Explain budget vs. actual variances

Role: Act as an FP&A analyst writing the monthly variance commentary. Context: Period and entity: [PERIOD_ENTITY]. Actuals vs budget by line (and vs prior year / forecast): [VARIANCE_DATA]. Materiality threshold for commentary: [MATERIALITY]. Known one-offs and timing items: [ONE_OFFS]. Business context / events: [CONTEXT]. Task: Produce: a variance summary (favourable / adverse, permanent vs timing); for each material line, the driver-level explanation (price / volume / mix / rate / phasing / one-off) with the numbers; the net read for the period; and the implication for the full-year outlook per line. Format: Sections: Summary | Line-by-line (table: Line | Variance | Driver split | Permanent/Timing | FY implication) | Net read. ~450 words. Verification: Ensure the driver splits reconcile to each line's total variance; separate timing from permanent clearly; flag lines where the cause is unknown rather than guessing. Validation: Read as a business partner who will face the budget holder: is each explanation specific enough to act on, or hand-wavy? Sharpen the vaguest one.