Eco&Regen Policy Board Report Period 06 2023-24 Report
Renfrewshire Council · 7 November 2023
Back to Economy and Regeneration Policy Board — 7 November 2023 and its agenda
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To: Economy and Regeneration Policy Board On: 7 November 2023 Report by: Chief Executive and Director of Finance and Resources Heading: Revenue and Capital Budget Monitoring as at 15 September 2023 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 £0.030 million (1.0%). 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 £35.201 million. 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 Annual Outturn £000 Budget Variance (Adv) / Fav £000 Budget Variance % Economy and Development 3,042 3,012 30 1.0% Table 2: Capital Division Revised Annual Budget £000 Projected Annual Outturn £000 Budget Variance (Adv) / Fav £000 Budget Variance % Economy and Development 35,201 35,201 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 £0.030 million (1.0%) 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 (£0.051 million) have been processed since the previous report to board, which relate to a realignment of employee cost budgets. A budget adjustment (net zero impact) has been processed to increase both income and expenditure to reflect funding secured from external sources to support the delivery of the employability programme over the course of financial year 2023/24. 5. Capital 5.1. The Capital Investment Programme 2023/24 to 2027/28 was approved by the Council on 2 March 2023. For Economy and Regeneration the approved capital spend for 2023/24 is £43.201m. 5.2. The Capital Monitoring report at Appendix 2 indicates net budget adjustments to date in the 2023/24 approved capital programme for Economy and Regeneration of (£8.000m), largely as a result of reprofiling budget from 2023/24 into 2024/25 for Paisley Museum and Town Centre Capital Fund. 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 (£8.000m) have arisen which reflect the following: Budget carried forward into 2024/25 for updated cashflows (£8.000m): o Paisley Museum (£6.000m) o Town Centre Capital Fund (£2.000m) ______________________________________________________________ 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 £0.030m. 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 The recommendations contained within this report have been assessed in relation to their impact on equalities and human rights. No negative impacts
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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, Finance Business Partner (Revenue) and Linsey McGregor, Senior Accountant (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 146 0 146 145 1 0.7% 2 (1) Economic Development 1,900 (141) 1,759 1,759 0 0.0% 0 0 Regeneration 1,047 90 1,137 1,108 29 2.6% 0 29 NET EXPENDITURE 3,093 (51) 3,042 3,012 30 1.00% 2 28 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 15 September 2023 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.
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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 4,889 (51) 4,838 4,776 62 1.3% 43 19 Premises Related (16) 96 80 87 (7) (8.8%) 1 (8) Transport Related 3 0 3 4 (1) (33.3%) (1) 0 Supplies and Services 30 286 316 318 (2) (0.6%) 0 (2) Transfer Payments 891 3,751 4,642 4,630 12 0.3% 0 12 Support Services 40 (1) 39 40 (1) (2.6%) 0 (1) GROSS EXPENDITURE 5,837 4,081 9,918 9,855 63 0.6% 43 20 Income (2,744) (4,132) (6,876) (6,843) (33) (0.5%) (41) 8 NET EXPENDITURE 3,093 (51) 3,042 3,012 30 1.0% 2 28 REVENUE BUDGET MONITORING STATEMENT 2023/24 1 April 2023 to 15 September 2023 Budget Variance (Adverse) or Favourable RENFREWSHIRE COUNCIL POLICY BOARD : ECONOMY AND REGENERATION
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Appendix 2