Issue - meetings

63.1     The Committee considered the Quarterly Budget report presented by Russell Wood and noted the following points:

2024/25 Q3 Forecast Outturn as at 31 December 2024

1)    The budget requirements for 2024/25 were set at £4.561m (£4.463m 2023/24 excluding investment manager fees) to support the Business Plan activities and administration of the Fund. The forecast outturn at the third quarter of 2024/25 is £4.314m (£4.400m last quarter), this is a slight decrease from the last projected position of £85k and reflects an underspend to the approved budget of£247k.

The Business Plan and Budget

2)    Total 2025/26 budget proposed is £4.645m (£4.561m 2024/25) to support the Business Plan activities and administration of the Fund. This represents are increase of £84k on the 2024/25 budget. There has been a full review of the costs for 2025/26 and the budget for individual lines have changed. The overall result was a budget which was slightly above the previous years. This did not include a budget for any additional expenditure which relates to activity undertaken by ACCESS in response to the Governments fit for the future consultation this will be provided at the next meeting when the direction of travel is clearer.

63.2     The Committee RESOLVED to note:

            1)         the 2024/25 Q3 forecast financial outturn position; and

            2)         approve the Business Plan and Budget for 2025/26 in Appendix 1 of the report.