Decision details

The Chair welcomed Noel O'Neill, Interim Director of Finance and Commerce, Kate Lee, Head of Service Financial Management (Operational, and County Councillor Alan Vincent, Cabinet Member for Resources, HR and Property (Deputy Leader) to the meeting to present the report on The County Council's Financial Position – 2023/24 Outturn.

It was highlighted to the Board that the report notes the council overspent by £5.22 million but that the balances were robust despite this. A significant factor in the overspend was reported to be due to the volatile market on recyclates as well as agency staff costs and integrated school transport costs. It was further highlighted that due to continued monitoring and good financial scrutiny, the overspend had been managed and fell throughout the year. Members were further made aware that there was a positive balance on school reserves in Lancashire. Many other local authority areas had negative balances in this regard due to increasing pressures of SEND provision.

Comments and Questions were as follows:

·  One member queried whether the individual Scrutiny committees could be given a similar report for the purpose of reviewing those savings that were marked as amber to provide a more detailed level of scrutiny. It was acknowledged that the scrutiny committees, rather than the Board should carry out such tasks as part of the scrutiny work, but that presenting financial reports such as these would not be necessary.

·  On  the relationship between the school reserves balance and how SEND provision was budgeted for, it was confirmed that the Children, Families and Skills Scrutiny Committee would be reviewing SEND matters as part of reports due to come to the September meeting.

Resolved: That the report be considered.