FINANCE: Trust board finance papers reveal that at the end of June the organisation had spiralled into a debt of £8.4m already this year, a position the finance director Andrew Seddon describes as “most disappointing”.
A “significant” £4.4m premium agency staff spend is highlighted as one of the trust’s key financial problems with agency costs three times higher than in the same period in 2010.
The report states that: “The growth in temporary staffing has nullified the savings from the reduction in employed staff over the same period.”
The trust is now holding urgent discussions with major suppliers and Leicester City PCT about possible ways to defer payments and service level agreements.
University Leicester Hospitals finance report (see attached, right)