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  • Agenda item
  • Agenda item

    Revenue & Capital Budget Outturn 2019/20

    Minutes:

    (1)         Mr Oakford introduced the report, which set out the provisional revenue and capital budget outturn position for 2019-20, including a final update on key activity data for the highest risk budgets.  He was pleased to announce that the authority had been able to present a balanced budget for the twentieth consecutive year.  He also referred to the pressure on expenditure within Children’s Services, which had an overspend of £8 million and the fact that, despite funding cuts and increased pressure on services, the authority had made savings of £700 million over the previous nine years.  Mr Oakford said that much of the variance in the capital budget could be attributed to the re-phasing of projects, and he anticipated being able report over a longer time frame at the next meeting.  He thanked directors and staff at all levels for their focussed effort and dedication to residents in delivering a balanced budget.

     

    (2)         Zena Cooke drew the Cabinet’s attention to two areas of significant financial pressure, namely the spend on asylum services and the expenditure on high needs educational services. 

     

    (3)         Mr Gough, on behalf of the Cabinet, congratulated the Finance team and officers across the authority for their continued efforts in managing budgets.

     

    (4)         Resolved to:

     

    (a)          note the report, including the provisional outturn position for 2019-20 for both revenue and capital;

     

    (b)          agree that £1.355m of the 2019-20 revenue underspending be rolled forward to fund existing commitments, as detailed in section 2 of Appendix 1 of the report;

     

    (c)          agree that £0.187 of the 2019-20 revenue underspending be rolled forward to fund the re-phasing of existing initiatives, as detailed in section 3 of Appendix 1 of the report;

     

    (d)          agree that £1.564 of the 2019-20 revenue underspending be rolled forward to fund the bid relating to Local Member Grants detailed in section 4 of Appendix 1 of the report;

     

    (e)          agree that the £3.121m remaining underspend be set aside in the earmarked reserve to support future years’ budgets;

     

    (f)           agree that the £32.654m of capital re-phasing from 2019-20 be added into the 2020-21 and later years’ capital budgets, as detailed in Appendix 2 of the report;

     

    (g)          agree the capital cash limit changes outlined in Appendix 3 of the report;

     

    (h)          agree the contributions to and from reserves, as reflected in Appendix 6 of the report, which included all appropriate and previously agreed transfers to and from reserves.

    Supporting documents: