United Lincolnshire Hospitals Trust has agreed plans with regulator NHS Improvement (NHSI) in an effort to keep their overspend down.
The organisation is still in financial special measures.
ULHT has set a £70.3 million target for 2019/20, as well as cost saving measures of £25.6 million.
Paul Matthew, interim director of finance and procurement at the trust, said the organisation needs to meet the plan in order to receive further funding.
“NHS Improvement issued the trust with a control total for the year,” he said.
“This requires the trust to deliver a deficit of £70.3 million in 2019/20.
“Once achieved, the trust would get access to further non-recurrent funding of £28.9m, which would then reduce the deficit to £41.4 million.”
Last year trust bosses recorded an overspend of £88.2 million, which was within its plan.
Mr Matthew said the trust will reduce the 2018/19 deficit by £18 million through its efficiency programme, which includes reductions in workforce costs.