Budget

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.

Financial year 2018/19

The county council agreed the budget for 2018/19 on Thursday 8 February 2018.

  • Net budget £765 million in 2018/19
  • The net budget for 2018/19 includes funding of £42 million from the council's reserves to meet a funding gap resulting from cuts in Government funding and increasing demand for services, in particular social care for adults and children
  • Council tax increase (for the county council's element of council tax) of 5.99%, comprising 2.99% general increase and a further 3% for the Adult Social Care Precept

In 2018/19 the council's total spend is £2,273 million and we receive £1,508 million from other specific grants and income. This leaves us with a net budget of £765 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 £2,273 million, £909 million relates directly to schools in Lancashire.  This is funded by the Dedicated Schools Grant which is included in the £1,508 million income.)

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 2018/19 and beyond of £226 million funded from borrowing, Central Government capital grants, and some developer contributions.

For more detail have a look at the 2018/19 budget documents.

The money we raise for capital expenditure through borrowing and investing 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).