Revenue and Capital Budget Monitoring Report Period 3 2022-23
Renfrewshire Council · 23 August 2022
Back to Economy and Regeneration Policy Board — 23 August 2022 and its agenda
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To: Economy and Regeneration Policy Board On: 23 August 2022 Report by: Chief Executive and Director of Finance and Resources Heading: Revenue and Capital Budget Monitoring as at 24 June 2022 1. Summary of Financial Position 1.1. The projected revenue outturn at 31 March 2023 for those services reporting to the Economy and Regeneration Board is an underspend position of £0.020 million. 1.2. The projected capital outturn at 31 March 2023 for projects reporting to the Economy and Regeneration Policy Board is a £46.184 million breakeven position against the revised budget for the year. 1.3. This is summarised in the table below and further analysis is provided in the Appendices. Table 1: Revenue Division Revised Annual Budget £000 Projected Outturn Core £000 Total Projected Outturn £000 Budget Variance £000 Budget Variance % Economy and Development 2,983 2,963 2,963 20 0.7% Table 2: Capital Division Revised Annual Budget £000 Projected Outturn Core £000 Total Projected Outturn £000 Budget Variance £000 Budget Variance % Economy and Development 46,184 46,184 46,184 0 0%
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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 £0.020 million (0.7% of total budget) 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 4.1. Members are requested to note from Appendix 1 that, since the Budget was approved on 3rd March 2022, a budget adjustment (net nil impact) has been processed to increase both income and expenditure by £2.070 million to reflect funding secured from external sources to support the delivery of the employability programme over the course of financial year 2022/23. 5. Capital 5.1. The Capital Investment Programme 2022/23 to 2026/27 was approved by the Council on 3rd March 2022. For Economy and Regeneration the approved capital spend for 2022/23 is £46.184m 5.2. The Capital Monitoring report at Appendix 2 indicates net budget adjustments in the approved capital programme for Economy and Regeneration for the year of £0.313m largely as a result of additional funding offset by budget reprofiled into 2023-24 for updated cash flows. 5.3. Further detail, including reasons for significant variances (where applicable), can be found at appendix 2.
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6. Capital Budget Adjustments 6.1. Since the last report, budget changes totalling £0.313m have arisen which reflect the following: Budget Increases in 2022-23 (£3.617m): • Paisley Museum (£2.422m) reflecting grant award from Regeneration Capital Grant Fund (RCGF) and National Lottery Heritage Fund; • Place Based Fund (£1.195m) for Active Communities Grant from Scottish Government. Net budget brought forward from in 2021-22 into 2022-23 for updated cashflows (£1.123m): • Paisley Art centre (£0.230m); • Paisley Town Hall Refurbishment (£0.398m); • Town Centre Capital Fund (£0.193m); • Paisley Learning and Cultural Hub (£0.302m). Net budget carried forward into 2023-24 for updated cashflows (£4.427m): • Flexible Outdoor Facility (£1.223m); • Playing Fields and Sport Development (£0.860m); • Paisley Museum (£1.966m); • Paisley Junctions and Charging Hub (£0.185m); • THI/CARS 2 (£0.193m). ______________________________________________________________ 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 £0.020m. 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.
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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 6. Information Technology None directly arising from this report. 7. Equality and Human Rights The recommendations contained within this report have been assessed in relation to their impact on equalities and human rights. No negative impacts on equality groups or potential for infringement of individuals’ human rights have been identified arising from the recommendations contained in the report because for example it is for noting only. If required following implementation, the actual impact of the recommendations and the mitigating actions will be reviewed and monitored, and the results of the assessment will be published on the Council’s website. 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. 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 (Revenue) and Geoff Borland (Capital)
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Appendix 1 Objective Summary Approved Annual Budget Budget Adjustments Revised Annual Budget P3 Projected Outturn Core Business Total Projected Outturn £000 £000 £000 £000 £000 £000 % Economy and Regeneration Management 124 0 124 132 132 (8) (6.5%) Economic Development 1,926 0 1,926 1,907 1,907 19 1.0% Regeneration 933 0 933 924 924 9 1.0% NET EXPENDITURE 2,983 0 2,983 2,963 2,963 20 0.70% Objective Heading Economy and Regeneration Management Economic Development Regeneration RENFREWSHIRE COUNCIL REVENUE BUDGET MONITORING STATEMENT 2022/23 1 April 2022 to 24 June 2022 Budget Variance (Adverse) or Favourable POLICY BOARD : ECONOMY AND REGENERATION Key Reasons for Projected Variance No significant projected year end variances to report. No significant projected year end variances to report. No significant projected year end variances to report.
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Appendix 1 Subjective Summary Approved Annual Budget Budget Adjustments Revised Annual Budget P3 Projected Outturn Core Business Total Projected Outturn £000 £000 £000 £000 £000 £000 % Employees 2,533 2,063 4,596 4,536 4,536 60 1.3% Premises Related 52 0 52 53 53 (1) (1.9%) Transport Related 3 0 3 3 3 0 0.0% Supplies and Services 30 (1) 29 30 30 (1) (3.4%) Third Party Payments 0 0 0 0 0 0 0.0% Transfer Payments 713 8 721 721 721 0 0.0% Support Services 39 0 39 40 40 (1) (2.6%) Depreciation and Impairment Losses 0 0 0 0 0 0 0.0% GROSS EXPENDITURE 3,370 2,070 5,440 5,383 5,383 57 1.0% Income (387) (2,070) (2,457) (2,420) (2,420) (37) (1.5%) NET EXPENDITURE 2,983 0 2,983 2,963 2,963 20 0.7% REVENUE BUDGET MONITORING STATEMENT 2022/23 1 April 2022 to 24 June 2022 Budget Variance (Adverse) or Favourable RENFREWSHIRE COUNCIL POLICY BOARD : ECONOMY AND REGENERATION
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Appendix 2 Prior Years Approved Budget Revised Projected Expenditure Budget Adjustments Budget Outturn Total Approved Projected to 31/03/2021* 2022-23 in 2022-23 2022-23 2021-22 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 574 1,774 230 2,004 2,004 0 0% 3,050 3,050 0 0% Paisley Town Hall Redevelopment 8,284 11,729 398 12,127 12,127 0 0% 22,050 22,050 0 0% Flexible Outdoor Facility/Travel & Accessibility Infrastructure 447 1,283 -1,223 60 60 0 0% 7,050 7,050 0 0% Playing Fields and Sports Development 779 1,040 -860 180 180 0 0% 5,600 5,600 0 0% Paisley Museum 12,117 20,109 456 20,565 20,565 0 0% 45,522 45,522 0 0% Town Centre Capital Fund 1,793 2,250 193 2,443 2,443 0 0% 4,237 4,237 0 0% Paisley Learning & Cultural Hub 2,755 3,642 302 3,944 3,944 0 0% 7,000 7,000 0 0% Place Based Fund 25 0 1,195 1,195 1,195 0 0% 4,427 4,427 0 0% Pailsey Junctions and Charging Hub 211 2,520 -185 2,335 2,335 0 0% 3,346 3,346 0 0% Townscape Heritage CARS 2 2,523 1,524 -193 1,331 1,331 0 0% 4,099 4,099 0 0% Total Economy & Development 29,508 45,871 313 46,184 46,184 0 0% 106,381 106,381 0 0% TOTAL ECONOMY & DEVELOPMENT 29,508 45,871 313 46,184 46,184 0 0% 106,381 106,381 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. Budget Variance (Adverse) or Favourable Budget Variance (Adverse) or Favourable RENFREWSHIRE COUNCIL CAPITAL INVESTMENT STRATEGY - NON-HOUSING SERVICES 1st April to 24th JUNE 2022 POLICY BOARD: ECONOMY & REGENERATION Current Year 2022-23 Full Programme - All years