As we head toward the end of Quarter 2 of our financial year and take steps to ensure we achieve our budgeted results, we all need to continue to do all we can to reduce non-essential spending. Like many organisations, we are facing some extremely challenging financial conditions due to pressures from inflation and soaring energy prices. On top of this, we have faced additional challenges with lower student retention than expected impacting income levels.   

To address these issues, the budget has been reset for the year, reducing budgets for goods and services to compensate for our reduced income. It is essential that we stay within this budget, and last week budget holders were updated on reductions in their areas. 

New measures in place 

Steps have been taken to reduce non-essential expenditure across all activities and categories of spend, with expenditure only incurred where absolutely necessary. Specific areas that will make a big difference are:  

• Consultants and Contractors: This resource should only be used where it would otherwise greatly reduce the student experience and a new approval process for this is in place for any essential requirements in this area. 
• Travel: Bookings for in-person conference attendance in 2023 should not be made unless funded externally or with advance permission from a Director. Wherever it is possible to attend events online or achieve similar outcomes without travel, we should not be travelling. 

Planning ahead 

Looking ahead, we urgently need to reduce spend for the rest of this year and the above are areas where we can see room to do this. Alongside this, and with a focus on the longer-term financial sustainability, initiatives are being worked up aimed at increasing and diversifying income and ensuring our operations are delivered as efficiently as possible. 

If you need further advice on this, please contact the finance team via the emails below: 

Any questions relating to procurement can go to: procurement@kent.ac.uk 

For specific queries relating to Divisions, contact: managementaccounts@kent.ac.uk 

For Professional Service Departments, contact: financebusinesspartnering@kent.ac.uk