2022/23 & 2023/24 Financial Statements
Perth and Kinross Council · 22 May 2023
Back to Perth Common Good Fund Committee — 22 May 2023 and its agenda
Text extracted from the council's PDF. Layout and reading order may differ from the original.
Page 1
PERTH COMMON GOOD FUND COMMITTEE 22 MAY 2023 2022/23 & 2023/24 FINANCIAL STATEMENTS Report by Head of Finance (Report No. 23/145) 1. PURPOSE OF REPORT This report provides details of the Income and Expenditure to 31 March 2023 and the projected outturns for Financial Years 2022/23 and 2023/24. 2. RECOMMENDATIONS 2.1 The Committee is requested to: (i) Note the Income and Expenditure to 31 March 2023, and the projected outturn for Financial Year 2022/23, as set out in Appendix 1. (ii) Note the projected outturn for Financial Year 2023/24, as set out in Appendix 2. 3. BACKGROUND / MAIN ISSUES 3.1 The budget for Financial Year 2022/23 was approved by the Committee on 21 February 2022 (Report 22/40 refers). 3.2 Monitoring updates have been provided to the Committee throughout Financial Year 2022/23 (Reports 22/100, 22/144, 22/236, 22/306 and 23/37 refer). The reported surplus in 2022/23 is mainly due to an underspend on repairs and maintenance and financial assistance together with an increase in rental income and interest on investments. 3.3 The budget for 2023/24, which was approved by the Committee on 6 February 2023 (Report 23/37 refers), is based on activity in the previous financial year and adjusted for anticipated costs and availability of resources in the new financial year. 3.4 This report provides the monitoring position and projected outturn for Financial Year 2022/23, as detailed in Appendix 1, and the projected outturn for Financial Year 2023/24, as detailed in Appendix 2.
Page 2
4. PROPOSALS Financial Statement 2022/23 4.1 As detailed in Appendix 1, the projected surplus for the Fund for Financial Year 2022/23 is £114,087 and the anticipated Fund balance at 31 March 2023 is £1,933,079. 4.2 At the meeting on 6 February 2023, the Committee approved the earmarking of £69,500 of the 2022/23 surplus in Reserves to support applications for financial assistance for cost of living initiatives in 2023/24. The corresponding £69,500 Financial Assistance budget for Cost of Living is now incorporated into the 2023/24 budget for the Fund, as detailed in Appendix 2. 4.3 The year-end outturn for the Fund has been updated from the previously reported position, as noted in Section 4.4 of this report. It is anticipated that there will be further adjustments during the closure of the accounts for 2022/23, and the unaudited income and expenditure for the Fund will be reported to a future meeting of this Committee. 4.4 Following the update to Committee on 6 February 2023 (Report 23/37 refers), the surplus for the year has increased by £35,542. A summary of this movement is provided below: • a further anticipated underspend of £14,864 on General Repairs and Maintenance • a further £5,891 underspend on Finance Assistance due to the update of committed grant funding • an anticipated £3,267 underspend on activities relating to Christmas Events • a further anticipated increase of £11,520 for rental income due to the 2022/23 Rental Review and backdated rent. Financial Statement 2023/24 4.5 Appendix 2 provides the 2023/24 Financial Statement which includes the Budget approved by Committee on 6 February 2023 (Report 23/37 refers). 4.6 At the meeting of 6 February 2023, the Committee also approved earmarking £69,500 of the 2022/23 surplus for cost of living initiatives and the 2023/24 budget has been adjusted for this, as noted in Section 4.2. This has reduced the budgeted position by £69,500 from a surplus of £53,700 to a deficit of £15,800 as shown in Appendix 2. 4.7 There are no other adjustments to the 2023/24 Budget. 4.8 The projected deficit for 2023/24 is, therefore, £15,800 and the estimated Fund balance at 31 March 2024 is £1,917,279.
Page 3
Author(s) Name Designation Contact Details Fiona Lambie Accountant CHXFinance@pkc.gov.uk Approved Name Designation Date Stewart Mackenzie Head of Finance 24 April 2023 Karen Donaldson Chief Operating Officer 25 April 2023
Page 4
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.
Page 5
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 Chief Operating Officer 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.
Page 6
3. APPENDICES • Appendix 1 – Perth Common Good Fund – Financial Statement for the period to 11 March 2022 for Financial Year 2021/22 • Appendix 2 – Perth Common Good Fund - Financial Statement for Financial Year 2022/23