Done. I've prepared your FY2025 budget-vs-actual variance commentary for the audit committee.

**Key findings:**

- **Revenue underperformed by $362K (3.1%)**, driven by three major Q3 misses: March was $123K short, July lost $132K, and August was $105K below budget.
- **Operating income fell to $388K against a $583K budget—a 33.5% shortfall**—because the gross margin squeezed by 0.9 points despite $63K in cost savings.
- **COGS came in $196K favourable (2.4%)**, but freight costs overran by $29K and salaries exceeded budget by $38K throughout the year.
- **Discretionary spending was well controlled**: Marketing underspent $38K (28.5%) and Technology saved $25K (15.0%), but these gains couldn't offset the revenue and gross-profit deterioration.

The note is saved to `output/bva-note.md` with a results table and data provenance for your committee deck.