For Information Finance Report October 2023 (Month

Transcript:For Information Finance Report October 2023 (Month:
For Information Finance Report October 2023 (Month 7), 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 7 YTD position is a surplus of £2.8m, £1.0m favourable to plan. The forecast is a surplus of £3.2m, on plan. There are £12.1m of risks and £16.1m of opportunities to the forecast. This gives a forecast range of between £16.1m better than plan and £12.1m worse than plan. Taking into account only those risks and opportunities assessed as high likelihood there is a forecast range of between £2.3m better than plan and £4.3m worse than plan. The Directorates forecasting adverse variances to budget are: Forensic Mental Health £0.6m, Learning Disabilities £0.9m, Provider Collaboratives £0.2m, Primary, Community and Dental Care £0.5m, Corporate £0.5m and Block Income £1.5m. At month 7 £22.0m has been spent on agency staff, which is 10.5% of total staff costs. The Trust’s agency target set by NHS England for FY24 is £32.2m. The agency forecast in directorate positions is £37.4m. This is mainly based on YTD trend and does not take into account any further improvements from the ID Medical and NHSP contracts. When these are taken into account the forecast is £35.5m. £4.9m of the £7.2m CIP target has been delivered so far. Further work is needed to identify schemes for the remaining £2.3m. The Trust has a £11.0m PIP target to be met through a reduction in temporary staffing spend. £5.5m of savings have been made so far. Capital expenditure is reporting a £2.6m underspend YTD. The forecast is for a £2.8m overspend against the funding available. Cash remains strong with a cash balance of £89.8m. Income & Expenditure position YTD - £1.0m better than plan Forecast – on plan Capital Expenditure YTD - £2.6m better than plan Forecast - £2.8m worse than funding available Cash Actual £89.8m, £18.3m better than plan Risks £12.1m Opportunities £16.1m Net £4.0m upside Year-to-Date Performance The month 7 YTD position is a surplus of