This report provides an update to Cabinet on the county council's 2024/25 revenue and capital financial position, as at the end of September 2024. The Quarter 2 monitoring position contains assumptions relating to demand levels and savings delivery across a number of services.
There are spending challenges across all of council services as is common with most councils across the country. Whilst Lancashire remains in a relatively strong financial position, this is within a sector with declining financial sustainability that needs addressing at a national level. This report sets out some of the financial challenges the council currently faces. It also sets out some of the achievements and progress that has been made this year to date.
The forecast outturn position is an overspend of £17.079m after implementing £4.518m of remedial actions. Directorates have been asked to complete further remedial action plans to look to produce a balanced budget by the end of the financial year.
The capital delivery programme for 2024/25 is £192.365m, with a forecast expenditure level of £188.566m giving an underspend of £3.799m (1.97%).
Decision type: Non-key
Decision status: Recommendations Approved
Divisions affected: (All Divisions);
Notice of proposed decision first published: 05/12/2024
Anticipated restriction: Part I -
Decision due: 5 Dec 2024 by Cabinet
Lead member: Cabinet Member for Resources, HR and Property (Deputy Leader)
Lead director: Director of Finance and Commerce
Department: Finance and Commerce
Contact: Kate Lee Email: kate.lee@lancashire.gov.uk Tel: 01772 531733.