Issue - meetings

ICB Finance Update

Meeting: 16/01/2024 - Health & Wellbeing Board and ICB Sub-Committee (Committees in Common) (Item 34)

34 ICB Finance Overview - Month 7 2023/24 pdf icon PDF 110 KB

Additional documents:

Minutes:

Sunil Thakker, Director of Finance, NHS NEL, presented an update on the overall financial positions on the NEL ICS and ICB at period 7 of the 2023/24 financial year, along with an update on the budgets delegated to Barking and Dagenham Place.

 

Summaries of the financial performance of the ICB and ICS were provided, showing a period 7 position of an adverse variance to plan of £16.5m for the ICB as part of a £87.2m adverse variance for the ICS.  Mr Thakker referred to the main drivers for the overspend and the mitigations being put in place to bring expenditure as close to budget as possible, as part of a formal recovery plan (FRP).  The main risks identified across the system included inflation, non-deliver of efficiencies, ongoing industrial action, operational pressures, and lost income for providers which contributed to limited productivity and value for money services.  

 

Mr Thakker advised that since the report had been written there had been improvements in the financial positions, although he stressed that ongoing addition costs arising from industrial action would negatively impact on the end-of-year position.  Discussions were being held with NHS England regarding potential additional funding and Mr Thakker undertook to keep the CiC informed of developments.

 

Charlotte Pomery highlighted the value of having a medium-term financial plan and referred to the aspirations for more joined-up finance reporting across the health and local authority sectors.

 

The Health and Wellbeing Board and ICB Sub-Committee resolved to note the updated financial position for 2023/24, as detailed in Appendix 1 to the report.