FINANCE: The trust’s financial position at the end of November was given a ‘red’ risk rating in its strategic health authority’s latest finance report.
The trust was one of five in the North West ascribed the highest category of risk in the NHS North of England SHA cluster’s report.
At the end of November, Pennine Acute had recorded a surplus of £1.7m for the financial year to date, the report shows. It is forecasting a surplus of £3.5m for the full year 2011-12, on total income of £570.7m. Its financial plan includes savings equivalent to 9.7 per cent of the trust’s annual income.
“Financial positions of all NHS trusts are being monitored closely and reviewed each month against covenant tests within their tripartite formal agreements,” the report states.
“Escalation processes will be invoked where these requirements are breached. Organisations with ‘red’ ratings have been required to submit robust action plans to identify how risks are being managed and continue to meet regularly with the director of finance.”
19 January 2012