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Our Finances

Our operating budget and expenditure...

Our Finances

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