2026-27 P03 Eco and Regen PB Budget Monitoring Report
Renfrewshire Council · 25 August 2026
Back to Economy and Regeneration Policy Board — 25 August 2026 and its agenda
Text extracted from the council's PDF. Layout and reading order may differ from the original.
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PUBLIC ___________________________________________________________________ To: Economy and Regeneration Policy Board On: 25 August 2026 ___________________________________________________________________ Report by: Chief Executive and Director of Finance and Resources ___________________________________________________________________ Heading: Revenue and Capital Budget Monitoring 2026/27 as at 19 June 2026 ___________________________________________________________________ 1. Summary 1.1 At the close of reporting Period 3 on 19 June 2026, the projected revenue outturn at 31 March 2027 for those services reporting to the Economy and Regeneration Policy Board was an underspend position of £0.102m (2.3%) against the revised budget for the year. 1.2 The projected capital outturn at 31 March 2027 for projects reporting to the Economy and Regeneration Policy Board is a break even position. 1.3 This is summarised in the table below and further analysis is provided in the report and appendices. Revised Annual Budget £000 Projected Outturn £000 Budget Variance (Adv)/Fav £000 Budget Variance % Revenue Economy and Development 4,514 4,412 102 2.3% Capital Economy and Development 8,605 8,605 0 0.0% 2. Recommendations 2.1 Members are requested to: a) Note the projected Revenue outturn underspend position of £0.102m; b) Note the projected Capital outturn break-even position; and c) Note the budget adjustments detailed at section 6.
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PUBLIC 3. Revenue Budget Projection – underspend of £0.102m by 31 March 2027 3.1 The tables in Appendix 1 present the projected year-end position for all services reporting to this board, by both subjective analysis (what the budget is spent on) and objective analysis (which division is spending the budget). Significant variances affecting the projected position are analysed further below. 3.2 It should be noted that the projected outturn position reported here is based on the latest information available, which is subject to change during the financial year. The impact of any change on this projection will be updated at each board cycle until the close of reporting Period 10. 4. Objective Analysis – Significant Variances 4.1 Regeneration - £0.102m underspend This forecast underspend position is mainly attributable to an underspend in employee costs, as detailed below. 5. Subjective Analysis – Significant Variances 5.1 Employees - £0.103m underspend by 31 March 2027 The underspend is mainly attributable to staff vacancies and staff on parenting leave. Recruitment remains ongoing to ensure teams can operate at full capacity. 6. Revenue Budget Virements 6.1. Under the Council’s financial regulations, Directors and their nominated officers, in consultation with the Director of Finance and Resources, have certain delegated authority to transfer sums between subjective budget headings within a service division to enable budget management throughout the financial year. This is known as ‘budget virement’. 6.2. Transfers between divisions of the same service / department in excess of £100,000, and transfers between services / departments must be authorised by the respective service Director/Chief Executive and the Director of Finance and Resources for submission to the relevant policy board for approval. Future reports may therefore ask the board to approve budget adjustments that are deemed necessary for good budget management. 6.3. Budget adjustments for noting only, processed since the approval of the Revenue Estimates, amount to £1.542m and relate to the Invest in Renfrewshire (Employability) programme (see paragraph 6.4 and 6.5).
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PUBLIC 6.4. Funding awarded to the Council for financial year 2026/27 from the Scottish Government Employability Grant and the Community Led Local Development Fund was reported to the Economy and Regeneration Policy Board on 26 May 2026 with the UK Local Growth Fund reported on 17 March 2026. A virement has been processed to reflect the realignment of budgets required to deliver the programme. 6.5. At its meeting of 17 March 2026, the Economy and Regeneration Policy Board was asked to agree the use of additional funding from the Invest in Renfrewshire (Employability) ringfenced reserve to deliver the 2026/27 programme, following the reduction in the level of funding allocation from the UK Local Growth Fund compared to the previous UK Shared Prosperity Fund. A drawdown has been processed to reflect the realignment of budgets. Revenue Budget Adjustments Objective Heading Subjective Heading Amount (£m) Reason Economy and Development Employees 3.680 Temporary realignment of costs funded by external income streams (para 6.3) Project Costs* 1.419 Income (3.557) Drawdown from Reserves 1.542 Drawdown from the Employability Ring- fenced Reserve (para 6.4) * Project costs can include supplies and services contracts, or payments to external bodies 7. Capital Budget Projection – break even position by 31 March 2026 7.1 The approved Capital Investment Programme 2026/27 to 2035/36 for Economy and Regeneration was £7.382m. The revised capital spend for 2026/27 is £8.605m. 7.2 The in-year Capital budget is forecast to break even by 31 March 2027 after a number of budget adjustments between years have taken place, to reflect revised programming of some capital projects. Details of these adjustments, which amount to £1.223m, are as follows: Project Amount (£m) Budget decelerated to 2027/28 - updated cashflows Town Centre Regeneration (1.000) Castle Semple Visitor Centre Improvements (0.040)
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PUBLIC Budget brought forward into 2026/27 - updated cashflows Paisley Museum 0.059 Cultural Infrastructure Programme 0.976 Town Centre Capital Fund 0.105 Place Based Investment Programme 0.413 Place Based Investment Programme (2025/26 grant award received lower than expected) (0.157) Town Centre Regeneration 0.094 Retail Improvement Scheme 0.075 Shared Prosperity Fund 0.148 Oakshaw Public Realm Works 0.071 Ferguslie Belltrees 0.610 Newton Road Playing Field 0.050 Castle Semple Visitor Centre Improvements 0.119 Budget reallocation in 2026/27 Cultural Infrastructure Programme to Public Realm – Abbey Quarter ILE Policy Board (0.350) Retail Improvement Scheme 0.050 Total 1.223 7.3 At its meeting of 14 May 2026, Council approved proposed changes to the Capital Programme including the allocation of £0.300m to Public Realm – Abbey Quarter and £0.050m to the Retail Improvement Scheme from balances remaining in the Cultural Infrastructure Programme (Ferguslie Sports Pavillion (£0.124m) and Paisley Learning and Cultural Hub (£0.226m). The remaining balance will be held in the programme for any residual works required in the initial opening years of the refurbished facilities - Paisley Town Hall, Paisley Arts Centre, Paisley Learning and Cultural Hub, Ferguslie Sports Pavillion, St James Playing Fields and On-X Hockey Pitch. Implications of the Report 1. Financial The projected budget outturn position for Finance, Resources and Customer Services’ Revenue budget is an underspend of £0.102m (6.8%) at 31 March 2027. Income and expenditure will continue to be monitored closely for the rest of the financial year and as far as possible, steps will be taken to mitigate any overspend.
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PUBLIC The projected outturn position for the Economy and Regeneration Capital budget is break-even, after the adjustments outlined at section 7. 2. HR & Organisational Development While staffing budgets form a significant proportion of the Council’s revenue budgets, there are no direct implications arising from the recommendations in this report. 3. Community/Council Planning Community Plan Our Renfrewshire is thriving The Council’s revenue and capital spend ensures that its facilities are fit for purpose and safe for the community, to maximise accessibility. Our Renfrewshire is well Our Renfrewshire is fair Our Renfrewshire is safe Council Plan Reshaping our place, our economy and our future The Council’s revenue and capital spend ensures that its facilities are fit for purpose and safe for the community, to maximise accessibility. Building strong, safe and resilient communities Tackling inequality, ensuring opportunities for all Creating a sustainable Renfrewshire for all to enjoy Ongoing revenue and capital budget monitoring is a tool to enable good financial management so that the Council has resources now and in the future for continued service delivery. Working together to improve outcomes 4. Legal There are no direct implications arising from the recommendations in this report. 5. Property/Assets The capital expenditure noted in this report will result in improvements to Culture and Heritage assets and delivery of strategic place-shaping and regeneration. 6. Information Technology There are no direct implications arising from the recommendations in this report.
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PUBLIC 7. Equality & Human Rights While new areas of spend may impact on particular groups, any such impact would be assessed prior to the spend being incurred, therefore there are no direct implications arising from the recommendations in this report. 8. Health & Safety There are no direct implications arising from the recommendations in this report. 9. Procurement While Procurement is an important consideration prior to the Council incurring any revenue or capital spend, there are no direct implications arising from the recommendations in this report. 10. Risk The potential financial risk that the Council will overspend its approved revenue budgets for the year is managed at a Council-wide level by the Chief Executive and Directors. 11. Privacy Impact There are no direct implications arising from the recommendations in this report. 12. Cosla Policy Position N/a 13. Climate Change The Council aims to reduce its carbon and other emissions to net zero by 2030, however there are no direct implications arising from the recommendations in this report. 14. Children’s Rights There are no direct implications arising from the recommendations in this report.
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PUBLIC List of Background Papers • Revenue Budget and Council Tax 2026/27, Council 26 February 2026 • Non-Housing Capital Investment Programme, Prudential Framework and Treasury Management Strategy, and Capital Strategy 2026/27 - 2035/36, Council 26 February 2026 Author: Valerie Howie, Finance Business Partner; and Linsey McGregor, Capital Accountant.
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PUBLIC Appendix 1 RENFREWSHIRE COUNCIL REVENUE BUDGET MONITORING STATEMENT 2026/27 1 April 2026 to 19 June 2026 POLICY BOARD: ECONOMY AND REGENERATION Objective Summary Approved Annual Budget Budget Adjustments Revised Annual Budget at Period 3 Projected Outturn Budget Variance (Adverse) or Favourable £000 £000 £000 £000 £000 % Economy and Regeneration Management 173 0 173 173 0 0.0% Economic Development 1,309 1,542 2,851 2,851 0 0.0% Regeneration 1,490 0 1,490 1,388 102 6.8% NET EXPENDITURE 2,972 1,542 4,514 4,412 102 2.3% Subjective Summary Approved Annual Budget Budget Adjustments Revised Annual Budget at Period 3 Projected Outturn Budget Variance (Adverse) or Favourable £000 £000 £000 £000 £000 % Employees 2,272 3,682 5,954 5,851 103 1.7% Premises Related 22 (14) 8 8 0 0.0% Transport Related 3 0 3 3 0 0.0% Supplies and Services 54 124 178 178 0 0.0% Third Party Payments 0 0 0 0 0 0.0% Transfer Payments 611 1,307 1,918 1,919 (1) (0.1%) Support Services 26 0 26 26 0 0.0% Depreciation and Impairment Losses 120 0 120 120 0 0.0% GROSS EXPENDITURE 3,108 5,099 8,207 8,105 102 1.2% Income (136) (3,557) (3,693) (3,693) 0 0.0% NET EXPENDITURE 2,972 1,542 4,514 4,412 102 2.3%
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PUBLIC Appendix 2 Prior Years Approved Budget Revised Projected Expenditure Budget Adjustments Budget Outturn Total Approved Projected Project Title to 31/03/2026 2026-27 since previous 2026-27 2026-27 Budget Outurn Board report to 31-Mar-31 to 31-Mar-31 £000 £000 £000 £000 £000 £000 £000 ECONOMY & DEVELOPMENT Paisley Museum 64,223 4,359 59 4,418 4,418 0 0% 68,641 68,641 0 0% Cultural Infrastructure Programme 0 0 626 626 626 0 0% 626 626 0 0% Town Centre Capital Fund 255 0 105 105 105 0 0% 360 360 0 0% Place Based Investment Programme 2,843 723 256 979 979 0 0% 3,822 3,822 0 0% Total Town Centre Regeneration 206 2,300 (906) 1,394 1,394 0 0% 2,600 2,600 0 0% Retail Improvement Scheme 45 0 125 125 125 0 0% 170 170 0 0% Shared Prosperity Fund 1,372 0 148 148 148 0 0% 1,520 1,520 0 0% Oakshaw Public Realm Works 9 0 71 71 71 0 0% 80 80 0 0% Ferguslie Belltrees 40 0 610 610 610 0 0% 650 650 0 0% Newton Road Playing Field 59 0 50 50 50 0 0% 109 109 0 0% Castle Semple Visitor Centre Improvements 121 0 79 79 79 0 0% 240 240 0 0% Total Economy & Development 69,173 7,382 1,223 8,605 8,605 0 0% 78,818 78,818 0 0% TOTAL ECONOMY & DEVELOPMENT 69,173 7,382 1,223 8,605 8,605 0 0% 78,818 78,818 0 0% *Rolling programmes have a prior year year expenditure of £0 as the expenditure is not directly linked from one year to the next as a singular project. RENFREWSHIRE COUNCIL CAPITAL INVESTMENT STRATEGY - NON-HOUSING SERVICES 1st April to 19th June 2026 POLICY BOARD: ECONOMY & REGENERATION Current Year 2026-27 Full Programme - All years Budget Variance (Adverse) or Favourable Budget Variance (Adverse) or Favourable