Issue - meetings
2017/18 Budget out-turn and 2018/19 proposed budget
Meeting: 14/06/2018 - Pension Fund Committee and Pension Board (Item 12)
12 Pension Fund Budget Monitoring to 31 March 2018 and Budget 2018/19 
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Consider report by Chief Financial Officer. (Copy attached).
Minutes:
With reference to paragraph 4 of the Minute of 8 March 2018, there had been circulated a report by the Chief Financial Officer providing the Pension Fund Committee and Pension Board with an update position of the Pension Fund budget to 31 March 2018 including proposed budget for 2018/19. The Local Government Pension Scheme (Scotland) Regulation 2014 required Administering Authorities to ensure strong governance arrangements and set out the standards they were to be measured against. To ensure the Fund met the standards a budget was approved on 16 March 2017, following the recommendations within the CIPFA accounting guidelines. The report was the third quarterly monitoring report of the approved budgets and detailed the total expenditure to 31 March 2018 was £8.743m against a budget of £8.208m. The variance of £0.535m had resulted from improved transparency on the investment manager expenses. The budget of £6.389m was proposed for 2018/19 reflecting the current asset allocation and transparency code. The budget would need to be reviewed if the asset allocation was revised.
DECISION
(a) AGREED the proposed budget for 2018/19.
(b) NOTED the actual expenditure to 31 March 2018.