Orkney Islands Council Pension Fund

Report on the actuarial valuation at 31 March 2023

March 2024

Tom Hoare FFA
Julie West FFA

For and on behalf of Hymans Robertson LLP

Hymans Robertson LLP

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Hymans Robertson LLP® is a limited liability partnership registered in England and Wales with registered number OC310282. Authorised and regulated by the Financial Conduct Authority and licensed by the Institute and Faculty of Actuaries for a range of investment business activities.

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IMAGE: The report cover shows the Hymans Robertson logo and the title “Orkney Islands Council Pension Fund — Report on the actuarial valuation at 31 March 2023”, dated March 2024, over a landscape with a setting sun and hills. It also identifies Tom Hoare FFA and Julie West FFA, for and on behalf of Hymans Robertson LLP, and lists the firm’s four office addresses.

Contents

Report on the actuarial valuation as at 31 March 2023

• 1 Executive summary — Page 1
• 2 Approach to the valuation — Page 2
• 3 Valuation results — Page 4
• 4 Sensitivity and risk analysis — Page 10
• 5 Final comments — Page 13
• Appendix 1: Data — Page 15
• Appendix 2: Assumptions — Page 17
• Appendix 3: Reliances & limitations — Page 21
• Appendix 4: Glossary — Page 22
• Appendix 5: Rates and Adjustments Certificate — Page 25
• Appendix 6: Section 13 dashboard — Page 27

1 Executive summary

We have been commissioned by Orkney Islands Council (“the Administering Authority”) to carry out a valuation of Orkney Islands Council Pension Fund (“the Fund”) as at 31 March 2023. This fulfils Regulation 60 of the Local Government Pension Scheme (Scotland) Regulations 2018. This report is a summary of the valuation.

1. Contribution rates

The contribution rates for individual employers set at this valuation can be found in the Rates and Adjustments certificate. Table 1 shows the combined individual employer rates set at this valuation and the last valuation.

Table 1: Whole fund contribution rates compared with the previous valuation

The overall contribution rate, expressed as a percentage of pay, has reduced due to both an improvement in the past service funding position and higher assumed future investment returns at 2023 compared to 2020.

2. Funding position

At 31 March 2023, the past service funding position has improved from the last valuation at 31 March 2020. Table 2 shows the single reported funding position at this valuation and the last valuation.

Table 2: Single reported funding position compared with the previous valuation

The required investment return to be 100% funded is c.2.5% p.a. (2.0% p.a. at 2020). The likelihood of the Fund’s investment strategy achieving the required return is 95% (83% at 2020).

1 Approach to the valuation

1.1 Valuation purpose

The triennial actuarial valuation is an important part of the Fund’s risk management framework. Its main purpose is to ensure the Fund continues to have a contribution plan and investment strategy that will achieve the objectives set out in the Funding Strategy Statement.

This report marks the culmination of the valuation process and contains its two key outcomes:

• Employer contribution rates for the period 1 April 2024 to 31 March 2027.
• The funding level of the whole Fund at 31 March 2023.

Further information on the valuation process, methodology and strategy is set out in the publicly available Funding Strategy Statement, Statement of Investment Principles and published papers of the Fund’s Pension Fund Sub-committee and Pension Board. Additional material is also contained in Hymans Robertson’s LGPS 2023 valuation toolkit.

1.2 Setting employer contribution rates

Employer contributions need to be set at a level which ensures the Fund has a reasonable likelihood of having enough money to pay members’ benefits. Identifying the amount of benefits that may be paid is complex, as benefits earned today may only start being paid in 50 years’ time. Over that period, there is significant uncertainty over factors which affect the cost of benefits e.g. inflation and investment returns. These uncertainties are allowed for by taking a risk-based approach to setting employer contribution rates. This approach is built around three key funding decisions set by the Fund.

1.2.1 Key funding decisions

• Decision 1: What is the funding target for the employers?
  Consider: Will the employer remain in the Fund for the long-term or exit at some point?

• Decision 2: What is the funding time horizon?
  Consider: How long will the employers participate in the Fund?

• Decision 3: What is the required likelihood of success?
  Consider: How much prudence can the employers’ covenant support in its funding plan?

1.2.2 Modelling approach

Asset-liability modelling is used to project each employer’s assets and benefit payments into the future using 5,000 different economic scenarios. These are generated using Hymans Robertson’s Economic Scenario Service (ESS). Further information on this can be found in Appendix 2.

A contribution rate is set for each employer which has (at least) the required likelihood of meeting the funding target over the relevant funding time horizon. The 5,000 projections of the employers’ assets and benefits from the asset-liability model are used to quantify the likelihood that a given contribution rate will meet this target.

1.3 Measuring the funding level

The past service funding level is measured at the valuation date. While it is limited in providing insight into a funding plan, it is a useful high-level summary statistic. A market-related approach is taken to calculate both the assets and the liabilities to ensure they are consistent with one another:

• The market value of the Fund’s assets at the valuation date has been used.
• The liabilities have been valued using assumptions based on market indicators at the valuation date (these assumptions are detailed in Appendix 2).

1.3.1 Calculating the liabilities

The liabilities are the value of all future payments to members based on all benefits earned up to the valuation date, expressed in today’s money.

Chart 1 shows the projected payments for all members in the Fund at the valuation date. The projections are based on the membership data provided for the valuation (Appendix 1), the assumptions (Appendix 2), and our understanding of the LGPS benefit structure as at 31 March 2023 (details at www.scotlgpsregs.org).

IMAGE: Chart 1 is a bar chart of projected benefit payments for all service earned up to 31 March 2023. The horizontal axis shows years from the valuation date, from year 1 to approximately year 96. The vertical axis shows benefits in £m, from 0 to £25m. Payments rise from approximately £11m in year 1 to a peak of approximately £20m around years 18–25, then decline steadily to near zero after approximately year 80.

Chart 1: Projected benefit payments for all service earned up to 31 March 2023

To express the future payments in today’s money, each projected payment is discounted back to the valuation date in line with an assumed rate of future investment return (known as the discount rate’).

2 Valuation results

2.1 Employer contribution rates

The primary objective of the Fund is to set employer contribution rates that will enable it to pay members’ benefits. A secondary objective is to ensure the rates are as stable as possible. The risk-based approach detailed earlier is used to meet both those objectives.

The employer contribution rate is made up of two components.

1. A primary rate: the level sufficient to cover benefits that will be accrued in the future.
2. A secondary rate: the costs associated with sufficiently funding benefits accrued up to the valuation date.

Each employer has a contribution rate which is appropriate to their circumstances, and these can be found in the Rates & Adjustments Certificate (Appendix 5).

Contribution rates have reduced at this valuation due to both an improvement in the past service funding position and higher assumed future investment returns at 2023 compared to 2020.

Table 3 shows the total of all employer contribution rates to be paid into the Fund over the period 1 April 2024 to 31 March 2027.

Table 3: Whole fund contribution rates compared with the previous valuation

The primary rate includes an allowance of 1.0% of pensionable pay for the Fund’s expenses (0.9% of pay at the last valuation).

Employees pay a contribution to the Fund in addition to these rates. These rates are set by the LGPS Regulations. The average employee contribution rate at 31 March 2023 is 6.0% of pay (6.0% at 31 March 2020).

2.2 Funding level

The funding level is the ratio of assets to liabilities. The market value of the assets at the valuation date is known. The value (in ‘today’s money’) of the future benefit payments is uncertain given that the level of future investment returns is unknown.

To help understand funding risk, the liabilities and therefore the funding level has been calculated across a range of different assumptions for future investment returns (also known as ‘discount rates’). The likelihood of the Fund’s investment strategy (detailed in Appendix 1) achieving those levels of return has also been calculated.

Chart 2 shows how the funding level varies with different future investment return assumptions at 31 March 2023 (blue line). The green line shows the same analysis at 31 March 2020.

• The funding position at 2023 is stronger than it was in 2020.
• The funding level at 2023 will be 100% if future returns are around 2.5% pa. The likelihood of the Fund’s assets yielding at least this return is around 95%.
• The comparator at 2020 was a return of 2.0% pa which had a likelihood of 83%.
• There is a 50% likelihood of an investment return of 7.2% pa, so the “best estimate” funding level is 225% at 31 March 2023.

IMAGE: Chart 2 compares funding levels across assumed future investment returns for 2020 and 2023. The horizontal axis ranges from 2.0% to 7.0% p.a.; the vertical axis ranges from 80% to 200% funding level. The 2020 line rises from approximately 100% funding at 2.0% return to approximately 173% at 5.0%, with likelihood labels including 80%, 75%, 70%, 66%, 60%, 55% and 50%. The 2023 line rises from approximately 100% at 2.5% return to above 200% at approximately 6.3%, with likelihood labels including 95%, 90%, 85%, 80%, 75%, 70% and 66%.

Chart 2: Funding level across a range of future investment returns.

Figures on each line show the likelihood of the Fund’s assets exceeding the level of return over the next 20 years.

2.3 Single funding level as at 31 March 2023

Whilst Chart 2 provides a better understanding of the past service funding position, there is still a requirement to report a single funding level at 31 March 2023.

To report a single funding level and funding surplus/deficit for the 2023 valuation, an assumed future investment return of 5.2% pa has been used. There is an 75% likelihood associated with this level of future investment return.

Table 4 sets out the assets and liabilities at the valuation date. The results at the 2020 valuation are shown for comparison.

The funding level and surplus/deficit figures provide a high-level snapshot of the funding position as at 31 March 2023, but there are limitations:

• The liabilities are calculated using a single set of assumptions about the future and so are very sensitive to the choice of assumptions.
• The market value of assets held by the Fund will change daily.

The future progression of the funding position is uncertain. If the financial and demographic assumptions made at this valuation occur in practice, employers pay contributions in line with the R&A certificate, and there are no other changes in the financial or demographic environment, we project that the funding level at the next valuation (31 March 2026) will stay approximately the same at 151%.

Table 4: Single reported funding position compared with the previous valuation

The reported funding level does not directly drive the contribution rates for employers. The contribution rates take into consideration how assets and liabilities will evolve over time in different economic scenarios. They also reflect each employer’s funding profile and covenant.

2.4 Changes since the last valuation

2.4.1 Events between 2020 and 2023

The most significant external event to occur since the last valuation has been the Covid-19 pandemic. However, the analysis below shows that mortality experience was broadly as expected over the period with minimal impact on the funding position.

A significant factor which has affected the funding strategy is better than expected investment returns. This has had a material positive impact on the funding position.

Table 5: Analysis of investment return experience between 2020 and 2023 valuations

Table 6: Analysis of membership experience between 2020 and 2023 valuations

2.4.2 Outlook for the future

Expectations about the future, which inform the assumptions used to value the liabilities, have changed since the last valuation. The most significant changes are:

• Future inflation: this is expected to be on average higher than at 2020 due to the current high level of inflation.
• Investment returns: due to changes in financial markets, future investment returns are now expected to be higher than at the last valuation.

Table 7: Summary of change in outlook

2.5 Reconciling the overall change in funding position

Tables 8 & 9 provide insight into the funding position change between 31 March 2020 and 31 March 2023. Firstly, the changes expected to happen (Table 8), which relate mostly to assets. Then the impact of actual experience (Table 9), which affects mainly the liabilities.

2.5.1 Expected development

Table 8: Expected development of funding position between 2020 and 2023 valuations

• We have insufficient data to accurately value the impact on the liabilities from transfers in/out. This has instead been combined with “Other cash flows”.

2.5.2 Impact of actual events

Table 9: Impact of actual events on the funding position at 31 March 2023

Numbers may not sum due to rounding.

3 Sensitivity and risk analysis

Funding benefits that are going to be paid in the future involves risk and uncertainty. The Fund therefore maintains a risk register which is regularly reviewed. Additionally, as part of the valuation, the Fund reviews sources of risk that may impact its funding position and the contribution rates payable by employers.

This section discusses some of the most significant sources of funding risk (assumptions, regulatory, administration and governance, and climate change). Further information about the Fund’s approach to funding risk management, including monitoring, mitigation, and management, is set out in the Funding Strategy Statement.

The valuation results depend on the actual assumptions made about the future. By their nature, these assumptions are uncertain which means it’s important to understand their sensitivity and risk levels.

3.1 Contribution rates

The risk-based approach to setting employer contribution rates mitigates the limitation of relying on one set of assumptions. Therefore, there is no need to carry out additional analysis of the sensitivity of contribution rates to changes in financial assumptions, but they are sensitive to changes in demographic assumptions. The results in this section in relation to the funding position can be broadly applied to the contribution rates.

3.2 Funding level

3.2.1 Financial assumptions

In Section 3.2 we have already set out how the results vary with the assumed future investment return. Here we consider inflation.

Table 10: Sensitivity of funding position to inflation assumption

3.2.2 Demographic assumptions

The main area of demographic risk is if people live longer than expected. Table 11 shows the impact of longer-term longevity rates improving at a faster pace (1.75% pa vs 1.5% pa used in the headline results).

Table 11: Sensitivity of the funding to longevity assumption

3.3 Other risks

3.3.1 Regulatory, Administration and Governance risks

Potential risks in this area include change in central government legislation, which alters the future cost of the LGPS, and failures in administration processes leading to incorrect data and inaccuracies in actuarial calculations. At this valuation, specific risks include:

McCloud

Benefits accrued by certain members between 2015 and 2022 may increase following the McCloud case, which ruled that transitional protections introduced in 2015 for older members were discriminatory. We’ve made an allowance for the cost of these potential improvements, based on the guidance issued by the Scottish Public Pensions Agency on 28 April 2023. Details are set out in guide 12 of Hymans Robertson’s LGPS 2023 valuation toolkit.

Cost sharing mechanism

Benefits could change because of the 2020 cost cap valuation; the outcome is currently unknown. We have assumed that there will be no changes required to the benefit structure due to the cost cap.

Goodwin

As the remedy to this issue is still uncertain, it is difficult to identify who it would apply to. Given its impact is estimated to be very small for an LGPS fund, we have made no allowance for this change at the 2023 valuation.

GMP Indexation

It is assumed that all increases on GMPs for members reaching State Pension age after 6 April 2016 will be paid for by LGPS employers in the Fund. This is the same approach that was taken for the 2020 valuation.

3.3.2 Post valuation events

Since 31 March 2023, there has been continued volatility in financial markets and rises in interest rates by central banks. These events affect the value of the Fund’s assets and liabilities.

• The Fund’s investment return since 31 March 2023 is estimated to be between 5% and 10%.
• Liability valuations are likely to be lower now than at 31 March 2023 due to rises in expected future investment returns and a reduction in long-term inflation expectations.

As an open scheme, with a strong covenant, the Fund takes a long-term view when considering the funding impact of such events. For employers who have a very short time horizon recent volatility may be more immediately impactful, and the Fund has engaged with these employers as appropriate.

No explicit allowance has been made for this volatility in the valuation results or contribution rates detailed in the Rates & Adjustments Certificate. The Fund will continue to monitor changes in the financial and demographic environment as part of its ongoing risk management approach.

3.4 Climate change

3.4.1 Background

Climate change is a major source of uncertainty which could affect future investment returns, inflation, and life expectancies. Therefore, the Fund has explicitly explored the resilience of its funding and investment strategy to future potential climate change outcomes.

It is impossible to confidently quantify the effect of climate risk given the significant uncertainty over the impact of different possible climate outcomes. Instead, three different climate change scenarios have been considered as a stress test (instead of trying to predict how climate change affects the funding level in the future).

All the scenarios assume that there will be a period of disruption linked either to the response to climate risk (transition risks) or the effect of it (physical risks). This disruption will lead to high volatility in financial markets, and the later the disruption, the more pronounced it will be.

More information about the scenarios detailed below can be found in guide 10 of Hymans Robertson’s LGPS 2023 valuation toolkit.

3.4.2 Outcome of analysis

The Fund has set its funding and investment strategy using asset-liability modelling and considering two main risk metrics.

• Likelihood of success — the chance of being fully funded in 20 years’ time.
• Downside risk — the average worst 5% of funding levels in 20 years’ time.

When exploring the potential impact of climate change, the Fund has compared how these risk metrics change under each climate change scenario (against the ‘core’ model used when setting the funding and investment strategy). The stress-test results for the Fund are shown in Table 12. All results are in absolute terms.

Table 12: Modelling results with additional climate risk testing

The ‘likelihood of success' is broadly the same in the climate scenarios. However, climate scenarios are a stress test so it is important understand the potential impact on the downside risk. The ‘downside risk’ measure is better in the ‘green revolution’ scenario and worse in the ‘delayed transition’ and ‘head in the sand’ scenarios which highlights the importance of monitoring this risk and how it may evolve.

The climate risk results are not materially different to the ‘core’ modelling results, and not enough to suggest that the funding strategy is unduly exposed to climate change risk. The Fund will continue to monitor this risk as more information emerges and climate change modelling techniques evolve.

4 Final comments

The Fund’s valuation operates within a broader framework, and this document should be considered alongside the following:

• The Funding Strategy Statement, which in particular highlights how different employers in different circumstances have their contributions calculated.
• The Statement of Investment Principles, which sets out the investment strategy for the Fund.
• The general governance of the Fund, including meetings of the Pensions Committee and Local Pensions Board, decisions delegated to officers, the Fund’s business plan, etc.

4.1 New employers joining the Fund

Any new employers or admission bodies joining the Fund should be referred to the Fund Actuary to assess the required level of contribution. Depending on the number of transferring members the ceding employer’s rate may also need to be reviewed.

4.2 Cessation and bulk transfers

Any employer who ceases to participate in the Fund should be referred to the Fund Actuary in accordance with Regulation 61 of the LGPS regulations.

Any bulk movement of scheme members:

• involving 10 or more scheme members being transferred from or to another LGPS fund;
• involving 2 or more scheme members being transferred from or to a non-LGPS pension arrangement;

should be referred to the Fund Actuary to consider the impact on the Fund.

4.3 Valuation frequency

Under the LGPS regulations, the next formal valuation of the Fund is due to be carried out as at 31 March 2026 where contribution rates payable from 1 April 2027 will be set.

Tom Hoare FFA
Julie West FFA

February 2024

For and on behalf of Hymans Robertson LLP

Hymans Robertson LLP® is a limited liability partnership registered in England and Wales with registered number OC310282. Authorised and regulated by the Financial Conduct Authority and licensed by the Institute and Faculty of Actuaries for a range of investment business activities.

© Hymans Robertson LLP. All rights reserved.

Appendices

Appendix 1: Data

Membership data

A summary of the membership data provided by the Fund for the 2023 valuation is set out in Table 13. The corresponding membership data from the previous valuation is also shown for reference.

The results of the valuation are dependent on the quality of the data used. We have carried out a series of validation checks on the data supplied to us by the Administering Authority to ensure that it is fit for purpose.

More information on how we verify the quality of the data used in the valuation has been shared with the Administering Authority in our report ‘Data Report for the 2023 Valuation, dated 27 November 2023.

Asset data

To check the membership data and derive employer asset values, we have used asset and accounting data and employer level cash flow data provided by the Fund.

Table 13: Whole Fund membership data at this valuation compared with the previous valuation

Investment strategy

A summary of the investment strategy allocation used for the calculation of employer contribution rates and to derive the future investment return is set out in Table 14.

This information was provided by Fund Officers.

Table 14: Investment strategy allocation used for the calculation of employer contribution rates

Appendix 2: Assumptions

To set and agree assumptions for the valuation, the Fund carried out an in-depth analysis and review in August 2023 with the final set noted by the Pensions Committee on 20 September 2023.

Financial assumptions

Setting employer contribution rates

An asset-liability model was used to set employer contributions at the 2023 valuation. This model relies on Hymans Robertson’s proprietary economic model, the Economic Scenario Service (ESS). The ESS reflects the uncertainty associated with future levels of inflation and asset returns and the interactions and correlations between different asset classes and wider economic variables. In the short term (first few years), the models are fitted with current financial market expectations. Over the longer term, models are built around views of fundamental economic parameters, for example equity risk premium, credit spreads and long-term inflation. The table below shows the calibration of the ESS at 31 March 2023. Further information on the assumptions used for contribution rate setting is included in the Funding Strategy Statement.

Table 15: ESS individual asset class return distributions at 31 March 2023

Calculating the funding level

Table 16 summarises the assumptions used to calculate the funding level at 31 March 2023, along with a comparison at the last valuation.

Table 16: Summary of assumptions used for measuring the funding level, compared to last valuation

*plus a promotional salary scale

Demographic assumptions

The same demographic assumptions are used to set contribution rates and assess the current funding level.

Longevity

Table 17: Summary of longevity assumptions at this valuation compared with the previous valuation

Other demographic assumptions

Table 18: Summary of other demographic assumptions

Sample rates for demographic assumptions

Males

Females

Table 19: Sample rates of male and female demographic assumptions.

Figures are incidence rates per 1,000 members except salary scale.

FT and PT denoted full-time and part-time members respectively.

Appendix 3: Reliances & limitations

We have been commissioned by Orkney Islands Council (‘the Administering Authority’) to carry out a full actuarial valuation of Orkney Islands Council Pension Fund (‘the Fund’) at 31 March 2023, as required under Regulation 60 of the Local Government Pension Scheme (Scotland) Regulations 2018 (‘the Regulations’).

This report is addressed to the Administering Authority. It has been prepared by us as actuaries to the Fund and is solely for the purpose of summarising the main outcomes of the 2023 actuarial valuation. It has not been prepared for any other third party or for any other purpose. We make no representation or warranties to any third party as to the accuracy or completeness of this report, no reliance should be placed on this report by any third party and we accept no responsibility or liability to any third party in respect of it.

Hymans Robertson LLP is the owner of all intellectual property rights in this report. All such rights are reserved.

This summary report is the culmination of other communications in relation to the valuation, in particular:

• our 2023 valuation toolkit which sets out the methodology used when reviewing funding plans;
• our paper dated 8 December 2023 which discusses the funding strategy for the Fund’s employers;
• our paper dated 16 August 2023 which discusses the valuation assumptions;
• our initial results report dated 3 November 2023 which outlines the whole Fund results and inter-valuation experience;
• our data report dated 27 November 2023 which summarises the data used for the valuation, the approach to ensuring it is fit for purpose and any adjustments made to it during the course of the valuation;
• the Funding Strategy Statement which details the approach taken to adequately fund the current and future benefits due to members.

The totality of our advice complies with the Regulations as they relate to actuarial valuations.

The following Technical Actuarial Standards apply to this advice, and have been complied with where material and to a proportionate degree. They are:

• TAS100 – Principles for technical actuarial work
• TAS300 – Pensions

Hymans Robertson LLP is a limited liability partnership registered in England and Wales with registered number OC310282.

A list of members of Hymans Robertson LLP is available for inspection at One London Wall, London EC2Y 5EA, the firm’s registered office. Authorised and regulated by the Financial Conduct Authority and licensed by the Institute and Faculty of Actuaries for a range of investment business activities. Hymans Robertson is a registered trademark of Hymans Robertson LLP.

Appendix 4: Glossary

Appendix 5: Rates and Adjustments Certificate

In accordance with Regulation 60(4) of the Regulations, we have assessed the contributions that should be paid into the Fund by participating employers for the period 1 April 2024 to 31 March 2027 to maintain the solvency of the Fund.

The method and assumptions used to calculate the contributions set out in this Rates and Adjustments Certificate are detailed in the Funding Strategy Statement dated 1 April 2024 and in Appendix 2 of the report on the actuarial valuation dated 20 March 2024. These assumptions underpin our estimate of the number of members who will become entitled to a payment of pensions under the provisions of the LGPS and the amount of liabilities arising in respect of such members.

The table below summarises the whole Fund primary and secondary contribution rates for the period 1 April 2024 to 31 March 2027. The primary rate is the payroll weighted average of the underlying individual employer primary rates and the secondary rate is the total of the underlying individual employer secondary rates, calculated in accordance with the LGPS regulations and CIPFA guidance. The secondary rate has been shown both as a monetary amount and an equivalent percentage of the projected pensionable pay.

Tom Hoare FFA
Julie West FFA

March 2024

For and on behalf of Hymans Robertson LLP

Table 20: Whole fund contribution rates from 1 April 2024 to 31 March 2027

The required minimum contribution rates for each employer in the Fund are set out in the remainder of this certificate.

Notes to the Rates & Adjustments Certificate

• Contributions expressed as a percentage of payroll should be paid into the Fund at a frequency in accordance with the requirements of the Regulations.
• Further sums should be paid to the Fund to meet the costs of any early retirements and/or augmentations using methods and factors issued by us from time to time or as otherwise agreed.
• The certified contribution rates represent the minimum level of contributions to be paid. Employing authorities may pay further amounts at any time and future periodic contributions may be adjusted on a basis approved by the Fund Actuary.

Appendix 6: Section 13 dashboard

2023 funding position – local funding basis

Assumed life expectancy at age 65

Past service funding position – SAB basis (for comparison purposes only)

Contribution rates payable

Deficit recovery and surplus spending plan

Additional information