The findings come just over a month after LMCs warned that plans set out in the Five-Year Forward View - NHS England chief executive Simon Stevens' vision for the future of the health service - failed to address the growing GP crisis.
Half of CCG finance managers say the forecast year-end financial position for 2015/16 is worse than the year-end position for 2014/15, and just a quarter believe services will improve in the current financial year, according to the survey by the Healthcare Financial Management Association (HFMA).
Encouragingly for GPs, two thirds of CCG finance managers idenfied investment in primary care among the key mechanisms their organisation planned to use to bring down NHS costs in the coming year.
Between 70% and 80% of these managers named integration of health and social care, or between primary, acute and other sectors within the NHS, as the primary way they would cut costs.
In a report on its survey findings, the HFMA said: 'The 2014/15 financial year was more challenging than finance directors expected at the beginning of the year.'
It warned that growing numbers of finance directors in NHS provider organisations were predicting deficits, and felt that 'financial risk is not being shared equally with commissioners'
The report added: 'Across the UK, in spite of the financial challenges, the quality of services is largely being protected and prioritised. But there are already signs of pressure, particularly in waiting times. Although the vast majority of finance directors believe quality will not deteriorate, they have concerns that patient safety and patient outcomes are vulnerable.
'Finance directors understand well the challenges they face and can make changes in their organisations, but many do not feel they have sufficient levers to make changes they believe are necessary in their health economies.'