Purpose

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%).

Content

The Cabinet approved the recommendation(s) as
set out in the report.