Lancashire County Council has reported how the authority ended the last financial year
Lancashire County Council has bucked a national trend by giving a boost to its budget reserves. The authority ended the 2023/24 financial year with £181.1m in its main reserve account – £15.9m more than had previously been expected.
According to the analysis, one in five local authorities faces that fate within the next 12 months. At Lancashire County Council, the topping up of what is known as the ”transitional reserve” – a cash pot that can be called upon for a variety of reasons, as it is not earmarked for any particular purpose – was attributed mainly to the effect of pooled budget arrangements that the authority has entered into with the NHS.The overall £14.
The authority has previously stressed its intention to find the savings required to set a balanced budget without having to rely on reserves in future years. In addition to the transitional reserve, Lancashire County Council has seven other reserve pots available to it – including £23.4m in its County Fund, which is set aside to cover the authority against a serious emergency situation, such as widespread flooding. It could also be used in the event of a “critical and unexpected loss of income to the authority”, as well as for general cash flow purposes.
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