In recent years the Trust has recognised the need for more rigorous and responsive future planning to ensure future financial stability. It has also implemented and embedded new ways of working, this includes:
- A rolling annual cash flow forecast which is updated daily and flexed as required. The forecast is reported to the Trust's Business and Resource Committee as part of the treasury management report.
- The continued use of a long-term financial model, first used in the Monitor diagnostic process three years ago. This is used for both 'as is' and 'what if' scenario planning.
- The development of a service development strategy which details the strategic direction of the trust and its services.
The model and the service development strategy feed and drive the Trust's five-year financial strategy in terms of revenue, expenditure, capital and liquidity.