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FINANCE UPDATE Council of Governors Report at end of March 2017 and an overview for 2017/18

This report provides an update on the financial status of the Council of Governors, including the audit opinion, operational deficit, capital investment plans, and agency spend. It also outlines the planned financial deficit and surplus, STF funding, and property disposal surplus for the year.

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FINANCE UPDATE Council of Governors Report at end of March 2017 and an overview for 2017/18

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  1. FINANCE UPDATE Council of Governors Report at end of March 2017 and an overview for 2017/18

  2. 2016/17 • Unqualified Audit Opinion for Annual Accounts • Control Total met – plan operational deficit of £3.8m; actual operational deficit of £3.7m • £23.4m CIP identified out of a total of £29.9m • Agency Spend £22.0m against a target of £19.1m (previous years spend £33.0m) • £22.0m invested in Capital improving services to patients

  3. Plan Actual £ m’s £ m’s Planned Financial Deficit (3.8) (3.7) STF Funding 2.7 2.70 CONTROL TOTAL DEFICIT (1.1) (1.0) Surplus from Disposal of Property 5.5 Allocation from the 2nd distribution of STF Funds (released last week of March) 5.6 Additional Bonus 1.3SURPLUS/(DEFICIT) AFTER STF AND PROPERTY DISPOSAL SURPLUS 11.4 Operational Deficit (3.7) Property Disposal Surplus 5.5 STF Funds 9.6 YEAR END SURPLUS/(DEFICIT) 11.4 2016/17 – Y/End Position

  4. 2017/18 Financial Plan J Aim to meet control total of break-even (before STF) Balanced Plan M 6% target with over £6m of CIP plans still to be identified CIP Plan J Current performance is in line with trajectory Agency Target J Capital Plan Plan is in line with funds available

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