This report provides an update to Cabinet on the county council's 2018/19 revenue financial position as at the end of December 2018 and an updated Medium Term Financial Strategy (MTFS) covering the period 2019/20 to 2022/23. The MTFS reflects the final financial settlement for 2019/20 announced on 29 January 2019 and also includes c£77m of savings proposals and management actions, identified through the service challenge process and aimed at delivering better and sustainable services at a lower cost that were agreed at Cabinet in December.
The reduction in the forecast funding gap continues to represent a significantly improved position compared to that at the start of the financial year, 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: 07/02/2019
Anticipated restriction: Part I -
Decision due: 17 Jan 2019 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.