Dear all,
Many thanks for your continued efforts to reduce spend, which are forming a crucial part of our response to the financial impact of Covid-19. We are already seeing good progress across the University and it is absolutely critical that this continues in the coming weeks.
With that in mind, the Financial Improvement and Sustainability Taskforce have taken a decision to reduce remaining budgets in certain areas for the rest of this year on the basis that we have seen spend increase considerably in the run up to the financial year-end. This will support ongoing efforts across departments to reduce spend and will ensure that we deliver the savings we need to support our future sustainability and go into 2020/21 in the strongest position possible.
We have used a consistent methodology throughout to support this, based on comparing expected July spend increase in each area against other high-spend months. Subject to this information, budgets in specific areas will be reduced by 50% of their anticipated spend increase this month (compared to other high volume months of January, May and October). Budget reductions have not been made at a detailed level but at high level for both non-pay and equipment. The budget adjustment description on Agresso is: “COVID-19- End of Year Budget reduction to minimise Kent spend”.
We have only been able to do this and ‘bank’ the associated savings due to your continued efforts to reduce end-of-year spend, which are hugely appreciated. Finance staff in relevant departments will be contacted directly to confirm any changes, while all others must continue to limit spend to essentials only until further notice.
Thank you again for your continued support as we respond to the unprecedented financial challenges presented by Covid-19. We will be in touch shortly with a further update, including upcoming changes to how we manage purchase order requests.
If you have any enquiries please contact : finance@kent.ac.uk
Best wishes,
Jane
Jane Higham | Director of Finance