities through our repair contracts, this will mean in addition to delivering a repair service at the right price, we are contributing to the wider social and economic needs of the community. 1.5 Value for Money Challenge In everything we do, we need to think about whether our actions will increase the effectiveness of the service efficiently while considering the economic or cost impact this has. The value for money challenge is for CVCHA to achieve one of three favourable outcomes; 1. Provide a better service at a lower cost, or 2. Provide a better service at the same cost or 3. Provide the same service at a lower cost This can be summarised in table 1. 3

4 TABLE 1 Reduced Service (or outcome) Higher cost Same Service (or outcome) Higher cost Better Service (or outcome) Higher cost Reduced Service (or outcome) Same cost Same Service (or outcome) Same cost Better Service (or outcome) Same cost Reduced Service (or outcome) Lower cost Same Service (or outcome) Lower cost Better Service (or outcome) Lower cost 1.6 Creating the right culture We do not see value for money as an add-on that we consider on a periodic basis, it is embedded into CVCHA and runs through everything we do. Our planning and performance management system is based around value for money. The achievement of our key performance measures demonstrates our effectiveness. Our projects and improvement activities on the Annual Plan and Departmental Plans have to achieve a value for money benefit, assessed by using the table in section 1.5 above. Consideration is given to whether planned projects or improvement activities will increase effectiveness, reduce costs or achieve a combination of both. The key indicator of success in knowing that we have value for money embedded in our organisation is that all the principles and activities highlighted within this document are delivered through the plans, strategies and people across the Group. CVCHA has four core values which set out the behaviours we expect from staff and board members, one specifically states Don t waste money. Our staff are asked to demonstrate how they are working towards these core values in their annual performance review. Taking this holistic approach enables our employees to take personal responsibility by taking ownership of value for money principles in order to achieve our corporate aims. 4

5 2. HOW HAVE WE APPROACHED VALUE FOR MONEY? 2.1 Our approach at a Corporate Level Effectiveness- Doing the right things CVCHA and CVCRS deliver a wide range of services for the benefit of Castle Vale. Rental income is invested in many of these services. How do we know we are spending money on the right services? The following sections describe activities and systems within CVCHA which help to answer this question. Strategic Review and the development of the 3-year Corporate Plan We know we are spending our resources on the right things and we have set challenging targets to make sure services and activities are excellent. CVCHA s Strategic Board carries out a Strategic Review to determine the 3-year Corporate Plan. CVCRS Board carries out a similar review to develop the 3-year CVCRS Strategy. The review involves an assessment of the needs and priorities of the neighbourhood, our customers requirements and the contribution we will make to the wider housing and community regeneration agenda. Our most recent review took place in 2012 and a new Corporate Plan was produced setting out four Corporate Aims which are underpinned by specific objectives. Challenging key performance indicator targets and milestones are set out in this plan. Resident Involvement and Leadership Our customers are in a position to tell us what are the right things for us to spend resources on, and tell us if we get it wrong. CVCHA s strength is in the level of community involvement and control that is in place through our residents, who make up the majority on the Strategic and Operational Boards. There are effective scrutiny arrangements; staff at all levels are linked into the wider community infrastructure to be able to hear the challenges raised by the local community. There is an effective local media presence through Tyburn Mail which scrutinises and reports on issues important to local people. CVCHA has structured Customer Insight mechanisms through Continuous Customer Satisfaction Monitoring and use of focus groups and liaison panels. CVCHA invests heavily in the wider community infrastructure and this range of local accountability and control means we are clear about community priorities and we can be called to account if we get it wrong. Corporate Plan Assurance Guide We know we have the right measures to monitor our progress and performance. To help us understand that we are achieving the aims and objectives set out in the Corporate Plan, we have developed an assurance guide that states the specific output and outcome performance measures we expect to achieve. Where the activity is not 5

6 readily assessed through performance measures the guide identifies alternative assessment methods to enable the Board to ensure we are delivering the Corporate Plan. Risk Plan What we do makes the best of opportunities but does not expose us to unnecessary risk. CVCHA has a robust approach to risk management that identifies the risks CVCHA faces and sets out the right approach to manage them. For example, worklessness is identified as a risk to the long-term sustainability of Castle Vale. The work of CVCHA, CVCRS and the Neighbourhood Partnership Board (NPB) helps to manage this risk through actively engaging with the community to promote job seeking, employment and training opportunities as part of our corporate social responsibilities and social value activities. A risk assessment will be made of new activities we undertake to ensure they do not create risks that CVCHA could not manage, for example, we have imposed a limit on the number of market rented homes to be purchased to ensure funders covenants are not put at risk. Neighbourhood Partnership Board Neighbourhood Plan We are spending our resources on activities that concentrate on the sustainability of the community. CVCHA works closely with the Neighbourhood Partnership Board that produces a 10 year Neighbourhood Plan which sets out a holistic vision for Castle Vale. The plan assesses partnership resource availability and opportunity to ensure the long term sustainability of Castle Vale. The plan is based on understanding the needs and priorities of the neighbourhood, and sets out how statutory providers and local voluntary agencies can work in partnership to fulfil community needs. This means that it is a key priority to continue targeting resources in and around the estate to help achieve long term sustainability in Castle Vale, and to continue providing social value to the community. Asset Management Strategy We are investing in our homes and premises in the right way. CVCHA s Asset Management Strategy takes a strategic review of the housing stock ensuring that the right type of accommodation is provided to meet housing demand, or where obsolete accommodation is identified alternative action is taken to dispose of or regenerate the building. The strategy ensures that appropriate investment is made to preserve the long term condition of our social housing stock and that major renewals reflect the needs and desires of our customers. The Asset Management team are taking a stepwise approach to improve processes to achieve value for money through promoting mobile working, wastage reduction and analysing resource intensive aspects of their work to achieve value for money through smarter working. 6

7 2.1.2 Efficiency doing things the right way Organisational Development (OD) Strategy We invest in staff development so they can operate efficiently. One important element of our OD Strategy is to ensure that we are investing in our human resources to continue ensuring that there are appropriate training and development activities being undertaken so people can carry out their role efficiently and effectively. Corporate Plan Assurance Guide We have a range of efficiency measures and challenging targets which we work to. This guide assists in determining how effective we are at delivering the services we provide and how efficiently we do this. It highlights the performance measures that demonstrate things are being done the right way. Examples would include the measure for rent collection, turn-around of empty properties and repair completions. IT Strategy We make good use of IT to increase efficiency. The IT Strategy sets out the investment priorities in information technology to support increasing efficiency, effectiveness and cost reductions within the organisation. Internal Audit Our internal audit service checks efficiency. CVCHA has a three year internal audit programme to audit service areas across the organisation. The programme ensures the policies and procedures are appropriate for the activity being carried out and that they are being followed Economy Annual Budget We are always challenging ourselves on cost. The approach to annual budgeting is on a zero basis which means that every budget line is considered at the start of the year. Priority within the budget setting is to look for cost efficiencies whilst ensuring that service quality is maintained or increased. 30 Year Financial Forecast We take a long term view when managing costs and wider financial targets. The 30 year financial forecast looks at the long term financing requirements for CVCHA to deliver services in the long term that are financially viable. This is tested against certain scenarios to see how CVCHA would cope if those circumstances arose. The forecast takes into account the cost of management resources required. This ensures that funds are available to operate the organisation and deliver growth activities. Cost Management through procurement and challenge We prioritise the areas where we aim to drive down costs. 7

8 We actively seek to reduce costs through procurement or challenging existing contracts. Examples include the stringent procurement and contract management of gas servicing, responsive repairs, painting, landscaping, and communal cleaning contracts to control expenditure. 2.2 Our approach at a Service Level Continuous Improvement Achieving Excellence Framework CVCHA has adopted an Achieving Excellence Framework which enables us to understand how services are operating around the three E s at a service level. The assessment is made on the following: Effectiveness - The service offer has been agreed with customers within the last 3-years - We are meeting output performance targets - We are meeting customer satisfaction targets - The service has an equality impact assessment and we are tackling any issues. Efficiency - The supporting policies have been developed by following our agreed standard - Supporting procedures are clear, making good use of IT and developed through lean thinking - There is a quality assurance system that identifies and manages key risks. Economy - Are we managing the cost of the service and achieving cost savings. Each year in the annual planning cycle, Service Managers carry out a service challenge to see how their services match up, where the service needs to improve, and what action is required. This then forms the priority actions in the Service Improvement Plan Customer Excellence Model CVCHA has adopted a Customer Excellence Model which fits closely within the Value for Money framework. There are five key stages in this model, these are: 1. Understanding customer needs 2. Agreeing what will be delivered 3. Ensuring the service is delivered well 4. Ensuring that regular checks are made to ensure performance is as expected 5. Ensuring there is a regular review of the service. 8

9 2.2.3 Comprehensive Service Reviews In addition to the annual service challenge, we have a programme of comprehensive service reviews that are based on the best value principles of challenge, compare, consult and compete. The programme is based on each service being reviewed every three years. However as part of the annual planning process we review the programme and may bring forward or put back a service review. Our judgement is based on changes in the wider operating environment and the need to review a service, or where performance improvement is not being achieved as expected Benchmarking We do not operate in a commercial market so it is more difficult to assess the cost and quality of our services against others. Benchmarking therefore provides the opportunity to make comparisons with other organisations to learn the lessons that those comparisons throw up. There are various methods of benchmarking; there are two main approaches within CVCHA. One approach is the comparison of data (either financial or performance) with other organisations so we can see what position we are in. The other approach is to benchmark over time within the organisation so we can see if we are getting better. This is normally used where it is difficult to find comparable data from other organisations. 9

10 3. WHERE ARE WE NOW: WHAT IS GOOD, WHAT CAN BE IMPROVED? 3.1 Effectiveness We are an innovative organisation, seeking new ways to support the community such as the family support services, leading on digital inclusion and working with education providers. Our Corporate Plan sets out aims and objectives that will ensure we deliver our core landlord function but also to support the long-term sustainability of Castle Vale. We have set out areas for growth and diversity that strengthens our role within Castle Vale and also ensures we are contributing to the provision of housing, supporting other communities and sharing our regeneration experience within Birmingham. We are able to demonstrate that we are effective; the Board and Senior Team have spent considerable energy understanding how we measure the outcomes we aim to achieve in the Corporate Plan. This is set out in the Corporate Plan Assurance Guide and strikes the balance of using detailed performance measures for critical services and assurance reports for other areas. This in itself is a value for money approach. Where we have performance measures that can be benchmarked, we are consistently within the top 25% of our peers. Where we cannot use peer benchmarking we have looked at trends in delivery and improvements in performance can be seen across our service areas. 3.2 Efficiency We have improved our efficiency over the past three years. Our first priority was to improve compliance and we have become more disciplined in the way we work. This change has been seen through the improvement in delivering key performance measures. In the past we were concerned that our customer service targets were not being met due to inefficient practices. Our internal audit programme has demonstrated greater compliance, with all customer service targets now being met. We have made good use of Information Technology. Over the past 2 years we have implemented an upgrade of the housing management system which has delivered efficiencies in the Income Service, Allocations and Asset Management. The Finance Team has automated many of the routine finance processes and this enabled cost savings to be achieved in the Service Review undertaken in The priorities for our service reviews have become more focussed on efficiency and understanding the most appropriate way to deliver a service. For example the review of the Customer Services and Inclusion Team identified more efficient working practices to the value of 10k per annum. This was then re-invested into increasing the services delivered at the first point of contact, which were identified as key area for service improvement. However, this is an area where we can still do more. We need to continue to be clear about the value for money outcomes we require from our service reviews. We have some good examples of making our procedures smarter by cutting out unnecessary processes or duplication, but we need to develop our thinking far more. 10

11 Through developing a culture of lean systems thinking to enable smarter working, processes can be analysed for improvement, therefore increasing performance in service areas. Where we are already performing at a high level, improvements can be identified to ensure we are achieving these targets efficiently. This will require development of IT, lean processes, quality assurance and process compliance measures to effectively manage change. We also need to get a better understanding of how our customers use our services. We currently have 72,000 transactions with our customers each year either through visits to the office, home visits, and telephone calls or via the internet or . We need to see how we can reduce the cost of these transactions whilst maintaining customer satisfaction. 3.3 Economy We have been successful in holding our costs over the past two years. The table in Appendix 1 demonstrates how costs have been maintained. Where there have been increases in expenditure, this has been to support new service areas. We have also prioritised the areas of the organisation where there would be the greatest impact. Savings generated through our Achieving Excellence programme are re-invested for the benefit of the community. Details of expenditure are included in Appendix 2. Going forward we need to continue to identify opportunities to reduce cost. We should work firstly on the low hanging fruit so we challenge costs in activities we know are expensive, through our procurement activities and through efficiency when carrying out service reviews. We have strict budget disciplines and use zero based budgets. We further gauge our expenditure by service area, through target setting and benchmarking over time. We use two key benchmarking tools to assess how our costs compare with the Sector. These are the HouseMark service and Global Accounts. HouseMark indicates that our costs are higher than the sector average (Appendix 3). One of the drivers is central infrastructure costs. However the wider view from Global Accounts demonstrates that our costs are comparable across the sector (Appendix 4). It is important to note that this data takes account of a larger group of measures, including debt serviceability, profitability ratios and operational performance. We need to refine the data we hold on cost to enable us to manage cost against service needs and performance. 3.4 Social Value CVCRS has taken the lead on this area of work and commissioned research to understand how Social Return on Investment can be used to calculate the social value on the services delivered by CVCRS. This has demonstrated that for every 1.00 invested by CVCRS it generates a social value of This is an emerging area of work in the housing sector and is seen as important by our regulator. We have not undertaken any work on social return to date for our housing services. Over the past year there have been a number of organisations attempting to increase their understanding of social return and how it fits into a 11

12 housing context. For example the Housing Associations Charitable Trust (HACT) has recently published a report The Social Impact of Housing Providers which provides a useful basis to consider Social Value further. We now need to understand how this fits within CVCHA, from the work of CVCRS and the research across the sector to understand how to calculate the social value which we are delivering. Some of the positive corporate social responsibility activities which we undertake currently include apprenticeships and exploring social enterprise options for redecoration works. We have also built in Social Value requirements into our contractor procurement process. 12

13 4. ACTION PLAN There is already a range of activities across CVCHA and CVCRS to action value for money. We must continuously improve our approach and the following actions have been identified, the majority of which have already been highlighted in the annual planning process so are included within other action plans. 4.1 Effectiveness Action Detail Monitoring Check Deliver the Corporate Plan Customer Satisfaction Data 4.2 Efficiency We need to ensure that we deliver the aims and objectives set out in the Corporate Plan and detailed in the Annual Plan and Dept Plans. We are very reliant on the quality of this data to know that we are achieving outcomes. We must be sure our data collection systems are providing accurate data. We will review the Continuous Customer Satisfaction Model and develop an Estate-wide survey that will target customer perceptions. Quarterly report to Strategic Board Departmental Plan activity, monitored by Chief Executive. Action Detail Monitoring checking Customer over use Smarter working Understanding Access to services Gain an insight into those customers that disproportionately use the service and look at better ways to deliver the service at a lower cost. A priority programme will operate to support Managers and Heads of Service to analyse the detailed activity in their service areas to cut wasteful processes and identify where service delivery fails, resulting in repeat contact from customers. Our Customer Insight project will increase our understanding of current patterns of access to services, look for ways of encouraging customers to use cheaper access points, for example the internet. And to Departmental Plan Activity monitored by Operational Board Annual Plan Activity monitored by Strategic Board Annual Plan Activity monitored by Strategic Board 13

14 Document Management IT Strategy 4.3 Economy concentrate on reducing errors in service delivery. Develop a paper-less office environment that reduces waste and increases accuracy in service delivery. Every intervention in the strategy will support an improvement in value for money either through cutting costs though automation, or improving accuracy of delivery. Annual Plan Activity monitored by Strategic Board Annual Plan Activity monitored by Strategic Board Action Detail Monitoring checking Good budget discipline Procurement Reviewing infrastructure costs Our annual budget principle will continue to be on a zero basis to ensure budgets are carefully thought through and justified by Managers, Heads of Service and Directors. Start to set cost reduction targets. We have a priority list of areas where we believe better procurement will deliver savings whilst not reducing the service quality. Activity will include: - Responsive repairs - Painting contract - Fencing - Training managers in coaching to reduce external training costs - Printing and legal fees tendering Look at alternative organisational models, group structures, sharing of central services to see if we can reduce costs whilst not damaging the integrity of the wider service we provide within Castle Vale. Quarterly reporting to SMT, Audit & Governance Committee and Boards Activities at Annual Plan and Departmental Plan level Report to Strategic Board 14

15 4.4 Social Value Action Detail Monitoring checking Social Return on Investment within CVCRS Social Value in housing delivery Continue to develop this model of assessing Social Value. Explore the option for CVCHA to assess Social Value and recommend a suitable model to be used in CVCRS Board Audit & Governance Committee 4.5 Monitoring and Review The actions highlighted in Section 4 are embedded into the current planning and delivery framework therefore will be reported alongside the Annual plan and Departmental Plans. A biannual report will be provided to the Audit & Governance Committee on overall progress and performance. 15

16 Appendix 1 ACTUAL MOVEMENT ACTUAL RPI ADJUSTED MOVEMENT BUDGET RPI ADJUSTED MOVEMENT /11-09/ /12-10/ /13-11/12 4.4% IN EXCESS OF 5.3% IN EXCESS OF 3.6% IN EXCESS OF 3.4% OR (BELOW) RPI 4.0% OR (BELOW) RPI 3.5% OR (BELOW) RPI % % % General Office Costs Employee Costs 2,511, % 2,503,147 2,644,488 (5.6%) 2,710,495 2,593, % Staff Training & Conferences 76,671 (19.3%) 70,323 80,735 (14.8%) 138,238 72, % Board & Executive Costs 12, % 19,987 13, % 27,508 20, % Motor & Travel 13,617 (6.5%) 12,911 14,339 (11.1%) 18,493 13, % Consultancy & Professional Fees 225,343 (17.6%) 107, ,286 (119.7%) 139, , % Health & Safety 3, % 2,413 3,620 (50.0%) 3,996 2, % General Office Costs 112, % 93, ,957 (26.7%) 97,291 96, % Telephone & Postage 59,428 (0.5%) 59,503 62,578 (5.2%) 62,484 61, % Printing Statioery & Data Storage 93, % 112,395 98, % 116, ,441 (0.4%) Minor Furniture & Equipment 37, % 23,132 39,296 (69.9%) 19,477 23,965 (23.0%) Publicity Pubs & Subs 123, % 64, ,531 (103.6%) 65,060 66,408 (2.1%) Meeting Costs 7,998 (66.6%) 7,228 8,422 (16.5%) 16,032 7, % Computer Costs 142, % 169, , % 222, , % Insurance 49,701 (1.7%) 49,411 52,335 (5.9%) 48,774 51,190 (5.0%) Audit & Finance Costs 37,957 (2.9%) 35,611 39,969 (12.2%) 42,420 36, % Bank Charges 3,271 (10.8%) 3,675 3, % 3,910 3, % Other 0 0.0% (1,629) 0 0.0% 1,000 (1,688) 268.8% Direct Costs of Managing Property Legal Fees 97, % 59, ,643 (71.6%) 93,400 61, % Professional Services 79,017 (81.1%) 127,807 83, % 80, ,408 (65.1%) Residents Costs 12, % 29,327 13, % 45,567 30, % VIP Expenditure 35,088 (0.4%) 35,354 36,948 (4.5%) 35,000 36,627 (4.6%) Property Insurance & Other Costs 101,784 (2.4%) 107, , % 114, , % Other Activities Service Costs 407,537 (5.7%) 457, , % 484, , % Repair Costs TOTAL 4,244, % 4,150,340 4,469,351 (7.7%) 4,585,405 4,299, % 16

17 Appendix Estate Services Estate Wide CCTV Apprentice Programme Community Wardens Community based radio and newspaper Investment in subsidiary activities around health, education, youth, worklessness and family support Estate wide digital inclusion activity Total

18 Appendix 3 18

19 Appendix 4 GROWTH RATIOS Global Growth in turnover % N/A 8.70% 3.00% 6.20% 14.60% 10.70% CVCHA 5.3% 0.3% 5.5% 3.8% 0.8% Global Growth in total assets % N/A 5.60% 7.40% 6.20% 11.70% 11.50% CVCHA 2.0% 3.4% -6.3% 0.5% 0.2% Global Growth in total debt N/A 7.6% 5.2% 7.0% 14.0% 13.0% CVCHA 2.1% 3.1% -1.8% -1.1% 0.0% PROFITABILITY RATIOS Global Operating margin % N/A 23.40% 21.40% 18.10% 14.20% 15.60% CVCHA 30.2% 27.8% 26.6% 30.6% 36.1% Global Effective Interest Rate % N/A 5.2% 5.0% 5.1% 5.9% 6.3% CVCHA 4.4% 4.5% 4.9% 5.0% 5.0% DEBT SERVICING ABILITY Global EBITDA MRI interest cover % N/A 115.7% 106.4% 81.1% 56.3% 62.4% CVCHA 193.1% 184.1% 148.9% 152.6% 168.9% Global Adjusted Net Leverage N/A 41.5% 40.9% 41.8% 41.6% 40.8% CVCHA 48.3% 48.6% 50.2% 48.1% 49.2% Global Debt per home ( ) N/A 18,372 17,226 17,034 16,588 15,013 CVCHA 17,998 17,734 17,294 17,632 17,827 OPERATIONAL PERFORMANCE Global Management cost per unit ( ) N/A CVCHA Global Routine and planned maintenance cost per unit ( ) N/A 979 1,009 1, CVCHA 1,222 1,031 1, Global Major repair cost per unit N/A 1, N/A N/A CVCHA Major repair cost per unit expensed N/A N/A N/A CVCHA Major repair cost per unit Capitalised N/A N/A N/A CVCHA Global Void Loss % N/A 1.8% 1.8% 2.2% N/A N/A CVCHA 0.2% 0.3% 0.3% 0.2% 0.4% Global Bad Debts % N/A 0.8% 0.7% 0.8% 0.9% 0.9% CVCHA 1.0% -0.2% 0.8% 0.2% 1.1% Global Current Arrears % N/A 4.8% 5.1% 5.1% N/A N/A CVCHA 2.6% 2.7% 3.2% 5.0% 5.8% 19