00:00Financial stability is a Christmas present that councils across Kent have been waiting on for
00:05months. Following a government review into how money is allocated to our local authorities
00:12in hopes of addressing need and deprivation. With Kent County Council set to receive an
00:18increase of more than £50 million in funding over the next year. It's roughly what we were
00:25expecting. However, while we may not have been punished like other councils have by the government
00:31financially, we certainly have not been rewarded either. Delivering our services here in Kent
00:38is costing more and more every year. However, the government's funding is in no way keeping up with
00:45that. At the moment, councils are given funding on a year-by-year basis. This new financial
00:51settlement changes that by giving councils an insight into what they can expect over the next
00:59three years. Some district and borough councils like Ashford and Maidstone will see the money
01:06they're being given go down. And if we look at our largest authorities, both Kent County Council
01:12and Medway Council will see their core spending power to deliver local services increase by more
01:20than 30% by 2029. As we are moving away from the austerity years where in Medway, we had a 91% cut in
01:29our revenue support grant between 2010 and 2024. Those days are gone. But that's not to say that in one
01:36settlement, even a multi-year settlement, that will be enough by itself to bring us back to that position
01:41where we have financial sustainability. Councils will have to crunch the numbers to see if this will help
01:49fill in the gaps in their budgets as they prepare to outline their finalized financial plans
01:57in the new year.
01:58OLLI LIDA in Kent
