Decision details

Money Matters 2018/19 Position - Quarter 2

Decision Maker: Cabinet

Decision status: Recommendations Approved

Is Key decision?: No

Purpose:

This report provides an update to Cabinet on the county council's 2018/19 revenue financial position as at the end of September 2018 and an updated Medium Term Financial Strategy covering the period 2019/20 to 2022/23. The Medium Term Financial Strategy includes £77.171m of savings proposals and management actions, identified through the service challenge process and aimed at delivering better and sustainable services at a lower cost. 

 

The reduction in the forecast funding gap represents a significant improvement, however a structural funding gap remains and work continues on phase two of the service challenge process to identify further proposals to enable the council to achieve a financially sustainable position over the strategy period.

Decision:

Cabinet approved the recommendations as set out in the report.

Divisions Affected: (All Divisions);

Contact: Neil Kissock Email: neil.kissock@lancashire.gov.uk Tel: 01772 534286, Kate Lee Email: kate.lee@lancashire.gov.uk Tel: 01772 531733.

Date of decision: 03/12/2018

Effective from: 07/12/2018