The Head of Finance delivered the report on the Local Pension Board’s proposed budget for 2023/24. Members were recommended to:

a.     Receive and comment on the proposed 2024/25 LPB budget of £38,200.

b.     Recommend the draft LPB budget to the Authority for its approval as part of the Authority’s overall budget.

The main change is the addition of the budget for LPB Member Allowances of £18,700 based on assumptions of the number of members in receipt of allowances and an allowance for inflation of up to 3%.

The Board challenged the budget as it appears low. However, the Head of Finance assured the Board that this was realistic.

RESOLVED: Members noted and accepted the report.