Decision details

The Head of Fund presented a report on the financial results for the Lancashire County Pension Fund for the period 1^st April to 30^th September 2018 which compared those results with the agreed budget for the same period.

When considering the report the Committee noted that, having consulted with the Auditor, an adjustment had been made to the statutory accounts to recognise all advance contributions in the year of receipt. It was acknowledged that the adjustment would result in a material favourable variance against the budget for 2017/18 and an adverse variance of approximately £90m for the full year up to 31^st March 2019.In addition restating the budget for the amendment would result in a budget of approximately £163m for contribution income with a forecast favourable variance of £3.0m.

Resolved: That the variances between the actual and budgeted results for the period 1^st April to 30^th September 2018 and the forecast financial results for the year ending 31^st Match 2019, as set out in Appendix 'A' to the report presented, are noted.