2025-26 P03 Eco and Regen PB Budget Monitoring Report
Renfrewshire Council · 26 August 2025
Back to Economy and Regeneration Policy Board — 26 August 2025 and its agenda
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___________________________________________________________________ To: Economy and Regeneration Policy Board On: 26 August 2025 ___________________________________________________________________ Report by: Chief Executive and Director of Finance and Resources ___________________________________________________________________ Heading: Revenue and Capital Budget Monitoring 2025/26 as at 27 June 2025 ___________________________________________________________________ 1. Summary 1.1 At the close of reporting Period 3 on 27 June 2025, the projected revenue outturn at 31 March 2026 for those services reporting to the Economy and Regeneration Policy Board was an underspend position of £0.018m (0.6%) against the revised budget for the year. 1.2 The projected capital outturn at 31 March 2026 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 3,000 2,982 18 0.6% Capital Economy and Development 14,683 14,683 0 0.0% 2. Recommendations 2.1 Members are requested to: a) Note the projected Revenue outturn underspend position of £0.018m; b) Note the projected Capital outturn break-even position; and c) Note the budget adjustment detailed at section 6.
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3. Revenue Budget Projection – underspend of £0.018m by 31 March 2026 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 There are no significant objective analysis variances to report at this stage in the financial year. 5. Subjective Analysis – Significant Variances 5.1 There are no significant subjective analysis variances to report at this stage in the financial year. 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. Funding awarded to the Council for financial year 2025/26 from the Scottish Government Employability Grant and the UK Shared Prosperity Fund was reported to the Economy and Regeneration Policy Boards on 20 May 2025 and 18 March 2025, respectively. The Board is asked to note the following virement reflecting the realignment of budgets required to deliver the programme.
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Revenue Budget Adjustments Objective Heading Subjective Heading Amount (£m) Reason Economy and Development Employees 2.751 Temporary realignment of costs funded by external income streams. Project Costs* 1.015 Income (3.766) * 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 2025/26 to 2029/30 for Economy and Regeneration was £14.934m. The revised capital spend for 2025/26 is £14.683m. 7.2 The in-year Capital budget is forecast to break even by 31 March 2026 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 (£0.251m), are as follows: Project Amount (£m) Budget accelerated to 2024/25 - updated cashflows Paisley Museum (3.715) Town Centre Regeneration (0.009) Budget brought forward into 2025/26 - updated cashflows Place Based Investment Fund 0.012 Town Centre Capital Fund 0.026 Retail Improvement Scheme 0.057 Paisley Art Centre Redevelopment 0.020 Paisley Town Hall Redevelopment 0.231 Paisley Learning & Cultural Hub 0.284 Paisley Junctions and Charging Hub 0.209 Sports Development - St James Playing Fields Redevelopment 0.388 Sports Development - Ferguslie Pavillion Upgrade 0.273 Sports Development - Hockey Pitch at On-X 0.043 Townscape Heritage CARS 2 0.014 Budget Increases in 2025/26 Place Based Investment Fund (grant award) 0.723 Shared Prosperity Fund (grant award) 0.482 West Tandlemuir (grant award) 0.061 Ferguslie Belltrees (grant award) 0.650 Total (0.251)
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Implications of the Report 1. Financial The projected budget outturn position for Finance, Resources and Customer Services’ Revenue budget is an underspend of £0.018m (0.6%) at 31 March 2026. 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 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.
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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. 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.
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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 2025/26, Council 27 February 2025 • The Capital Investment Programme 2025/26 to 2029/30, Council 27 February 2025 Author: Valerie Howie, Finance Business Partner; and Linsey McGregor, Capital Accountant.
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Appendix 1 RENFREWSHIRE COUNCIL REVENUE BUDGET MONITORING STATEMENT 2025/26 1 April 2025 to 27 June 2025 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 160 (60) 100 98 2 2.0% Economic Development 1,146 14 1,160 1,160 0 0.0% Regeneration 1,658 82 1,740 1,724 16 0.9% NET EXPENDITURE 2,964 36 3,000 2,982 18 0.6% 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 2,000 2,787 4,787 4,769 18 0.4% Premises Related 22 35 57 57 0 0.0% Transport Related 3 0 3 3 0 0.0% Supplies and Services 24 81 105 105 0 0.0% Third Party Payments 0 0 0 0 0 0.0% Transfer Payments 610 899 1,509 1,509 0 0.0% Support Services 26 0 26 26 0 0.0% Depreciation and Impairment Losses 630 0 630 630 0 0.0% GROSS EXPENDITURE 3,315 3,802 7,117 7,099 18 0.3% Income (351) (3,766) (4,117) (4,117) 0 0.0% NET EXPENDITURE 2,964 36 3,000 2,982 18 0.6%
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Appendix 2 Prior Years Approved Budget Revised Projected Expenditure Budget Adjustments Budget Outturn Total Approved Projected to 31/03/2025 2025-26 2025-26 2025-26 Budget Outurn Project Title to 31-Mar-30 to 31-Mar-30 £000 £000 £000 £000 £000 £000 £000 ECONOMY & DEVELOPMENT Paisley Museum 50,420 13,076 (3,715) 9,361 9,361 0 0% 64,141 64,141 0 0% Place Based Investment Fund 2,150 1,095 735 1,830 1,830 0 0% 3,980 3,980 0 0% Town Centre Capital Fund 771 79 26 105 105 0 0% 876 876 0 0% Town Centre Regeneration 105 654 (9) 645 645 0 0% 2,550 2,550 0 0% Retail Improvement Scheme 13 0 57 57 57 0 0% 70 70 0 0% Shared Prosperity Fund 0 0 482 482 482 0 0% 482 482 0 0% West Tandlemuir 179 0 61 61 61 0 0% 240 240 0 0% Oakshaw Public Realm Works 0 30 0 30 30 0 0% 30 30 0 0% Ferguslie Belltrees 0 0 650 650 650 0 0% 650 650 0 0% Paisley Art Centre Redevelopment 3,730 0 20 20 20 0 0% 3,750 3,750 0 0% Paisley Town Hall Redevelopment 25,034 0 231 231 231 0 0% 25,265 25,265 0 0% Paisley Learning & Cultural Hub 6,716 0 284 284 284 0 0% 7,000 7,000 0 0% Paisley Junctions and Charging Hub 763 0 209 209 209 0 0% 972 972 0 0% Sports Development - St James Playing Fields Redevelopment 3,111 0 388 388 388 0 0% 3,500 3,500 0 0% Sports Development - Ferguslie Pavillion Upgrade 719 0 273 273 273 0 0% 992 992 0 0% Sports Development - Hockey Pitch at On-X 557 0 43 43 43 0 0% 600 600 0 0% Townscape Heritage CARS 2 4,085 0 14 14 14 0 0% 4,099 4,099 0 0% Total Economy & Development 98,353 14,934 (251) 14,683 14,683 0 0% 119,197 119,197 0 0% TOTAL ECONOMY & DEVELOPMENT 98,353 14,934 (251) 14,683 14,683 0 0% 119,197 119,197 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 27th June 2025 POLICY BOARD: ECONOMY & REGENERATION Current Year 2025-26 Full Programme - All years Budget Variance (Adverse) or Favourable Budget Variance (Adverse) or Favourable