Purpose

Proposed decision
–
 
Cabinet is asked
to:
 
a)   
note the capital and revenue outturn position for 2024-25; and
b)   
agree roll forwards into 2025-26 in line with existing criteria
(per Appendix); and
c)   
agree the drawing down from reserves to fund the 2024-25 overspend;
and
d)   
agree the capital slippage/re-phasing from 2024-25 will be added to
the 2025-26 and later years capital budgets (per the report);
and
e)   
note the review of the capital programme; and
f)    
agree the proposed capital cash limit changes (per Appendix);
and
g)   
agree the changes made as a result of the a reserves review (per
Appendix)
 
 
Reason for the decision
 
The outturn position
for the Council needs to be noted by Cabinet.  The rolling forward of funds into 2025-26, 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
2024-25 will be reported to Cabinet on 26 June 2025.  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.
 
Options (other options considered but discarded)

 

-     
N/A
 
 
 
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 2024-25 reflects the need to confirm a re-prioritisation of
Council business within the framework of Framing Kent's
Future
 
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.
The outturn Finance
Monitoring report for 2024-25 provides the detail of the financial
position and the relevant information on the delivery of savings
and management actions to reduce the budget gap for the following
year and the MTFP.
 

Decision

Cabinet agree to:
 
a)   
NOTE the capital and revenue outturn position for 2024-25
b)   
AGREE that £0.6m is rolled forward to fund existing criteria
(see Roll forward requests set out in the Cabinet Report
c)   
AGREE the drawing down from General Fund Reserves to fund the
2024-25 overspend
d)   
AGREE the capital slippage/re-phasing from 2024-25 will be added to
the 2025-26 and later years capital budgets (as per Section 4 of
the Cabinet Report)
e)   
NOTE the review of the capital programme (as per Section 4 of the
Cabinet Report)
f)    
AGREE the proposed capital cash limit changes (as per Section 4 of
the Cabinet Report)
g)   
AGREE the changes made as a result of the Reserves Review (see
Reserves as set out in the Cabinet Report)