For Information Finance Report August 2023 (Month

Transcript:For Information Finance Report August 2023 (Month:
For Information Finance Report August 2023 (Month 5), FY24 Report to Board of Directors Executive Summary Income Statement Forecast Movement from Previous Month Forecast Risks & Opportunities Capital Investment Programme Directorate Financial Performance Summary Pay Trends Agency Analysis Non-Pay Expenditure analysis Out of Area Placements Cost Improvement Plan Productivity Improvement Plan Statement of Position Cash-flow Working Capital Indicators Contents A risk assessment has been undertaken around the legal issues that this paper presents and there are no issues that need to be referred to the Trust Solicitors. 1 2 Executive Summary Highlights: The Month 5 Income and Expenditure YTD position is a surplus of £1.6m, £0.3m favourable to plan. The forecast is a surplus of £3.2m, £0.1m favourable to plan. Since the reporting of the month 5 financial position, revised figures for agency spend have been confirmed as £2.1m lower than in the month 5 YTD figures. For month 6 this will feed through into the YTD position and the forecast will be revised. This is likely to improve the Trust’s forecast position and this is reflected as one of the high likelihood opportunities to the forecast in this report. (see slide 12) There are £14.5m of risks and £17.8m of opportunities to the forecast. This gives a forecast range of between £17.9m better than plan and £14.5m worse than plan. Taking into account only those risks and opportunities assessed as high likelihood there is a forecast range of between £7.7m better than plan and £1.4m worse than plan. The Directorates forecasting adverse variances to budget are: Forensic Mental Health £1.6m, Learning Disabilities £1.8m, Provider Collaboratives £0.5m, Primary, Community and Dental Care £1.0m, Buckinghamshire Mental Health £0.6m and Block Income £2.3m. These are offset by £4.6m favourable variance in Reserves a £0.9m favourable variance in Corporate and a £1.5m favourable variance across other Directorates. Using the revised figures at month 5 £15.2m has been spent on agency staff, which is 10.2% of total staff costs. The forecast agency spend is £34.6m, £2.4m above target. This includes the effect of spend reduction targets in the ID Medical contract. £4.8m of the £7.2m CIP target has been delivered so far. Further work is needed to identify schemes for the remaining £2.4m. The Trust has a £11.0m PIP target to be met through a reduction in temporary staffing spend. £3.7m of savings have been made so far. Capital expenditure is reporting a £3.0m