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 type: Non-key
Decision status: Recommendations Approved
Divisions affected: (All Divisions);
Notice of proposed decision first published: 03/12/2018
Anticipated restriction: Part I -
Decision due: 3 Dec 2018 by Cabinet
Lead member: Leader of the County Council
Contact: Neil Kissock Email: neil.kissock@lancashire.gov.uk Tel: 01772 534286, Kate Lee Email: kate.lee@lancashire.gov.uk Tel: 01772 531733.