County Council vows not to be complacent over finances

Members of the authority's Cabinet will be told that based on performance in the first quarter of this financial year, (April to June 2024), there is a predicted overspend for the year of £7.59m on services, but this was much less than the £28.4m initially predicted.

Prompt management,  including planned savings brought in earlier than anticipated, service recovery plans, grant funding and one-off funding from reserves have enabled the improved forecast.

In common with most councils across the country, members will be told that there are spending challenges across all services.

However, despite this, Lancashire remains in a relatively strong financial position.

The report adds that every area of overspend will now be reviewed and be subject to a recovery plan, with a clear focus on savings.

Updated savings proposals to continue to tackle the overspend will also be developed to ensure a balanced and sustainable budget in future years.

County Councillor Alan Vincent, deputy leader and cabinet member for Resources, HR and Property, said:

"Local government finances continue to be very challenging across the whole country with many councils in serious difficulties.

"Whilst Lancashire has a small projected overspend at this point in the year, we are in a relatively strong financial position with robust plans in place to help ensure we continue to balance our budget.

"These include reviewing areas where an overspend is expected as well as updating and implementing saving proposals.

"We are clear that we cannot be complacent about our finances, and we are committed to maintaining our strong focus on financial management alongside delivering quality services to residents."