Ofwat comes in under budget
Ofwat has reported a 3% underspend of its £29.7m budget for the year to 31 March 2022.
Its income from core regulation fees paid by water, sewerage and retail licence holders was £29.058m for the reporting period plus £425,000 from the Thames Tideway project under a separate licence paid for by Thames Water and infrastructure provider for the project, Bazalgette Tunnel.
From the total fees paid of £29.483m Ofwat returned an underspend against its Tideway budget in a credit note of £130,000, bringing total income for the year to £29.433m – down £311,000 from the previous year.
Core regulation and Tideway administrative costs totalled £28.533m creating a £900,000 surplus.
Ofwat confirmed its core budget for 2022-23 at £32.3m with the Tideway budget confirmed at £0.5m.
The regulator – whose income is drawn from the water, sewage and retail firms subject to negotiation with the Treasury – operated in the year on a budget reduced by £2.1m to £29.7m. The cut was in recognition of its “in year financial position and reduced spend on our payroll, running costs, investments and
anticipated financial risks which did not materialise during the year.”
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