The PCT has made great efforts to develop its board reporting in 2007/08, through the improvements made to the quality of board finance reports during the financial year focusing attention to the out-turn throughout the financial year.
The improved reports present the year to date and forecast out-turn position in an easily readable and standardised monthly format using plain English. This enables the Board to compare the month-on-month position and easily pinpoint where the information is they require. This includes non-financial data in terms of activity and workforce monitoring and is supported through a cash flow analysis and a balance sheet, as a monthly snap shot position of the performance of the PCT.
The Finance Report provides year-to-date information, but focuses on the outturn position for the PCT for the year end. It highlights and analyses any significant variances identified within the Finance Report.
The PCT promptly identified favourable projected year-end variances. To achieve but not exceed their forecast underspend position of £5,110,000 by 31 March 2008, a Supplementary Investment Plan was developed for action. This was submitted and approved by the Board in December 2007 which enabled the PCT a significant period of time to ensure all actions recommended in this report were undertaken.
The main emphasis of the Supplementary Investment Programme was to ensure this was reinvested in patient care. The investment programme enabled waiting list initiatives (a key strategic objective) to be delivered ahead of time and for back log maintenance which was benchmarked to be managed earlier than planned. The budget management process applied by the PCT allows more effort to be put into using resources more effectively throughout the year.