Menu

Lancashire County Council gives financial update in the wake of the pandemic

Posted on - 12th September, 2021 - 7:00am | Author - | Posted in - Politics, Preston News
Lancashire County Council Hall
Lancashire County Council Hall in Fishergate

The financial outlook at Lancashire County Council remains broadly positive despite continuing uncertainty about local government funding and the effects of the Covid-19 pandemic.

Advertisement

A ‘Money Matters’ report considered by the council’s cabinet updated on the authority’s current financial position, as well as a medium term forecast for the next three years.

It outlined that the council’s finances remain in a strong position and, based on the current forecast, there are sufficient reserves to support the revenue budget gap through to and including 2024/25, the end of the council’s current Medium Term Financial Strategy.

There are, however, still financial challenges ahead.

Read more: Preston foster parent completes training to get one step closer to dream career

This includes carefully monitoring any increase in demand for adults and children’s social care as well as making planned savings of £42.727million, together with identifying further savings by 2024/25.

Members were also told there remains uncertainty about the next multi-year Government Spending Review and potential delays to the implementation of changes to the way local government is funded after the Prime Minister and Chancellor conducted a one year review at the end of 2020 because of the pandemic.

County Councillor Alan Vincent, deputy leader of the council, said: “There has been careful management of the council’s finances over recent years which means we are in a good position to meet future challenges.

“Thanks to our healthy reserves the forecasts show that we will be able to balance our books for several years to come.

“We cannot rely on reserves forever though, which is why we have a number of planned savings to ensure our strong financial footing continues, and we will also continue to monitor our financial position carefully.

“In this way we can continue to invest in important council services for the benefit of people in Lancashire and deliver on our priority to protect the services our most vulnerable residents rely on.”

See what’s happening near you by entering your postcode below or visit InYourArea



Read moreSee the latest Preston news and headlines

Are you feeling positive about Preston and Lancashire’s financial future? Let us know in the comments below.

Share
Preston in pictures Covered Market, PrestonPreston Court BuildingLawson Street6201 Princess Elizabeth57313 becomes the main engine6201 pulls into Preston Station for an engine changePreston CenotaphColourful & Shops On Lancaster Road a View more Advertisement Subscribe to the newsletter

Sign up below to receive Blog Preston's weekly newsletter. It wings its way into inboxes every Sunday rounding up our best content from the last week and a look ahead to what's happening.

Advertisement News by location

Find news by location, select an area of your choice to be kept up to date with the latest goings on.

Advertisement Categories

Find news by category, select an category of your choice to be kept up to date with the latest goings on.