Decision details

A report was presented on the income and expenditure of the Fund for the period 1st April to 30th September 2017 which included a comparison to the budget for the same period and an explanation for any variances against the budget in order to assist with the monitoring of the financial position of the Fund.

In considering the report the Committee noted the variance between budgeted and actual investment management fees and discussed the difficulties in accurately predicting transfers in and out.

Resolved:

1.  That the analysis of variances between actual results and the budgeted income and expenditure for the period 1st April to 30th September 2017, as set out in the report presented, is noted.

2.  That the Head of Fund consider the future phasing of the budget in order to ease pension strain payments and to also highlight on the Risk Register the concerns expressed at the Committee regarding investment management fees and transfers in/out.