2024-25 Financial Statement
Perth and Kinross Council · 25 November 2024
Back to Perth Common Good Fund Committee — 25 November 2024 and its agenda
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Perth Common Good Fund Committee 25 November 2024 2024/25 FINANCIAL STATEMENT Report by Strategic Lead – Finance and Business Support (Report No. 24/235) 1. PURPOSE OF REPORT 1.1 This report provides details of the income and expenditure to 30 September 2024 and the projected outturn for financial year 2024/25 for the Perth Common Good Fund. 2. RECOMMENDATIONS 2.1 The Committee is requested to: (i) Note the projected income and expenditure to 31 March 2025 for the Perth Common Good Fund, as set out in Appendix 1 to the report. 3. BACKGROUND / MAIN ISSUES 3.1 The budget for financial year 2024/25 was approved by the Committee on 29 January 2024 (Report 24/28 refers). The Committee received a financial monitoring update at the meetings on 29 April 2024 (Report 24/135 refers) and 26 August 2024 (Report 24/220 refers). 3.2 This report provides an update on the projected outturn for financial year 2024/25. 4. PROPOSALS Financial Statement 2024/25 4.1 Appendix 1 provides the 2024/25 Financial Statement which includes the Budget approved by Committee on 29 January 2024 (Report 24/28 refers). 4.2 Following the update to Committee on 26 August 2024 (Report 24/220 refers), the projected deficit of £34,209 has changed to a projected surplus of £233, a movement of £34,442 due mainly to the following:- • Moncrieffe Island Causeway repair works have not been completed due to the wet summer and are now paused for the winter. As such costs will be under budget this year, but with some costs now moving into next financial year. This has resulted in a projected underspend of £25,000 for this financial year.
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• At the meeting on 26 August, it was reported that Capital Grants had an anticipated over spend of £12,029 compared to budget if the financial assistance under consideration was approved in full. This anticipated over spend was not approved and currently Capital Grants are projected to be on budget. • Financial Assistance to St John’s Kirk Carillon has an anticipated over spend of £2,500 compared to budget if the financial assistance under consideration is approved in full. 4.3 The estimated Fund balance at 31 March 2025 is now projected at £2,054,414, a movement of £34,442, reflecting the updated projections detailed in paragraph 4.2 above. Author(s) Name Designation Contact Details Fiona Lambie Accountant CHXFinance@pkc.gov.uk Approved Name Designation Date Scott Walker Chief Financial Officer 4 November 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.
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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. 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 No consultation has been necessary in the preparation of this report.
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5. BACKGROUND PAPERS 5.1 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. 6. APPENDICES • Appendix 1 – Perth Common Good Fund - Financial Statement for the period to 30 September 2024 for Financial Year 2024/25