58 Business Plan and 2023/24 Budget and Quarter 3 Budget Report 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