The Leader and Cabinet Member for Finance introduced the report which set-out the revenue and capital projected outturn position for 2019/20 as at the end of September 2019.  The total revenue underspend was £5,000 and the capital expenditure was £8,853,740.  The Cabinet Member gave an overview of the report and proposed the recommendations.

The Cabinet Member spoke about the transfer of £500,000 from the general reserve to the Communities Fund, and the transfer of £250,000 from the Kent Pool Economic Development Reserve to the Heritage Strategy and that these were key areas of development for the Council.  He spoke about the Capital Variances on page 38 of the report and welcomed the capital investments from capital receipts rather than from the Communities Fund.

Resolved:

(1)      That the projected revenue underspend on services of £5,000 (Table 1 refers) be noted.

(2)      That the transfer of £500,000 from the General Reserve to the Communities Fund as detailed in paragraph 3.12 be approved.

(3)      That the transfer of £250,000 from the Kent Pool Economic Development Reserve to the Heritage Strategy as detailed in paragraph 3.17 be approved.

(4)      That the capital expenditure of £8,853,740 to end of September 2019 (paragraph 3.19 and Appendix I Table 2 refers) be noted.

(5)      That the capital variances and their funding as detailed in paragraph 3.22 and Appendix I Table 2 be approved.