Issue - meetings

East Sussex Pension Fund (ESPF) Quarterly budget report

 

 

Meeting: 22/02/2023 - Pension Committee (Item 58)

58 Business Plan and 2023/24 Budget and Quarter 3 Budget Report pdf icon PDF 332 KB

Additional documents:

Minutes:

58.1       The Committee considered a report on the 2022/23 Q3 forecast financial outturn position and the Business Plan and Budget for 2023/24 introduced by Russell Wood, Pensions Manager, who drew attention to the following points:

Full cost outturn

1)    There is a reduction due to staff vacancies not being filled as early as anticipated and on investment related items due market conditions

Business plan and budget

2) Investment manager fees have removed as they obscured the position and cannot be controlled by Committee.

3) There are increases to staffing costs based on the County Council’s assumptions, one off IT costs and inflation increases on contracts. There is an allocation of £50k for the divestment report for the July strategy day. Additional spend items are partially offset by it being a non-valuation year.

4) Investment Fees are deducted from source by many of the Investment managers with only a handful directly invoicing and therefore the new reporting method is more transparent. The Budget categorisation has been changed to better reflect activities and figures reported in the Fund’s financial statements.  Overheads have also increased which are linked to the number of staff employed.

58.2       The Committee RESOLVED to:

1) Note the 2022/23 Q3 forecast financial outturn position