Issue - meetings

62.1     The Committee considered a report on the Quarter 3 forecasted financial outturn of the East Sussex Pension Fund (ESPF) for the 2023/24 financial year and the Draft Budget for 2024/25, introduced by Russell Wood who drew the Board’s attention to the following points:

1)    There was an increase in the current year forecast of £70k due to the Fund Officer costs; the previous figures had not included an amount for the pay award.

2)    Audit costs have increased significantly to £90k.

3)    The cost of investment advice for some outstanding areas of work relating to the investment strategy and work plan is not yet known so a higher contingency has been provided for in the budget.

Draft budget

1)    Slight increase from the current year of £98k, several assumptions made and the cost of the helpdesk is not known.

2)    The budget is based on an assumption of being fully staffed and that those who are due an increment will receive one. An assumed pay award of 3% has been included in line with the East Sussex Council budget.

3)    A number of one-off payments have been removed as they related to last year only but there is sufficient contingency for projects.

62.2     The Committee RESOLVED to:

1)         Note the report; and

2)         Approve the Business Plan and Budget for 2024/25 as set out in Appendix 1 of the report.