Like any well run organisation it is important that we effectively manage our money and as a public sector organisation it is important that we are accountable for how we use the money we spend.
You can find more details about how we invest the Pension Fund through the
investment
pages. This section is concerned with what is called our Operating Budget, which is the part of our expenditure which is like a local authority.
Each year we set a budget for the forthcoming financial year which is designed to deliver the objectives set out in our Corporate Strategy. The budget for 2022/23 was approved at a meeting of the Authority on 10 February 2022 and is shown below.
| Operational Budget |
2021/22
Original
Budget
|
Transfers
Between
Budget
Heads |
Salaries
Budget
Movement
|
Other
Budget
Movements
|
2022/223
Approved
Budget
|
| Cost of Services |
|
|
|
|
|
| 1) Pensions Administration |
2,789,950 |
(145,200) |
136,970 |
(63,870) |
2,717,850 |
| 2) Investment Strategy |
684,790 |
(9,710) |
1,330 |
(103,660) |
572,750 |
| 3) Finance & Corporate Services |
710,620 |
(40,400) |
150,390 |
(1,810) |
818,800 |
| 4) ICT |
667,200 |
(17,200) |
(43,520) |
132,230 |
738,710 |
| 5) Management & Corporate |
402,650 |
212,510 |
61,050 |
234,950 |
911,160 |
| 6) Democratic Representation |
142,620 |
0 |
290 |
(5,820) |
137,090 |
Residual Unfunded Liabilities
of South Yorkshire
County Council |
361,000 |
0 |
0 |
(11,000) |
350,000 |
Subtotal before Levy and
transfers to/(from) reserves |
5,758,830 |
0 |
306,510 |
181,020 |
6,246,360 |
Levy on District Councils
for Residual Liabilities |
(361,000) |
0 |
0 |
11,000 |
(350,000) |
Appropriations to/(from)
Reserves |
47,770 |
0 |
0 |
(114,130) |
(66,360) |
| Grand Total |
5,445,600 |
0 |
306,510 |
77,890 |
5,830,000 |
After the District Councils have met the costs of the unfunded pension liabilities of the former South Yorkshire County Council through a levy, the Authority’s remaining costs are charged to the Pension Fund for the services provided as shown below:
2021/22
Budget
£ |
Total Charge to the Pension Fund comprises: |
2021/22
Budget
£ |
| 3,252,985 |
Administration Expenses |
3,962,670 |
| 581,185 |
Investment Management Expenses |
372,630 |
| 1,611,430 |
Oversight & Governance Expenses |
1,494,700 |
| 5,445,600 |
|
5,830,000 |
The budget allows us to employ nearly 101 full time equivalent staff as shown below:
|
2021/22
Funded
Establishment
FTE |
Miscellaneous
Changes
FTE |
Growth
FTE |
2022/23
Funded
Establishment
FTE |
| Pensions Administration |
66.6 |
(0.2) |
2.0 |
68.4 |
| Investment Strategy |
3.3 |
- |
- |
3.3 |
| Finance & Corporate Services |
18.2 |
0.1 |
1.0 |
19.3 |
| ICT |
8.3 |
(1.0) |
- |
7.3 |
| Management & Corporate Costs |
0.4 |
1.0 |
1.0 |
2.4 |
| Democratic Representation |
0.3 |
- |
- |
0.3 |
| Total |
97.1 |
(0.1) |
4.0 |
101.0 |
For 2022/23, there is an increase of 4 FTE to the overall staff numbers in order to resource the organisation to meet its corporate objectives.
Like any well managed organisation we maintain reserves in order to pay for specific projects and the estimated level of our reserves as at the end of 2022/23 is shown below:
| Reserve |
Forecast
Balance at
01/04/2022
£ |
Estimated
Contributions to
Reserves
£ |
Estimated
Contributions
from Reserves
£ |
Estimated
Balance at
31/03/2023
£ |
| Corporate Strategy Reserve |
220,210 |
40,980 |
(74,000) |
187,190 |
| ICT Reserve |
178,300 |
8,660 |
(77,000) |
109,960 |
| Subtotal Revenue Reserve |
398,510 |
49,640 |
(151,000) |
297,150 |
| Capital Projects Reserve |
44,000 |
35,000 |
0 |
79,000 |
| Total Earmarked Reserve |
442,510 |
84,640 |
(151,000) |
376,150 |