We are responsible for delivering many services including schools, libraries, roads, disposing of waste, public health and supporting vulnerable children and older people.
To deliver these services the council has an annual budget funded from council tax payments, grants and income.
The county council agreed the budget for 2017/18 on Thursday 9 February 2017.
In 2017/18 the council's total spend is £2,180 million and we receive £1,455 million from other specific grants and income. This leaves us with a net budget of £725 million which will be funded from council tax payments, business rates income, capital receipts and central government funding. (Of the council's total spend of £2,180 million, £882 million relates to the Dedicated School Grant which we distribute directly to schools within Lancashire and an equivalent value is included as grant income in the £1,455 million.)
As well as delivering our day to day services, we are improving the county's infrastructure and driving economic growth. To do this we have agreed a capital expenditure programme for 2017/18 and beyond of £247 million funded from central government capital grants as well as some funding from the county council.
For more detail have a look at the 2017/18 budget documents.
We can raise finance for capital expenditure through borrowing and investing. Any borrowing must be affordable and have regard to the Prudential Code for Capital Finance in Local Authorities.
Any council investments must comply with our treasury management policy (item 4 appendix A refers).