Challenging times ahead as cabinet is updated on council's financial position
The county council's cabinet have been updated on the financial position of the council at the end of the last financial year.
The 2024/25 Outturn report, which covers the fourth financial quarter of 2024/25 (January-March), was presented to cabinet on Thursday July 10.
The report shows an overspend of £10.606m, which is significantly lower than the £17m overspend that was forecast for the end of the financial year at the end of the second quarter, reported last December.
The 2024/25 financial year was the last financial year of the previous administration.
Adult social care remains the biggest area of overspend within the council, reporting a £21.6m overspend due to challenges in delivery of savings.
A £1.3m overspend was reported within children's social care, mainly due to pressures across children with disabilities placements and other support. A series of savings were made across other council services to mitigate this.
Pressures relating to the provision of special educational needs and disabilities (SEND), which is funded through a ring-fenced government grant (the Dedicated Schools Grant), were also reported.
A programme of savings totalling £103m over the next two financial years has been previously agreed. The authority's cabinet also agreed to bring forward a review of the council's finances at its last meeting in June.
County Councillor Stephen Atkinson, leader of Lancashire County Council, said:
"Our goal is to see everyone in Lancashire live their best life, have a sense of civic pride, and feel supported by the county.
"We have been clear that we will be focusing our policies on what is most important to residents so we can make a real difference.
"It's vital that we secure the financial stability of the organisation and demonstrate that every pound of taxpayers’ well-earned money is making a difference.
"We also need to confront long-standing challenges head-on, particularly services for children with Special Educational Needs and Disabilities (SEND) and Adult Social Care.
"We are determined to rise to these challenges and will ensure that residents – the people we democratically serve – are always at the forefront of our thinking."