Eco&Regen Policy Board Report Period 10 2023-24 Report PolB
Renfrewshire Council · 19 March 2024
Back to Economy and Regeneration Policy Board — 19 March 2024 and its agenda
Text extracted from the council's PDF. Layout and reading order may differ from the original.
Page 1
To: Economy and Regeneration Policy Board On: 19 March 2024 Report by: Chief Executive and Director of Finance and Resources Heading: Revenue and Capital Budget Monitoring as at 5 January 2024 1. Summary of Financial Position 1.1. The projected revenue outturn at 31 March 2024 for those services reporting to the Economy and Regeneration Board is an underspend position of £0.039 million (1.1%). 1.2. The projected capital outturn at 31 March 2024 for projects reporting to the Economy and Regeneration Policy Board is a breakeven position against the revised budget for the year of £34.471 million. 1.3. This is summarised in the tables below and further analysis is provided in the Appendices. Table 1: Revenue Division Revised Annual Budget £000 Projected Annual Outturn £000 Budget Variance (Adv) / Fav £000 Budget Variance % Economy and Development 3,405 3,366 39 1.1% Table 2: Capital Division Revised Annual Budget £000 Projected Annual Outturn £000 Budget Variance (Adv) / Fav £000 Budget Variance % Economy and Development 34,471 34,471 0 0%
Page 2
2. Recommendations 2.1. Members are requested to: (a) Note the projected Revenue outturn position detailed in Table 1 above; (b) Note the projected Capital outturn position detailed in Table 2 above; and (c) Note the budget adjustments detailed at sections 4 and 6. 3. Revenue 3.1. The Revenue Budget Monitoring report at Appendix 1 identifies a projected underspend of £0.039 million (1.1%) for all services reporting to this Policy Board. Detailed division service reports can also be found here, together with an explanation of any significant projected variances. 3.2. The projected outturn is based on information currently available, and assumptions made by service budget holders. Any changes to these projections will be detailed in future reports to the Board. 3.3. The main reasons for the projected outturn position are indicated below the tables showing both the subjective analysis (what the budget is spent on) and the objective analysis (which division is spending the budget). 4. Revenue Budget Adjustments Members are requested to note, from Appendix 1, that budget adjustments totalling £0.008 million have been processed since the previous report to board. The adjustment reflects funding transferred from the service in respect of property costs. 5. Capital 5.1. The Capital Investment Programme 2023/24 to 2027/28 was approved by the Council on 2 March 2023. 5.2. The Capital Monitoring report at Appendix 2 indicates a revised budget in 2023/24 for Economy and Regeneration of £34.471m. Further detail, including reasons for significant variances (where applicable), can be found at Appendix 2. 6. Capital Budget Adjustments 6.1. Since the last report, budget adjustments totalling (£2.039m) have arisen which reflect the following:
Page 3
Budget transfers between programmes (£0.154m) reflecting budget adjustments approved by Council within the General Fund Financial Update on 14 December 2023: • Paisley Town Hall Redevelopment £2.100m • Flexible Outdoor Facility/Travel & Accessibility Infrastructure (£2.100m) • Playing Fields and Sport Development (£0.154m) to Linwood Running Track within Leadership Board. Budget brought forward from 2024/25 into 2023/24 £1.189m: • Paisley Town Hall Redevelopment £0.250m as a result of updated cash flows received for the project. • Flexible Outdoor Facility/Travel & Accessibility Infrastructure £0.939m to facilitate the transfer to Paisley Town Hall Redevelopment in 2023/24 described above. Budget carried forward from 2023/24 into 2024/25 (£3.074m): • Playing Fields and Sports Development - (£2.699m) reflecting expected cash flow timings of St James Playing Fields Redevelopment after the project was redesigned and retendered in order for the project to remain within budget. • Paisley Museum – (£0.001m). • Town Centre Capital Fund/Regeneration - (£0.114m) – comprising of Erskine Arts (£0.074m) and Villages (£0.040m). • Place Based Fund - (£0.050m) for Heritage Renewal Programme. • RCGF PACE Theatre - (£0.210m). _
Page 4
___________________________________________________________________ Implications of this report 1. Financial – The projected budget outturn position for the revenue budget reported to the Economy and Regeneration Policy Board is an underspend of £0.039m. Income and expenditure will continue to be monitored closely for the rest of the financial year and, where necessary, steps will be taken to mitigate any overspend. The projected outturn position for capital budgets reported to the Economy and Regeneration Policy Board is breakeven. The Capital programme will continue to be monitored closely for the rest of the financial year. Any changes to current projections in either Revenue or Capital budgets will be reported to the board as early as possible, along with an explanation for the movement. 2. HR and Organisational Development None directly arising from this report. 3. Community/Council Planning None directly arising from this report. 4. Legal None directly arising from this report. 5. Property/Assets The Capital expenditure in this board will result in improvements to Culture and Heritage assets and delivery of strategic place-shaping and regeneration. 6. Information Technology None directly arising from this report. 7. Equality and Human Rights None directly arising from this report. 8. Health and Safety None directly arising from this report. 9. Procurement None directly arising from this report. 10. Risk The potential risk that the Council will overspend its approved budgets for the year will be managed at a Council-wide level by the Chief Executive and Directors.
Page 5
11. Privacy Impact None directly arising from this report. 12. 13. Cosla Policy Position N/a. Climate Risk None directly arising from this report. __________________________________________________________________ List of Background Papers __________________________________________________________________ Authors: Valerie Howie, Finance Business Partner (Revenue) and Linsey McGregor, Senior Accountant (Capital)
Page 6
Appendix 1 Objective Summary Annual Budget at Period 8 Budget Adjustments Revised Annual Budget at Period 10 Projected Outturn Previous Projected Outturn Variance Movement £000 £000 £000 £000 £000 % £000 £000 Economy and Regeneration Management 81 0 81 80 1 1.2% 1 0 Economic Development 2,130 (2) 2,128 2,128 0 0.0% 0 0 Regeneration 1,202 (6) 1,196 1,158 38 3.2% 32 6 NET EXPENDITURE 3,413 (8) 3,405 3,366 39 1.10% 33 6 Objective Heading Key Reasons for Projected Variance Economy and Regeneration Management Economic Development Regeneration RENFREWSHIRE COUNCIL REVENUE BUDGET MONITORING STATEMENT 2023/24 1 April 2023 to 5 January 2024 Budget Variance (Adverse) or Favourable POLICY BOARD : ECONOMY AND REGENERATION No significant projected year end variances to report. No significant projected year end variances to report. The projected underspend relates mainly to a higher than expected level of staff turnover.
Page 7
Appendix 1 Subjective Summary Annual Budget at Period 8 Budget Adjustments Revised Annual Budget at Period 10 Projected Outturn Previous Projected Outturn Variance Movement £000 £000 £000 £000 £000 % £000 £000 Employees 4,838 0 4,838 4,790 48 1.0% 50 (2) Premises Related 80 (2) 78 70 8 10.3% (7) 15 Transport Related 3 0 3 4 (1) (33.3%) (1) 0 Supplies and Services 316 0 316 318 (2) (0.6%) (2) 0 Transfer Payments 4,642 (6) 4,636 4,630 6 0.1% 13 (7) Support Services 39 0 39 40 (1) (2.6%) (1) 0 GROSS EXPENDITURE 9,918 (8) 9,910 9,852 58 0.6% 52 6 Income (6,505) 0 (6,505) (6,486) (19) (0.3%) (19) 0 NET EXPENDITURE 3,413 (8) 3,405 3,366 39 1.1% 33 6 REVENUE BUDGET MONITORING STATEMENT 2023/24 1 April 2023 to 5 January 2024 Budget Variance (Adverse) or Favourable RENFREWSHIRE COUNCIL POLICY BOARD : ECONOMY AND REGENERATION
Page 8
Appendix 2 Prior Years Budget Budget Revised Projected Expenditure at P8 Adjustments Budget Outturn Total Approved Projected to 31/03/2023 2023-24 2023-24 2023-24 2023-24 Budget Outurn Project Title to 31-Mar-27 to 31-Mar-27 £000 £000 £000 £000 £000 £000 £000 ECONOMY & DEVELOPMENT Paisley Art Centre Redevelopment 1,170 1,839 0 1,839 1,839 0 0% 3,050 3,050 0 0% Paisley Town Hall Redevelopment 17,132 4,668 2,350 7,018 7,018 0 0% 22,050 22,050 0 0% Flexible Outdoor Facility/Travel & Accessibility Infrastructure 485 1,172 (1,161) 11 11 0 0% 7,050 7,050 0 0% Playing Fields and Sports Development 783 4,817 (2,853) 1,963 1,963 0 0% 5,600 5,600 0 0% Paisley Museum 23,624 14,971 (1) 14,971 14,971 0 0% 45,522 45,522 0 0% Town Centre Capital Fund 759 167 (114) 53 53 0 0% 4,037 4,037 0 0% Paisley Learning & Cultural Hub 4,737 2,197 0 2,197 2,197 0 0% 7,000 7,000 0 0% Place Based Fund 859 1,400 (50) 1,350 1,350 0 0% 4,428 4,428 0 0% Paisley Junctions and Charging Hub 390 2,956 0 2,956 2,956 0 0% 3,346 3,346 0 0% Townscape Heritage CARS 2 3,086 1,014 0 1,014 1,014 0 0% 4,099 4,099 0 0% Shared prosperity fund 0 225 0 225 225 0 0% 0 0 0 0% RCGF PACE Theatre 0 1,084 (210) 874 874 0 0% 0 0 0 0% Total Economy & Development 53,025 36,510 (2,039) 34,471 34,471 0 0% 106,182 106,182 0 0% TOTAL ECONOMY & DEVELOPMENT 53,025 36,510 (2,039) 34,471 34,471 0 0% 106,182 106,182 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 5th January 2024 POLICY BOARD: ECONOMY & REGENERATION Current Year 2023-24 Full Programme - All years Budget Variance (Adverse) or Favourable Budget Variance (Adverse) or Favourable