Economy and Regeneration Board Report Period 6 2022-23
Renfrewshire Council · 1 November 2022
Back to Economy and Regeneration Policy Board — 1 November 2022 and its agenda
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To: Economy and Regeneration Policy Board On: 1 November 2022 Report by: Chief Executive and Director of Finance and Resources Heading: Revenue and Capital Budget Monitoring as at 16 September 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 £0.034 million. 1.2. The projected capital outturn at 31 March 2023 for projects reporting to the Economy and Regeneration Policy Board is a breakeven position against the revised budget for the year of £33.482 million. 1.3. This is summarised in the table below and further analysis is provided in the Appendices. Division Revised Annual Budget £000 Projected Annual Outturn £000 Budget Variance (Adv) / Fav £000 Budget Variance % Economy and Development 2,996 2,962 34 1.1% Division Revised Annual Budget £000 Projected Annual Outturn £000 Budget Variance (Adv) / Fav £000 Budget Variance % Economy and Development 33,482 33,482 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 £0.034 million (1.1% 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 minor budget adjustments totalling £0.013 million have been processed since the previous report to board. 5. Capital 5.1. The Capital Investment Programme 2022/23 to 2026/27 was approved by the Council on 3 March 2022. For Economy and Regeneration the approved capital spend for 2022/23 is £33.482m 5.2. The Capital Monitoring report at Appendix 2 indicates net budget adjustments to date in the 2022/23 approved capital programme for Economy and Regeneration of £12.389m, largely as a result of reprofiling budget from 2022/23 into 2023/24 for Paisley Town Hall and Paisley Museum to reflect updated cashflows. 5.3. 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 changes totalling £12.702m have arisen which reflect the following:
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Budget carried forward into 2023/24 from 2022/23 for updated cashflows (£13.146m): • Paisley Town Hall (£3.367m); • Paisley Museum (£6.498m); • Town Centre Capital Fund (£2.000m); • Paisley Learning & Cultural Hub (£1.026m); • THI/CARS 2 (£0.255m). Budget brought forward into 2022/23 from 2023/24 (£0.444m): • Paisley Arts Centre (£0.444m); ______________________________________________________________ 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 £0.034m. 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.
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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 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 Annual Budget at Period 3 Budget Adjustments Revised Annual Budget at Period 6 Projected Outturn Previous Projected Outturn Variance Movement £000 £000 £000 £000 £000 % £000 £000 Economy and Regeneration Management 124 3 127 135 (8) (6.5%) (8) (0) Economic Development 1,926 6 1,932 1,895 37 1.9% 19 18 Regeneration 933 4 937 932 5 0.5% 9 (4) NET EXPENDITURE 2,983 13 2,996 2,962 34 1.10% 20 14 RENFREWSHIRE COUNCIL REVENUE BUDGET MONITORING STATEMENT 2022/23 1 April 2022 to 16 September 2022 Budget Variance (Adverse) or Favourable POLICY BOARD : ECONOMY AND REGENERATION
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Appendix 1 Subjective Summary Annual Budget at Period 3 Budget Adjustments Revised Annual Budget at Period 6 Projected Outturn Previous Projected Outturn Variance Movement £000 £000 £000 £000 £000 % £000 £000 Employees 4,596 13 4,609 4,537 72 1.6% 60 12 Premises Related 52 0 52 53 (1) (1.9%) (1) 0 Transport Related 3 0 3 3 0 0.0% 0 0 Supplies and Services 29 0 29 30 (1) (3.4%) (1) 0 Third Party Payments 0 0 0 0 0 0.0% 0 0 Transfer Payments 721 0 721 720 1 0.1% 0 1 Support Services 39 0 39 40 (1) (2.6%) (1) 0 Depreciation and Impairment Losses 0 0 0 0 0 0.0% 0 0 GROSS EXPENDITURE 5,440 13 5,453 5,383 70 1.3% 57 13 Income (2,457) 0 (2,457) (2,421) (36) (1.5%) (37) 1 NET EXPENDITURE 2,983 13 2,996 2,962 34 1.1% 20 14 REVENUE BUDGET MONITORING STATEMENT 2022/23 1 April 2022 to 16 September 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 31/03/2022* 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 1,774 674 2,448 2,448 0 0% 3,050 3,050 0 0% Paisley Town Hall Redevelopment 8,284 11,729 (2,969) 8,760 8,760 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 (6,042) 14,067 14,067 0 0% 45,522 45,522 0 0% Town Centre Capital Fund 1,793 2,250 (1,807) 443 443 0 0% 4,237 4,237 0 0% Paisley Learning & Cultural Hub 2,755 3,642 (724) 2,918 2,918 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% Paisley 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 (448) 1,076 1,076 0 0% 4,099 4,099 0 0% Total Economy & Development 29,508 45,871 (12,389) 33,482 33,482 0 0% 106,381 106,381 0 0% TOTAL ECONOMY & DEVELOPMENT 29,508 45,871 (12,389) 33,482 33,482 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. RENFREWSHIRE COUNCIL CAPITAL INVESTMENT STRATEGY - NON-HOUSING SERVICES 1st April to 16th September 2022 POLICY BOARD: ECONOMY & REGENERATION Current Year 2022-23 Full Programme - All years Budget Variance (Adverse) or Favourable Budget Variance (Adverse) or Favourable