2023/24 and 2024/25 Financial Statements
Perth and Kinross Council · 29 April 2024
Back to Kinross Common Good Fund Committee — 29 April 2024 and its agenda
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KINROSS COMMON GOOD FUND COMMITTEE 29 APRIL 2024 2023/24 AND 2024/25 FINANCIAL STATEMENTS Report by Strategic Lead – Finance and Business Support (Report No. 24/143) 1. PURPOSE OF REPORT This report provides the projected outturn for Financial Year 2023/24, and the estimated income and expenditure for Financial Year 2024/25. 2. RECOMMENDATIONS The Committee is requested to: (i) Note the projected Income and Expenditure to the 29 February 2024 for the Kinross Common Good Fund for the 2023/24 Financial Year, as set out in Appendix 1 to the report. (ii) Note the estimated income and expenditure for the Kinross Common Good Fund for the 2024/25 Financial Year, as set out Appendix 2 to the report. 3. BACKGROUND / MAIN ISSUES 3.1 This report provides an update on the projected outturn for Financial Year 2023/24, and the estimated income and expenditure for Financial Year 2024/25. 4. PROPOSALS Financial Statement 2023/24 4.1 As detailed in Appendix 1, there is a projected surplus of £5,147 for Financial Year 2023/24, and the estimated Fund balance at 31 March 2024 is £166,808. Financial Statement 2024/25 4.2 The estimated interest to be received by the Fund in 2024/25 is £7,500. The increase from 2023/24 is due to the fixed term deposit securing a higher interest rate, together with an increase in the amount invested. 4.3 There are two applications for financial assistance to be considered at this meeting, and it is assumed that the funding approved by the Committee will be contained within the level of income to be received for the year. In the event that the value of any funding award exceeds the estimated income for
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the year, which is a decision open to the Committee, the Fund balance will reduce accordingly. Author(s) Name Designation Contact Details Fiona Lambie Accountant CHXFinance@pkc.gov.uk Approved Name Designation Date Scott Walker Chief Financial Officer 9 April 2024 Clare Mailer Director Strategy, People & Resources 10 April 2024
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ANNEX 1. IMPLICATIONS, ASSESSMENTS, CONSULTATION AND COMMUNICATION Strategic Implications Yes / None Community Plan / Single Outcome Agreement None Corporate Plan Yes Resource Implications Financial Yes Workforce None Asset Management (land, property, IST) None Assessments Equality Impact Assessment Yes Strategic Environmental Assessment Yes Sustainability (community, economic, environmental) Yes Legal and Governance None Risk None Consultation Internal Yes External None Communication Communications Plan None 1. Strategic Implications Corporate Plan 1.1 The Council’s Corporate Plan 2022 – 2027 lays out seven outcome focussed strategic objectives which provide clear strategic direction, inform decisions at a corporate and service level and shape resources allocation. They are as follows: • Tackling poverty • Tackling climate change and supporting sustainable places • Growing a sustainable and inclusive local economy • Enabling our children and young people to achieve their full potential • Protecting and caring for our most vulnerable people • Supporting and promoting physical and mental wellbeing • Placing communities at the heart of how we work 1.2 This report relates to all objectives. 2. Resource Implications Financial 2.1 There are no direct financial implications arising from this report other than those reported within the body of the main report.
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3. Assessments Equality Impact Assessment 3.1 Under the Equality Act 2010, the Council is required to eliminate discrimination, advance equality of opportunity, and foster good relations between equality groups. Carrying out Equality Impact Assessments for plans and policies allows the Council to demonstrate that it is meeting these duties. 3.2 The information contained within this report has been considered under the Corporate Equalities Impact Assessment process (EqIA) and has been assessed as not relevant for the purposes of EqIA. Strategic Environmental Assessment 3.3 The Environmental Assessment (Scotland) Act 2005 places a duty on the Council to identify and assess the environmental consequences of its proposals. 3.4 The information contained within this report has been considered under the Act. However, no action is required as the Act does not apply to the matters presented in this report. Sustainability 3.5 Under the provisions of the Local Government in Scotland Act 2003 the Council has to discharge its duties in a way which contributes to the achievement of sustainable development. In terms of the Climate Change Act, the Council has a general duty to demonstrate its commitment to sustainability and the community, environmental and economic impacts of its actions. 3.6. The information contained within this report has been considered under the Act. However, no action is required as the Act does not apply to the matters presented in this report. 4. Consultation Internal 4.1 The Director Strategy, People and Resources has been consulted in the preparation of this report. 2. BACKGROUND PAPERS 2.1 No background papers, as defined by Section 50D of the Local Government (Scotland) Act 1973 (other than any containing confidential or exempt information) were relied on to any material extent in preparing the above report.
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3. APPENDICES • Appendix 1 – Kinross Common Good Fund Financial Statement for period to 29 February 2024 for Financial Year 2023/24. • Appendix 2 – Kinross Common Good Fund Financial Statement for Financial Year 2024/25.