Reason for the decision
The outturn position for the Council needs to be noted by Cabinet. The rolling forward of funds into 2024-25, the capital budget changes and the reserves drawdowns and realignments need to be agreed by Cabinet.
Background – Provide brief additional context
The report on the Council’s financial position as at the end of 2023-24 will be reported to Cabinet on 20 June 2024, which shows an overspend on the revenue budget of £12.4m. The report provides detail of our revenue and capital outturn positions and how the revenue overspend is funded from reserves, which needs to be agreed by Cabinet.
Cabinet is also asked to agree revenue budget roll forwards, capital re-phasing, capital programme cash limit changes and reserves realignment.
How the proposed decision supports the Framing Kent's Future - Our Council Strategy 2022-2026
Framing Kent’s Future (FKF), the KCC Strategic Statement, was approved at County Council in May 2022 and sets out the council’s ambition and strategic priorities until 2026. FKF acknowledged the significant financial and demand pressures the council would be facing over the coming four years, whilst concurrently delivering an ambitious agenda for Kent residents, businesses, and local communities. The Securing Kent's Future plans and this related Finance Monitoring report 2023-24 reflects the need to confirm a re-prioritisation of Council business within the framework of Framing Kent's Future - further details are set out within the “Securing Kent's Future” Cabinet report.
How the proposed decision supports Securing Kent’s Future
Securing Kent’s Future (SKF) acknowledges that given the significance of adults and children’s social care within the council’s budget, and that spending growth pressures on the council’s budget overwhelming (but not exclusively) come from social care, that the priority of delivering New Models of Care and Support must take precedence over the other priorities in Framing Kent’s Future. This creates an expectation that council services across all directorates must collectively prioritise delivering the new models of care and support objective as a collective enterprise.
Decision type: Key
Decision status: For Determination
Notice of proposed decision first published: 12/06/2024
Reason for urgency:
This decision will be taken via the semi-urgent decision process
Decision due: Not before 20th Jun 2024 by Cabinet
Reason: This decision will be taken via the semi-urgent decision process
Lead director: John Betts
Department: Strategic & Corporate Services
Contact: Cath Head, Head of Finance Operations Email: cath.head@kent.gov.uk or 03000 416934 Email: cath.head@kent.gov.uk Tel: 01622 221135.
Consultees
The report will be presented to Cabinet on 20th June 2024.
Financial implications: This finance monitoring report sets out the outturn position for 2023-24 and the impact on our reserves.
Legal implications: This is in accordance with the financial procedures as set out in the Constitution, the Financial Regulations and Code of Corporate Governance. The current financial situation and operating environment presents a number of material risks to the Council. It is important that the plans identified to improve resilience are delivered in order to avoid further escalation and action. Securing Kent’s Future notes the increased legal risk faced by the Council and the actions and monitoring position will need to be continually reviewed.
Equalities implications: Equalities implications: No direct service impact from the monitoring report– the equalities implications of the savings and management actions will be managed at service level. Data Protection implications: None