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
investments
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 2024/25 was approved at a meeting of the Authority on 08 February 2024 and is shown below.
| Operational Budget |
2023/24
Budget
|
Transfers
Between
Budget
Heads |
Salaries
Budget
Movement
|
Other
Budget
Movements
|
2024/25
Approved
Budget
|
| Cost of Services |
|
|
|
|
|
| 1) Pensions Administration |
3,253,030 |
(305,000) |
676,890 |
21,990 |
3,646,910 |
| 2) Investment Strategy |
635,770 |
(56,890) |
114,100 |
(36,580) |
656,400 |
| 3) Finance & Corporate Services |
1,033,720 |
171,000 |
214,100 |
15,940 |
1,434,760 |
| 4) ICT |
972,975 |
305,000 |
69,400 |
148,215 |
1,495,590 |
| 5) Central Costs |
869,650 |
(57,220) |
82,770 |
(55,020) |
840,180 |
| 6) Democratic Representation |
167,920 |
(56,890) |
0 |
16,030 |
127,060 |
Residual Unfunded Liabilities
of South Yorkshire
County Council |
353,000 |
0 |
0 |
(21,000) |
332,000 |
| Subtotal Revenue Expenditure |
7,286,065 |
0 |
1,157,260 |
89,575 |
8,532,900 |
| Capital Expenditure |
72,000 |
0 |
0 |
26,500 |
98,500 |
Levy on District Councils
for Residual Liabilities |
(353,000) |
0 |
0 |
21,000 |
(332,000) |
Subtotal before transfers to /
(from) reserves |
7,005,065 |
0 |
1,157,260 |
137,075 |
8,299,400 |
Appropriations to/(from)
Reserves Total |
(150,000) |
0 |
0 |
122,000 |
(28,000) |
| Grand Total |
6,855,065 |
0 |
1,157,260 |
259,075 |
8,271,400 |
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:
| Total Charge to the Pension Fund comprises: |
2023/24
Revised Budget
£ |
2024
Proposed Budget
£ |
| Administration Expenses |
4,646,230 |
5,960,900 |
| Investment Management Expenses |
544,175 |
616,820 |
| Oversight & Governance Expenses |
1,664,660 |
1,693,680 |
|
6,855,065 |
8,271,400 |
The budget allows us to employ just over 126 full time equivalent staff as shown below:
|
2023/24
Funded
Establishment
FTE |
Transfers
Between
Budget Heads
FTE |
Miscellaneous
Changes
FTE |
Growth
FTE |
2024/25
Funded
Establishment
FTE |
| Pensions Administration |
72.2 |
-8.6 |
0.3 |
12.4 |
76.3 |
| Investment Strategy |
4.3 |
-0.3 |
0.0 |
0.0 |
4.0 |
| Finance & Corporate Services |
23.6 |
4.0 |
-0.6 |
1.0 |
28.0 |
| ICT |
10.3 |
8.6 |
0.0 |
-1.6 |
17.3 |
| Central Costs |
4.4 |
-3.4 |
0.0 |
0.0 |
1.0 |
| Democratic Representation |
0.3 |
-0.3 |
0.0 |
0.0 |
0.0 |
| Total |
115.1 |
-0.0 |
-0.3 |
11.8 |
126.6 |
For 2024/25, there is an increase of 12 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 2024/25 is shown below:
| Reserve |
Balance at April
2024 |
Contributions to
Reserves |
Contributions
from Reserves |
Estimated
Balance at
31 March 2025 |
| Corporate Strategy Reserve |
55,220 |
15,700 |
(21,050) |
49,870 |
| ICT Reserve |
63,030 |
10,000 |
(17,650) |
55,380 |
| Subtotal Revenue Reserve |
118,250 |
25,700 |
(38,700) |
105,250 |
| Capital Projects Reserve |
19,290 |
0 |
(15,000) |
4,290 |
| Total Earmarked Reserve |
137,540 |
25,700 |
(53,700) |
109,540 |
| Net total transfer (from) reserves: |
(28,000) |
|