FINANCE Peterborough and Stamford Foundation Trust is on course to record a £40.3m budget deficit for 2013-14, in line with its forecast.
The deficit was predicted by the trust, debt laden by the disastrous Peterborough City Hospital private finance initiative agreement, in a finance report discussed by its board on 27 August.
This comes despite recording an £11.3m underlying deficit (before one-off costs) in the year to date – £2.7m better than had been budgeted for.
The board papers also said a crucial report outlining recommendations of the future configuration of the trust’s services to ensure they are delivered on a sustainable basis would be published imminently.
The report was ordered by regulator Monitor who appointed PricewaterhouseCoopers as a ‘contingency planning team’ in February to draw examine the trust’s finances.
PwC concluded in a report published in June that the trust was “financially unsustainable in its current form”.
The board papers said: “The board and management team continued to work with the contingency planning team (PwC)and Monitor on the second phase in the CPT process, the options report, expected to be published in late summer 2013.”
The paper added that the outcomes of this report would determine whether or not the trust bids for up to £800m worth of older people’s services contracts which have been put out to tender Cambridgeshire and Peterborough Clinical Commissioning Group.