KGH’s deficit has almost doubled over the past 12 months.
A report delivered at the hospital’s annual members meeting this week saw the £11.2m figure for the 2015-16 financial year revealed, an increase from £6.7m.
The news comes the same week the hospital was criticised for areas of ‘poor practice’ in a report by the Care Quality Commission.
The trust is looking to save £8.6m this year through cost reduction or “improved productivity”, with the hospital’s chief executive saying they are on course for a predicted deficit of £6.4m for the current financial year.
KGH chairman Graham Foster says the board is properly balancing the health needs of the north of the county.
In his annual report, he said: “The trust has recorded a deteriorated financial position, a deficit of £11.2m compared with the previous year at £6.7m.
“Performance against cost improvement plans of well over £11m is another excellent effort by all concerned with the efficiency of the trust.
“Given the backdrop of rapidly deteriorating finances elsewhere in the acute NHS provider sector, I am assured that the board is properly balancing the health needs of the north Northamptonshire community against the limited finances available to the trust during the tightest of fiscal years.”
Recovering the financial position has been made one of the trust’s priorities for the financial year.
Speaking at the meeting, director of finance Kishamer Sidhu said: “The NHS has been through a very difficult year financially.
“It’s probably the most difficult I have seen in two decades.”
The hospital has been under severe pressure after a huge increase in numbers attending stretched its resources.
In 2015-2016, 399,325 people came through the hospital’s doors.
Tens of thousands more homes will be built in the north of the county over the next 15 years as part of the north Northamptonshire joint core strategy.
Chief executive David Sissling told members at the meeting that the hospital is trying to meet the demand of the growing population.
He said: “You only have to blink and it seems a new estate has popped up.
“There is more and more demand and we are trying to meet the demand of the population.”
He later said in a statement: “The financial deficit predicted for this year (2016-2017) is £6.4m, which is less than the 2015-16 outturn of £11.2m.
“Hence we are currently on target to improve our finances this year.”