The final agreement on Lancashire County Council’s budget was given at yesterday's Full Council meeting (Thursday 20th February).
Under the agreed budget, the county council will spend £758.31 million in the financial year 2014/15. The county council's element of council tax will rise by 1.99%.
The budget identifies £142 million of the required £300 million savings that the council needs to make over the next four years.
Final agreement follows a six-week public consultation, after budget proposals had been considered by the county council's cabinet at a series of meetings in recent months.
County Councillor David Borrow, Deputy Leader of Lancashire County Council, said:
"Unprecedented central government cuts have meant that we have to reduce county council expenditure by £300 million in the next four years.
"We face a colossal financial challenge and have no option but to radically reshape what the council looks like and how it delivers services. This isn't what I came into politics for, but we have to act now and take tough decisions to avoid being in a worse position later.
"We are working very hard with our staff to ensure that we can continue to provide vital services for the people of Lancashire, particularly the most vulnerable.
"We have also been listening to the public and have focused on protecting front-line services while becoming more efficient and improving our back office processes."