FINANCE: The foundation’s recorded surplus for the first month of 2011-12 was £19,000 below plan, mainly due to under-performance on its savings plans, board documents state.
COCH recorded an £85,000 surplus for April 2011, against a planned surplus of £104,000.
Its finance report states: “This is £19,000 short of budgeted plan due mainly to the under performance of the [savings plan by ] £158,000 and an under-performance on non-[tariff] activity for the month of £41,000.
“This is partially offset by an over performance on day cases and non-elective work in the month of £172,000.”
It adds: “Further work has been undertaken to identify further savings on workforce and medication savings which will be removed from budgets next month. A workshop is also being held to identify additional schemes to address the outstanding balance of £1.7m.”
The foundation has a savings target for the year of £7.1m, and is currently projecting savings of £5.4m.