Eco&Regen Policy Board Report Period 08 2023-24 Report
Renfrewshire Council · 23 January 2024
Back to Economy and Regeneration Policy Board — 23 January 2024 and its agenda
Text extracted from the council's PDF. Layout and reading order may differ from the original.
Page 1
To: Economy and Regeneration Policy Board On: 23 January 2024 Report by: Chief Executive and Director of Finance and Resources Heading: Revenue and Capital Budget Monitoring as at 10 November 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 £0.033 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 £36.510 million. 1.3. This is summarised in the tables 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 3,413 3,380 33 1.0% Table 2: Capital Division Revised Annual Budget £000 Projected Annual Outturn £000 Budget Variance (Adv) / Fav £000 Budget Variance % Economy and Development 36,510 36,510 0 0%
Page 2
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 £0.033 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 £0.371 million have been processed since the previous report to board. The adjustment reflects funding transferred from Miscellaneous Services for employability staffing resources as part of the Scottish Government No One Left Behind Approach to Employability. 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 was £43.201m. 5.2. The Capital Monitoring report at Appendix 2 indicates a revised budget in 2023/24 for Economy and Regeneration of £36.510m. 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 £1.309m have arisen which reflect the following:
Page 3
Budget awarded in 2023/24 for £1.309m: • Shared Prosperity Fund - £0.225m • RCGF PACE Theatre - £1.084m, awarded from the Scottish Government’s Regeneration Capital Grant Fund. ______________________________________________________________ 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 £0.033m. 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 None directly arising from this report. 8. Health and Safety
Page 4
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)
Page 5
Appendix 1 Objective Summary Annual Budget at Period 6 Budget Adjustments Revised Annual Budget at Period 8 Projected Outturn Previous Projected Outturn Variance Movement £000 £000 £000 £000 £000 % £000 £000 Economy and Regeneration Management 146 (65) 81 80 1 1.2% 1 0 Economic Development 1,759 371 2,130 2,130 0 0.0% 0 0 Regeneration 1,137 65 1,202 1,170 32 2.7% 29 3 NET EXPENDITURE 3,042 371 3,413 3,380 33 1.00% 30 3 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 10 November 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.
Page 6
Appendix 1 Subjective Summary Annual Budget at Period 6 Budget Adjustments Revised Annual Budget at Period 8 Projected Outturn Previous Projected Outturn Variance Movement £000 £000 £000 £000 £000 % £000 £000 Employees 4,838 0 4,838 4,788 50 1.0% 62 (12) Premises Related 80 0 80 87 (7) (8.8%) (7) 0 Transport Related 3 0 3 4 (1) (33.3%) (1) 0 Supplies and Services 316 0 316 318 (2) (0.6%) (2) 0 Transfer Payments 4,642 0 4,642 4,629 13 0.3% 12 1 Support Services 39 0 39 40 (1) (2.6%) (1) 0 GROSS EXPENDITURE 9,918 0 9,918 9,866 52 0.5% 63 (11) Income (6,876) 371 (6,505) (6,486) (19) (0.3%) (33) 14 NET EXPENDITURE 3,042 371 3,413 3,380 33 1.0% 30 3 REVENUE BUDGET MONITORING STATEMENT 2023/24 1 April 2023 to 10 November 2023 Budget Variance (Adverse) or Favourable RENFREWSHIRE COUNCIL POLICY BOARD : ECONOMY AND REGENERATION
Page 7
Appendix 2 Prior Years Budget Budget Revised Projected Expenditure at P6 Adjustments Budget Outturn Total Approved Projected to 31/03/2023 2023-24 0 2023-24 2023-24 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 1,170 1,839 0 1,839 1,839 0 0% 3,050 3,050 0 0% Paisley Town Hall Redevelopment 17,132 4,668 0 4,668 4,668 0 0% 22,050 22,050 0 0% Flexible Outdoor Facility/Travel & Accessibility Infrastructure 485 1,172 0 1,172 1,172 0 0% 7,050 7,050 0 0% Playing Fields and Sports Development 783 4,818 0 4,817 4,817 0 0% 5,600 5,600 0 0% Paisley Museum 23,624 14,970 0 14,971 14,971 0 0% 45,522 45,522 0 0% Town Centre Capital Fund 759 167 0 167 167 0 0% 4,037 4,037 0 0% Paisley Learning & Cultural Hub 4,737 2,197 0 2,197 2,197 0 0% 7,000 7,000 0 0% Place Based Fund 859 1,400 0 1,400 1,400 0 0% 4,428 4,428 0 0% Paisley Junctions and Charging Hub 390 2,956 0 2,956 2,956 0 0% 3,346 3,346 0 0% Townscape Heritage CARS 2 3,086 1,014 0 1,014 1,014 0 0% 4,099 4,099 0 0% Shared prosperity fund 0 0 225 225 225 0 0% 0 0 0 0% RCGF PACE Theatre 0 0 1,084 1,084 1,084 0 0% 0 0 0 0% Total Economy & Development 53,025 35,201 1,309 36,510 36,510 0 0% 106,182 106,182 0 0% TOTAL ECONOMY & DEVELOPMENT 53,025 35,201 1,309 36,510 36,510 0 0% 106,182 106,182 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 10th November 2023 POLICY BOARD: ECONOMY & REGENERATION Current Year 2023-24 Full Programme - All years Budget Variance (Adverse) or Favourable Budget Variance (Adverse) or Favourable