Procurement Strategy & Annual Procurement Report
Any public organisation which has an estimated regulated spend of £5 million or more (excluding VAT) in any financial year should publish a Procurement Strategy before the start of that fianancial year, and review it at least annually..
This procurement strategy should be relevant and proportionate to the size and spend of the organisation. It sets out how the organisation intends to run its procurement function, including contract and supplier management, and provides an overview on how its approach to procurement supports its broader aims and objectives.
Each procurement strategy will be proportionate to the size and spend of the organisation.
Annual Procurement Report
The organisation must now also prepare and publish an annual procurement report disclosing how its procurement activity has complied with its published procurement strategy.
The procurement strategy/revised procurement strategy and annual procurement report should be published in a way that the organisation considers appropriate, but must include publication on the internet.
Both of the above documents are good sources of information regarding an organisations’ future plans, aims and objectives.