FROM: Amy McInerny, Chief Financial Officer
SUBJECT: Budget vs Actual Review - For the Fiscal Year Ending June 30, 2024 as of December 31, 2023
RECOMMENDATION:
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Report on the Budget vs Actual Review - For the Fiscal Year Ending June 30, 2024 as of December 31, 2023.
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BACKGROUND:
The California Government Code requires San Bernardino County Employees’ Retirement Association (SBCERA) to prepare and approve an annual Administrative Expenditure Budget covering the entire administrative expense of the Plan. The expense incurred in any year may not exceed twenty-one hundredths of the Plan net assets and those expenses are referred to as Administrative Expenses.
Certain expenses of the Plan are excluded from budget limits, including legal service costs, investment costs, actuarial service costs, custodial banking fees, and certain technology expenses. Those expenses are budgeted separately and referred to as Non-Administrative Expenses.
The SBCERA Expenditure Budget covers the period from July 1, 2023 to June 30, 2024 (FY 2023-24) and consists of two distinct functional areas: Administrative and Non-Administrative. The expenditures for both functional areas are presented in the following categories of expenses: Personnel Costs, Professional Services, Operational Services & Supplies, and Capital Expenses.
Overall, costs are within the allowable limits provided by the CERL and the budget approved by the Board.
BUDGET IMPACT:
None.
STRATEGIC PLANNING GOAL/OBJECTIVE:
Prudent Fiscal Management
STAFF CONTACT:
Amy McInerny
ATTACHMENTS:
Exhibit A: Budget vs Actual Review