Placement finances
In common with many other local authorities, the placement budget is challenging; there have been rising costs across the placements market, exacerbated in the last 12-18 months by significant increases in utility bills, cost of living pressures, inflation and the need to pay staff a reasonable living wage.
In addition, Coventry is seeing increased use of external residential, particularly placements for young people with more challenging needs and behaviours which are often spot purchased; increased use of IFA provision and increased need for emergency unplanned accommodation which may be met via short term unregulated provision.
However, the Family Valued work is also resulting in increased numbers of Connected Persons, SGOs and successful reunification of children and young people with their family.
Coventry will continue to work with providers to secure good quality placements that are the best match for the child and their needs whilst ensuring Best Value for public funding to deliver the best outcomes for children who are looked after.
The following table shows the average annual cost of different placement types (excluding supported accommodation) over the last 6 years.
| Placement type | 17/18 | 18/19 | 19/20 | 20/21 | 21/22 | 22/23 |
|---|---|---|---|---|---|---|
| Connected persons | £11,160 | £11,932 | £12,043 | £14,475 | £15,190 | £16,960 |
| Internal fostering | £22,145 | £22,869 | £22,932 | £22,269 | £23,656 | £23,993 |
| External fostering | £41,867 | £40,678 | £45,374 | £44,012 | £44,790 | £50,326 |
| Internal residential | £159,062 | £511,072 | £249,581 | £199,901 | £224,656 | £219,985 |
| External residential (block) | £146,784 | £184,618 | £141,876 | £162,667 | £166,352 | £175,725 |
| External residential (other) | £166,875 | £177,056 | £189,409 | £199,895 | £225,758 | £275,748 |