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 June 2024.
The Quarter 1 monitoring position contains assumptions relating to
demand levels and savings delivery across a
number of services, most particularly social care, which at
this stage in the financial year are based on a number of
assumptions based on costs and income to date and service
knowledge.
 
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 £7.590m after implementing £20.76m
of remedial actions and use of one-off funding. 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 £187.095m following
confirmation of slippage from 2023/24 in the outturn report to
Cabinet in July. The forecast expenditure is £186.322m giving
an underspend of £0.773m (0.41%).

Content

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