2024-25 P10 Eco and Regen PB Budget Monitoring Report PB
Renfrewshire Council · 18 March 2025
Back to Economy and Regeneration Policy Board — 18 March 2025 and its agenda
Text extracted from the council's PDF. Layout and reading order may differ from the original.
Some pages contain no extractable text. They may be blank, graphics or scanned pages. OCR has not been applied.
Page 1
___________________________________________________________________ To: Economy and Regeneration Policy Board On: 18 March 2025 ___________________________________________________________________ Report by: Chief Executive and Director of Finance and Resources ___________________________________________________________________ Heading: Revenue and Capital Budget Monitoring 2024/25 as at 7 January 2025 ___________________________________________________________________ 1. Summary 1.1 At the close of reporting Period 10 on 7 January 2025, the projected revenue outturn at 31 March 2025 for those services reporting to the Economy and Regeneration Policy Board was an underspend position of £0.097m (4.1%) against the revised budget for the year. 1.2 The projected capital outturn at 31 March 2025 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 2,376 2,279 97 4.1% Capital Economy and Development 16,882 16,882 0 0.0% 2. Recommendations 2.1 Members are requested to: a) Note the projected Revenue outturn underspend position of £0.097m; b) Note the projected Capital outturn break even position; and c) Note the budget adjustment detailed at section 6.
Page 2
3. Revenue Budget Projection – underspend of £0.097m by 31 March 2025 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 - £0.097m underspend This forecast position reflects the historic impact of vacancies in the earlier periods of the financial year. 5. Subjective Analysis – Significant Variances 5.1 Employees - £0.097m underspend by 31 March 2025 This projected underspend represents the historic impact of vacancies, now filled, in the Regeneration service. 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’. 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. The following budget adjustment reflects the application of pay award inflation from centrally-held budgets and is therefore for noting only:
Page 3
Revenue Budget Adjustments Service Amount (£m) Reason Economy and Development 0.070 Pay award inflation from 1 April 2024 transferred from centrally-held budget 7. Capital Budget Projection – break even position by 31 March 2025 7.1 The approved Capital Investment Programme 2024/25 to 2028/29 for Economy and Regeneration was £17.302m. The revised capital spend for 2024/25 is £16.882m. 7.2 The in-year Capital budget is forecast to break even by 31 March 2025 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 £0.420m, are as follows: Project Amount (£m) Budget carried forward into 2025/26 for updated cashflows Place Based Investment Fund (0.341) Town Centre Capital Fund (0.079) Total (0.420) Implications of the Report 1. Financial The projected budget outturn position for Finance, Resources and Customer Services’ Revenue budget is an underspend of £0.097m (4.1%) at 31 March 2025. 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. The projected outturn position for 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.
Page 4
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. 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.
Page 5
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. List of Background Papers • Revenue Budget and Council Tax 2024/25, Council 29 February 2024 • The Capital Investment Programme 2023/24 to 2027/28, Council 29 February 2024 Author: Valerie Howie, Finance Business Partner; and Geoff Borland, Finance Manager.
Page 6
No embedded text on this page.
Page 7
Appendix 1 RENFREWSHIRE COUNCIL REVENUE BUDGET MONITORING STATEMENT 2024/25 1 April 2024 to 7 January 2025 POLICY BOARD: ECONOMY AND REGENERATION Objective Summary Annual Budget at Period 6 Budget Adjustments Revised Annual Budget at Period 8 Projected Outturn Budget Variance (Adverse) or Favourable Previous Projected Outturn Variance Movement £000 £000 £000 £000 £000 % £000 £000 Economy and Regeneration Management 35 10 45 45 0 0.0% 0 0 Economic Development 1,213 27 1,240 1,240 0 0.0% 0 0 Regeneration 1,058 33 1,091 994 97 8.9% 92 5 NET EXPENDITURE 2,306 70 2,376 2,279 97 4.1% 92 5 Subjective Summary Annual Budget at Period 6 Budget Adjustments Revised Annual Budget at Period 8 Projected Outturn Budget Variance (Adverse) or Favourable Previous Projected Outturn Variance Movement £000 £000 £000 £000 £000 % £000 £000 Employees 4,571 242 4,814 4,717 97 2.0% 91 5 Premises Related 84 (7) 77 76 1 1.8% 1 0 Transport Related 3 0 3 4 (1) (33.3%) (1) 0 Supplies and Services 127 0 127 127 0 0.0% (1) 1 Third Party Payments 0 0 0 0 0 0.0% 0 0 Transfer Payments 2,347 (165) 2,182 2,181 1 0.0% 2 (1) Support Services 45 0 45 46 (1) (2.2%) (1) 0 Depreciation and Impairment Losses 0 0 0 0 0 0.0% 0 0 GROSS EXPENDITURE 7,177 71 7,248 7,151 97 1.3% 91 6 Income (4,871) (1) (4,872) (4,872) 0 0.0% 1 (1) NET EXPENDITURE 2,306 70 2,376 2,279 97 4.1% 92 5
Page 8
No embedded text on this page.
Page 9
Appendix 2 Prior Years Approved Budget Revised Projected Expenditure Budget Adjustments Budget Outturn Total Approved Projected to 31/03/2024 2024-25 since previous 2024-25 2023-24 Budget Outurn Project Title Board report to 31-Mar-29 to 31-Mar-29 £000 £000 £000 £000 £000 £000 £000 ECONOMY & DEVELOPMENT Paisley Art Centre Redevelopment 2,881 869 0 869 869 0 0% 3,750 3,750 0 0% Paisley Town Hall Redevelopment 24,747 518 0 518 518 0 0% 25,265 25,265 0 0% Paisley Learning & Cultural Hub 6,654 346 0 346 346 0 0% 7,000 7,000 0 0% Paisley Museum 39,228 8,893 0 8,893 8,893 0 0% 53,001 53,001 0 0% Paisley Junctions and Charging Hub 431 541 0 541 541 0 0% 972 972 0 0% Sports Development - St James Playing Fields Redevelopment 425 3,075 0 3,075 3,075 0 0% 3,500 3,500 0 0% Sports Development - Ferguslie Pavillion Upgrade 531 460 0 460 460 0 0% 992 992 0 0% Sports Development - Hockey Pitch at On-X 0 600 0 600 600 0 0% 600 600 0 0% Place Based Investment Fund 1,214 660 (341) 319 319 0 0% 2,628 2,628 0 0% Town Centre Capital Fund 766 109 (79) 30 30 0 0% 876 876 0 0% Town Centre Regeneration 1 95 0 95 95 0 0% 2,050 2,050 0 0% Shared Prosperity Fund 197 843 0 843 843 0 0% 1,040 1,040 0 0% Retail Improvement Scheme 0 70 0 70 70 0 0% 70 70 0 0% Townscape Heritage CARS 2 3,876 223 0 223 223 0 0% 4,099 4,099 0 0% Total Economy & Development 80,951 17,302 (420) 16,882 16,882 0 0% 105,843 105,843 0 0% TOTAL ECONOMY & DEVELOPMENT 80,951 17,302 (420) 16,882 16,882 0 0% 105,843 105,843 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 1 April 2024 to 7th January 2025 POLICY BOARD: ECONOMY & REGENERATION Current Year 2024-25 Full Programme - All years Budget Variance (Adverse) or Favourable Budget Variance (Adverse) or Favourable