As a first principle, I agree with Carlos, but I would add tax expenditures to the agenda, because that's a net loss of $100 billion of revenue for government, and value for money applies on the tax expenditure side as much as on the spending side. But as a first principle, a well-managed government should be regularly reviewing all of its spending to optimize value for money.
On September 27th, 2011. See this statement in context.