4 - Capital Programme and Treasury Management Performance to 30 June 2024
North Ayrshire Council · 27 August 2024
Back to Cabinet — 27 August 2024 and its agenda
Text extracted from the council's PDF. Layout and reading order may differ from the original.
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NORTH AYRSHIRE COUNCIL 27 August 2024 Cabinet Title: Capital Programme and Treasury Management Performance to 30 June 2024 Purpose: To advise Cabinet of progress in delivering the Capital Investment Programme 2024/25 and the associated Treasury Management performance to 30 June 2024. Recommendation: That Cabinet agrees to: (a) note the revisions to budgets outlined in the report; (b) note (i) the General Services and HRA revised budgets at 30 June 2024; and (ii) the forecast expenditure to 31 March 2025; and (c) approve the virement proposal noted within the HRA programme detailed in appendix 2; and (d) note the estimated performance against the Prudential Indicators set out in the Treasury Management and Investment Strategy. 1. Executive Summary 1.1 The General Services Capital Investment Programme 2024/25 to 2033/34 was approved by Council on 28 February. The Housing Revenue Account (HRA) Capital Investment Programme 2024/25 sits within the updated HRA Business Plan and was approved by Council on 14 February 2024. 1.2 This report identifies the current programme for 2024/25, taking account of adjustments made to the initial budgets. The report presents the revised budgets at 30 June 2024 (Period 3) and forecast expenditure to 31 March 2025. 1.3 At Period 3 the General Fund is forecasting a net underspend of (£0.001m) against a revised budget of £128.134m. The HRA is forecasting a projected underspend of (£0.771m) against a revised budget of £50.118m. 1.4 Within the General Fund, adjustments to funding have resulted in net additions to the overall capital programme of £1.169m, including Shared Prosperity funding and Scottish Government funding in relation to the Active Travel programme. 1.5 Reviews of individual project plans have identified a number of adjustments to the current profiles. As a result, £8.092m in relation to previously reported re-profiling from 2023/24 to 2024/25 and the acceleration of £17.891m to 2024/25 from future years has been partly offset by the re-profiling of (£3.673m) for delivery in 2025/26 and beyond.
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1.6 Within the HRA, the Scottish Government has confirmed a £3.991m reduction in available grant funding for the current year. The resultant reduction in expenditure budgets has been included within the revised budget. However, detailed options to address the impact on the Strategic Housing Investment Plan will be developed for consideration by Cabinet during the Autumn. It is anticipated that further information will be available from Scottish Government at that time. 1.7 In addition, a review of delivery timescales has identified a requirement to re-profile (£2.742m) of works for delivery in 2025/26 and beyond. This is partly offset by £0.031m previously re-profiled from 2023/24 to 2024/25 and the acceleration of £0.052m to 2024/25 from future years. 1.8 Ongoing uncertainty arising from inflationary pressures and other externalities continue to impact on tender returns, the cost of materials and the cost of borrowing. Financial risks have been identified across a number of high value projects, including the Upper Garnock Flood Protection Scheme, Moorpark Primary School, Ardrossan Harbour Landside works and Ardrossan North Shore development, incorporating the new campus, however, full quantification of these risks remains an ongoing process. Council has provided for a degree of mitigation within the overall 10-year General Services Capital Investment Programme and the HRA Capital Investment Programme, with significant additional revenue supports identified within the 2024/25 to 2026/27 General Services Revenue budget. Projects will continue to be monitored closely with cost increases met initially from the additional flexibility built into the programme. However, any requirement for further borrowing not met from a funding source will be a matter for Council to consider. 1.9 The Treasury Management and Investment Strategy (TMIS) for 2024/25 was approved by Council on 28 February 2024 and detailed the key performance indicators under the Prudential Code for Capital Finance in Local Authorities (2021 edition). The current estimated performance indicates that North Ayrshire Council has operated within the treasury limits and performance indicators set out in the TMIS and the current capital investment plans remain affordable. 2. Background General Fund 2.1 The following table outlines the movements in the 2024/25 General Services budget: General Services Capital 2024/25 £ million Budget as at 1 April 2024 104.655 Changes to Funding 1.066 Other Revisions to the Programme 0.103 Revised Budget 105.824 Alterations to phasing of projects 2023/24 to 2024/25 8.092 Alterations to phasing of projects 2024/25 to 2025/26 (3.673) Alterations to phasing of projects 2025/26 to 2024/25 17.891 Budget as at 30 June 2024 128.134
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2.2 Changes to Funding The capital programme has been updated to reflect the following changes to funding: Funding Body Amount £ million Project UK Government 0.651 UK Shared Prosperity Fund Scottish Government 0.320 Active Travel Tier 1 Sustrans 0.095 Links to Eglinton Park Total Funding Adjustments 1.066 2.3 Other Revisions to the Programme The programme has also been updated to reflect the undernoted adjustments: Funding Source Amount £ million Project CFCR 0.080 Largs Seawall CFCR 0.017 Street Furniture Receipts 0.006 Insurance Recoveries (Vehicles) Total Other Adjustments 0.103 2.4 Alterations to the Phasing of Projects The reprofiling of £8.092m from 2023/24 to 2024/25 reflects projects not completed within the year, or accelerated from future years, and incorporated within the 2024/25 capital programme. These were previously reported within the 2023/24 Capital Programme performance reports: Project Amount £ million Moorpark Primary 0.683 Ardrossan New Build 0.553 Other minor adjustments (0.015) Montgomerie Park School (4.931) Total Education (3.710) Other minor adjustments 0.106 Total Communities & Housing 0.106 ICT Projects 0.026 Total Corporate Services 0.026 Carefirst Replacement 0.268 Other minor adjustments (0.051) Total HSCP 0.217
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Project Amount £ million Ardrossan North Shore 9.173 Largs Prom Seawall 0.711 Garrison House Project 0.634 Ardrossan Promenade 0.578 Millport Town Hall Phase 2 0.284 Vehicles 0.276 Nature Restoration Fund 0.200 Panel Reinstatement Works 0.148 Roads Remediation Works 0.106 Parking Charges & DPE 0.106 Solar PV Nethermains (0.118) B714 Upgrade (0.156) Roads Improvements (0.172) AGD I3 Flexible Business Space Ph1 (0.759) Millport Coastal FPS (2.591) Other minor adjustments 0.889 Total Place 9.309 Flexibility Fund 1.793 Core Infrastructure 0.351 Total Other 2.144 Alterations 2023/24 to 2024/25 8.092 A further review of individual project plans, taking cognisance of the current levels of volatility within the construction sector, has identified a requirement to re-profile (£3.673m) of works for delivery in 2025/26 and beyond. Project Amount £ million Ardrossan New Build (0.426) Other minor adjustments (0.071) Total Education (0.497) PLI (0.107) AGD Hunterston (0.172) Ardrossan Cemetery Extension (0.450) VDLF Kyle Road PH2 (0.853) Millburn FPS (1.386) Other minor adjustments (0.208) Total Place (3.176) Alterations 2024/25 to 2025/26 (3.673)
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These adjustments have been offset by the acceleration of £17.891m of expenditure to 2024/25 from future years. Project Amount £ million Kilwinning Learning Environment 0.240 Maress House 0.223 School ICT Investment 0.200 CO2 Monitors 0.103 Lockhart Campus 0.100 Other minor adjustments 0.146 Total Education 1.012 CCTV Review 0.350 Total Communities & Housing 0.350 ICT Projects 0.206 Total Corporate Services 0.206 Residential & Respite Unit 0.355 47 West Road 0.254 Other minor adjustments 0.017 Total HSCP 0.626 Solar PV Nethermains 6.042 Ayrshire 5GIR 3.791 Solar PV Shewalton 1.356 Fleet Decarbonisation 0.530 Nature Restoration Fund 0.511 Kilbirnie Cemetery 0.437 Lochshore Hub 0.395 Lighting 0.380 PBIP Kilwinning Abbey 0.235 Access Path Network Prog 0.180 AGD Great Harbour 0.155 Montgomerie Park Neighbourhood Centre 0.140 VDLF Harbour Master Office 0.132 VDLF Kyle Road Ph2 0.130 Digital SIPP Great Harbour 0.115 Dockhead St Saltcoats 0.100 Other minor adjustments 1.068 Total Place 15.697 Alterations 2025/26 to 2024/25 17.891 2.5 These adjustments have resulted in a revised 2024/25 budget at 30 June 2024 of £128.134m.
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2.6 The following graph illustrates the movement in each programme on a service basis compared to the revised programme: 2.7 The impact on budgeted funding, elements of which are related to the profile of expenditure reported above, is an increase of £23.479m from the revised budget, including: Category Amount £ million Comments Borrowing 7.226 Rephased aligned to projected expenditure CFCR 0.017 Additional CFCR Contribution Capital Grants 15.981 Rephased and additional government grants Other Grants 0.255 Rephased and revised contributions Total Funding Adjustments 23.479 0.338 - 21.871 0.569 79.877 2.000 104.655 0.570 0.456 18.676 1.412 102.876 4.144 128.134 0.232 0.456 (3.195) 0.843 22.999 2.144 23.479 Approved Movement Programme @ P3
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2.8 Projected Capital Expenditure to 31 March 2025 The projections are summarised by service in the following table: Service / Category Approved Budget 2024/25 £ million Carry Forwards and Adjustments £ million2 Revised Budget 2024/25 £ million Projected Expenditure / Income to 31 March 2025 £ million Projected Variance Over / (Under) £ million Corporate Services 0.338 0.232 0.570 0.570 0.000 Communities & Housing 0.000 0.456 0.456 0.456 0.000 Education 21.871 (3.195) 18.676 18.675 (0.001) HSCP 0.569 0.843 1.412 1.412 0.000 Place 79.877 22.999 102.876 102.876 0.000 Other Items 2.000 2.144 4.144 4.144 0.000 Total Expenditure 104.655 23.479 128.134 128.133 (0.001) General Grants (8.728) 0.000 (8.728) (8.728) 0.000 Specific Grants (13.049) (15.981) (29.030) (29.030) 0.000 CFCR (3.480) (0.017) (3.497) (3.497) 0.000 Capital Receipts (0.100) 0.000 (0.100) (0.100) 0.000 Other Grants & Contributions (0.998) (0.255) (1.253) (1.253) 0.000 Prudential Borrowing (78.300) (7.226) (85.526) (85.525) 0.001 Total Income (104.655) (23.479) (128.134) (128.133) 0.001 2.9 An underspend of (£0.001m) is projected within the General Fund capital programme for 2024/25 in relation to the completed Early Years provision at Annick Primary School. These funds will be transferred to the Flexibility budget to offset anticipated budget pressures elsewhere in the programme. Information on the progress of all projects can be found in Appendix 1. 2.10 Signfiicant ongoing uncertainty and areas of cost risk have been identified as a result of cost volatility arising from inflationary pressures, outstanding contractor claims and supply chain issues which are impacting on tender returns and the cost of materials across a number of projects. Specific projects where cost risks have been identified, or are anticipated, include Moorpark Primary, Ardrossan Campus, Upper Garnock Flood Prevention Scheme, Ardrossan North Shore and Ardrossan landside works. While some mitigation has been built into the Capital Programme in the form of flexibility budgets, totalling £10m over the next few years, cost pressures may exceed this provision. These risks will be quantified as individual projects are completed and tendering exercises are finalised, with the impact on the costs of the programme being monitored and reported to Cabinet as appropriate. It is recognised, however, with a significant budget gap being forecast over the medium term, any requirement for further borrowing not met from a funding source will be a matter for Council to consider.
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Housing Revenue Account 2.11 The following table outlines the movements in the 2024/25 HRA Capital budget: Housing Revenue Account 2024/25 £m Budget as at 1 April 2024 52.777 Revised Funding (3.991) Revised Budget 48.786 Alterations to phasing of projects 2023/24 to 2024/25 0.031 Alterations to phasing of projects 2024/25 to 2025/26 (2.742) Alterations to phasing of projects 2025/26 to 2024/25 0.052 Budget as at 30 June 2024 46.127 2.12 Revised Funding The Scottish Government has confirmed a 24% reduction in the Resource Planning Assumption for 2024/25. This has resulted in a £3.991m reduction in projected grant income for the year. A review of the Strategic Housing Investment Plan 2024 – 2029 identifying the options to address the impact of this reduction will be presented for consideration by Cabinet in the autumn. It is anticipated that further information will be available from Scottish Government at that time. 2.13 Alterations to the Phasing of Projects Net planned expenditure of £0.031m has been reprofiled from 2023/24 to 2024/25, reflecting projects not completed within the year which have been incorporated within the 2024/25 capital programme. These were previously reported within the 2023/24 Capital Programme performance reports: Project Amount £ million Laburnum Ave/Newhouse Dr (0.992) James Reid Site (0.102) Corsehillhead (0.050) Stanecastle (0.050) Contingencies 0.078 Kings Arms 0.155 Other Minor Adjustments 0.058 Total Alterations to New Builds (0.903) HRA stock improvements slippage (3.085) Traditional Rendering 0.166 Energy Efficiency 0.246 Pathfinder Project 0.250 Roofing 0.261 Bathroom Programme 0.280
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Project Amount £ million Insulated Rendering (EWI) 0.282 Saltcoats MSF 0.467 Central Heating 0.546 Kitchen Programme 0.586 Solar Panels 0.924 Other Minor Adjustments 0.040 Total Alterations to Stock Improvements 0.963 Sheltered Housing Unit Refurbs (0.799) Lift Replacement 0.050 Estates Based Regeneration Programme 0.720 Total Alterations to Other Capital Works (0.029) Alterations 2023/24 to 2024/25 0.031 A review of the timescale for delivery of capital projects has identified a requirement to re-profile (£2.742m) of works for delivery in 2025/26 and beyond, including: Project Amount £ million Montgomerie Park (1.480) St Mary's Primary (0.958) Total Alterations to New Builds (2.438) Energy Efficiency (1.414) Solar Panels (0.633) Path Finder Project (0.400) Wallfloor rendering (0.206) Window Replacement (0.119) Heating (0.103) Roofing (0.022) Rewiring 0.051 EWI 0.238 HRA stock improvements slippage 2.608 Total Alterations to Stock Improvements 0.000 Lift Replacement (0.304) Total Alterations to Other Capital Works (0.304) Alterations 2024/25 to 2025/26 (2.742)
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This has been partly offset by the acceleration of £0.052m of project expenditure for delivery during 2024/25, including: Project Amount £ million Corsehillhead 0.050 Other minor adjustments 0.002 Total Alterations to New Builds 0.052 Alterations 2025/26 to 2024/25 0.052 2.14 These adjustments have resulted in a revised 2024/25 budget at 30 June 2024 of £46.127m. 2.15 The impact on budgeted funding is a reduction of £6.650m from the approved budget: Category Amount £ million Comments Capital Grants 3.991 Reduction in Resource Planning Assumption Borrowing 2.659 Aligned to projected expenditure Total Funding Adjustments 6.650 2.16 Projected Capital Expenditure to 31 March 2025 The projections are summarised in the following table: Service / Category Approved Budget 2024/25 £ million Carry Forwards and Adjustments £ million Revised Budget 2024/25 £ million Projected Expenditure / Income to 31 March 2025 £ million Projected Variance Over / (Under) £ million Housing Revenue Account 52.777 (6.650) 46.127 45.356 (0.771) Total Expenditure 52.777 (6.650) 46.127 45.356 (0.771) CFCR (11.492) - (11.492) (11.492) - Capital Grants (16.471) - (16.471) (12.480) 3.991 Use of Reserves (0.544) - (0.544) (0.544) - Affordable Housing Contribution (0.394) - (0.394) (0.394) - Prudential Borrowing (23.876) 6.650 (17.226) (20.446) (3.220) Total Income (52.777) 6.650 (46.127) (45.356) 0.771
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2.17 An underspend of (£0.771m) is projected within the HRA capital programme for 2024/25 arising from revisions to a number of projects, including: Project Variance £ million Comments Bathrooms / Wet Rooms (0.315) Lower number of void replacements Kitchens (0.456) Lower number of void replacements Total Variance (0.771) 2.18 In addition to the adjustments noted above Appendix 2 highlights a proposed virement which is required to transfers budgets between Contingency and individual projects, aligning the budgets with the projected expenditure. 2.19 Cost pressures will continue to be monitored and a review of any potential impact on the Business Plan and Capital Programme will be undertaken to address any identified issues. Further information on the progress of all projects can be found in Appendix 2. Treasury Management and Investment 2.20 The Prudential Code for capital finance in local authorities (2021 edition) requires the Council to set and monitor performance against specified prudential indicators. The indicators for the current year were set out in the Treasury Management and Investment Strategy 2024/25, approved by Council on the 28 February 2024. A summary of the key indicators and our current estimated performance against them is shown in the following table. Further details of all the Prudential and Treasury indicators can be found in appendix 3. Prudential and Treasury Indicators 2024/25 Approved Estimate £ million 2024/25 Revised Estimate £ million Movement £ million General Services Capital Financing Requirement 346.096 345.006 (1.090) HRA Capital Financing Requirement 198.552 202.804 4.252 Total Loans Capital Financing Requirement 544.648 547.810 3.162 Gross Borrowing 478.337 484.716 6.379 Operational Boundary for Borrowing 558.072 571.374 13.302 Authorised Limit for Borrowing 613.879 628.511 14.632 Total Operational Boundary (incl. PPP/NPD) 641.366 654.668 13.302 Total Authorised Limit (incl. PPP/NPD) 697.173 711.805 14.632 Investments 30.000 30.000 0.000
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2.21 Loans Capital Financing Requirement The Loans Capital Financing Requirement (CFR) is the underlying borrowing requirement of the Council. This is currently higher than the approved estimate as a result of the change in profiled use of HRA reserves during 2023/24 resulting in a greater borrowing requirement in that year. 2.22 Gross Borrowing Gross Borrowing is projected to be higher than anticipated due to the revised profile of capital projects partially offset by the continued strategy to utilise internal funds to minimise borrowing. 2.23 Operational Boundary The Operational Boundary is the maximum which the Council anticipates borrowing to fund the current year capital programme, building in flexibility for the timing of the different funding streams and principal repayments. The in-year variance is linked to the continued use of internal funds and the re-profiling of the capital programme. 2.24 Investments It is estimated that the Council will maintain an average balance of £30.000m of internally managed funds and utilise cash balances during the year in support of the under-borrowed position. The internally managed funds are primarily invested in call accounts with banks, Money Market Funds and other UK local authorities. 2.25 It is critical that the Council ensures that its capital investment plans are affordable. Affordability of borrowing is measured by the percentage of financing costs relative to the net revenue stream of the General Fund and the Housing Revenue Account (HRA). As at 30 June, the estimated percentages for 24/25 are 3.1% and 23.2% for the General Fund and HRA respectively. Capital expenditure impacts on the revenue budget through financing charges so it is essential the Council ensures the financing costs remain affordable and do not constitute an excessive proportion of the revenue resources available. From a General Fund perspective, the Scottish Local Authority average in 2022/23 was 5.4%, therefore demonstrating by comparison the prudent nature of the current borrowing policy. For the HRA, the Scottish average was 21.3%. The level of loan charges is deemed prudent and affordable within the framework of the 30-year Housing business plan. 3. Proposals 3.1 That Cabinet agrees to: (a) note the revisions to budgets outlined in the report; (b) note (i) the General Services and HRA revised budgets at 30 June 2024; and (ii) the forecast expenditure to 31 March 2025; (c) approve the virement proposal noted within the HRA programme detailed in appendix 2; and (d) note the estimated performance against the Prudential Indicators set out in the Treasury Management and Investment Strategy.
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4. Implications/Socio-economic Duty Financial 4.1 The financial implications are as outlined in the report. Expenditure will continue to be closely monitored to ensure early action is taken regarding any projected underspends or overspends. Human Resources 4.2 None. Legal 4.3 None. Equality/Socio-economic 4.4 None. Environmental and Sustainability 4.5 None. Key Priorities 4.6 This report directly supports the Council Plan 2023 to 2028 by focusing our investment on priorities, managing risk and supporting delivery of key priorities. Community Wealth Building 4.7 None. 5. Consultation 5.1 Progress as outlined in this report has been approved by Executive Directors. Mark Boyd Head of Service (Finance) For further information please contact David Forbes, Senior Manager (Strategic Business Partner), on 01294 324551. Background Papers Capital Investment Programme 2024/25 to 2033/34 - Council 28 February 2024 Housing Revenue Account (HRA) Capital Investment Plan, Revenue Budget and Rent Levels for 2024/25 – Council 14 February 2024 Treasury Management and Investment Strategy 2024/25 – Council 28 February 2024
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North Ayrshire Council Capital Statement 2024/25 Appendix 1 TOTAL PROJECT Project Description Total Project Budget Cumulative Expenditure to date Total Project Forecast Projected Over/ (Under) Spend Total Revised Budget 2024/25 Brought / Carry Forward to 2025/26 Total Revised Budget 2024/25 Actual Expenditure to 30th June 2024 Projected Expenditure to 31st March 2025 Actual Over/ (Under) Spend for 2024/25 True Over/ (Under) Spend £ £ £ £ £ £ £ £ £ £ £ EXPENDITURE Communities Nursery Education 12,040,489 11,830,525 12,039,019 (1,470) 150,052 0 150,052 (59,912) 148,582 (1,470) (1,470) Primary Schools 43,355,442 31,814,598 43,355,442 0 9,383,591 88,129 9,471,720 4,343,874 9,471,720 0 0 Secondary Schools 89,641,568 5,781,872 89,641,568 0 7,501,603 0 7,501,603 670,011 7,501,603 0 0 Special Education 25,343,637 25,246,058 25,343,637 0 97,579 0 97,579 0 97,579 0 0 Schools Other 1,449,979 432,833 1,449,979 0 1,254,999 200,000 1,454,999 237,853 1,454,999 0 0 Completed Projects 43,415,700 43,394,998 43,415,700 0 0 0 0 (20,702) 0 0 0 SUB TOTAL 215,246,814 118,500,885 215,245,344 (1,470) 18,387,824 288,129 18,675,953 5,171,124 18,674,483 (1,470) (1,470) Communities & Housing Information & Culture 112,479 8,898 112,479 0 105,916 0 105,916 2,335 105,916 0 0 Other Housing 350,000 0 350,000 0 350,000 0 350,000 0 350,000 0 0 SUB TOTAL 462,479 8,898 462,479 0 455,916 0 455,916 2,335 455,916 0 0 Corporate Services Council IT Strategy 8,797,380 3,015,404 8,797,380 0 570,334 0 570,334 51,658 570,334 0 0 SUB TOTAL 8,797,380 3,015,404 8,797,380 0 570,334 0 570,334 51,658 570,334 0 0 Health & Social Care Management & Support 1,832,058 1,258,554 1,832,058 0 573,407 0 573,407 68,880 573,407 0 0 Housing Non HRA 469,775 144,172 469,775 0 469,775 0 469,775 144,172 469,775 0 0 Adults 4,608,078 4,594,773 4,608,078 0 13,305 0 13,305 0 13,305 0 0 Young People 5,579,718 5,224,534 5,579,718 0 355,184 0 355,184 0 355,184 0 0 SUB TOTAL 12,489,628 11,222,033 12,489,628 0 1,411,671 0 1,411,671 213,052 1,411,671 0 0 Place Roads 112,977,579 65,545,881 112,977,579 0 29,346,159 (1,386,098) 27,960,061 6,213,477 27,960,061 0 0 Streetscene 7,758,871 4,412,929 7,758,871 0 1,485,463 119,696 1,605,159 96,363 1,605,159 0 0 Transport 7,852,877 375,421 7,852,877 0 4,130,418 0 4,130,418 262,962 4,130,418 0 0 Waste Services 13,321,491 13,272,542 13,321,491 0 0 0 0 0 0 0 0 Renewable Energy 14,660,789 2,982,344 14,660,789 0 10,144,004 0 10,144,004 551,657 10,144,004 0 0 Office Accommodation 1,030,196 97,106 1,030,196 0 1,030,196 0 1,030,196 97,106 1,030,196 0 0 Other Property 3,558,641 212,906 3,558,641 0 713,173 0 713,173 0 713,173 0 0 Economic Development & Regeneration 172,200,127 37,827,093 172,200,127 0 58,749,457 (984,664) 57,764,793 3,454,376 57,764,793 0 0 Completed Projects 6,355,261 6,286,842 6,355,261 0 29,376 0 29,376 (39,043) 29,376 0 0 SUB TOTAL 339,715,832 131,013,063 339,715,832 0 105,628,246 (2,251,066) 103,377,180 10,636,896 103,377,180 0 0 Other Other 9,925,617 0 9,925,617 0 3,643,679 0 3,643,679 0 3,643,679 0 0 SUB TOTAL 9,925,617 0 9,925,617 0 3,643,679 0 3,643,679 0 3,643,679 0 0 Total Project Expenditure 586,637,750 263,760,282 586,636,280 (1,470) 130,097,670 (1,962,937) 128,134,733 16,075,065 128,133,263 (1,470) (1,470) Total Project Income (130,097,670) 1,962,937 (128,134,733) (12,646,386) (128,133,263) 1,470 1,470 Total Net Expenditure 0 0 0 3,428,679 0 0 0 On Target (+0.5% of budget) On Target (up to 5% delay of original timescales) Slightly off target (+ 0.5% to 2% of budget, or £0.125m, whichever is less) Slightly off target (+ 5% to 10% of original timescales) Significantly off target (+2% or more of budget, or £0.500m, whichever is less) Significantly off target (+10% or more of original timescales) The following classifications have been used to highlight financial performance against budget CURRENT YEAR 2024/25 Year Ended 31st March 2025 Period 3 The following classifications have been used to highlight delivery performance against original timescales set
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Revised Budget 24/25 Variance £ £ £ £ CAPITAL BORROWING Prudential Borrowing 95,183,784 94,120,038 (1,063,746) SUB TOTAL 95,183,784 0 94,120,038 (1,063,746) SCOTTISH GOVERNMENT FUNDING Specific Capital Grants Active Travel Tier 1 942,401 0 942,401 0 Vacant & Derelict Land Funding 2,929,495 1,966,494 2,028,834 (900,661) UK Government Grant - AGD i3 Flexible Space 1,251,416 0 1,251,416 0 UK Government Grant - AGD Great Harbour 1,377,971 0 1,377,971 0 Millport Town Hall Phase 2 284,120 284,120 284,120 0 Garrison House Project 633,613 633,613 633,613 0 Ardrossan Promenade 578,499 578,499 578,499 0 Islands Pit Stops 540,000 540,000 540,000 0 Place Based Investment Programme 1,276,882 1,276,882 1,276,882 0 UK Shared Prosperity Fund 728,770 728,770 728,770 0 Island Infrastructure Fund 68,966 68,966 68,966 0 B714 Improvements 5,201,946 0 5,201,946 0 Digital-SIPP Great Harbour 242,765 114,883 242,765 0 Ayrshire 5GIR 3,771,065 3,771,066 3,771,065 0 Renewal of Play Parks 0 0 0 0 CO2 Monitors in Schools 33,128 33,128 33,128 0 Capital Grants General Capital Grant 9,607,000 2,401,749 9,607,000 0 SUB TOTAL 29,468,037 12,398,169 28,567,376 (900,661) OTHER INCOME TO PROGRAMME Use of Funds :- Capital Fund 3,479,853 0 3,479,853 0 CFCR 97,366 97,366 97,366 0 Grants & Contributions 1,459,325 106,731 1,459,325 0 Capital Receipts 409,305 44,120 409,305 0 SUB TOTAL 5,445,849 248,217 5,445,849 0 TOTAL CAPITAL PROGRAMME FUNDING 130,097,670 12,646,386 128,133,263 (1,964,407) Capital Programme Funding 2024/25 Projected Income to 31st March 2025 Actual Income to 30th June 2024Funding Description
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EDUCATION MILESTONE Total Project Budget Cumulative Expenditure to date Total Project Forecast Projected Over/ (Under) Spend Total Revised Budget 2024/25 Actual Expenditure to 30th June 2024 Projected Expenditure to 31 March 2025 Actual Over/ (Under) Spend for 2024/25 True Over/(Under) Spend Brought / Carry Forward to 2025/26 Original Target Revised Forecast Current Project Stage Delivery Status Financial Delivery Status Physical £ £ £ £ £ £ £ £ £ £ Nursery Education Early Years Programme KILMORY EARLY YEARS 72,418 70,520 72,418 0 0 (1,898) 0 0 0 Complete Complete Complete Complete Complete CORRIE EARLY YEARS 29,337 29,359 29,337 0 0 22 0 0 0 Complete Complete Complete Complete Complete BRODICK EARLY YEARS 364,721 364,885 364,721 0 0 164 0 0 0 Complete Complete Complete Complete Complete MARRESS HOUSE 4,010,310 3,804,058 4,010,310 0 148,052 (58,200) 148,052 0 0 22-Jul-22 18-Jul-24 Construction On Target Significantly off target Final handover has now been confirmed as 18/7/24 ANNICK PRIMARY EXT - EARLY YRS PROVISION 3,085,147 3,083,147 3,083,677 (1,470) 2,000 0 530 (1,470) (1,470) 0 Complete Complete Complete Complete Complete Total Nursery Education 12,040,489 11,830,525 12,039,019 (1,470) 150,052 (59,912) 148,582 (1,470) (1,470) 0 Primary Schools MOORPARK PRIMARY 12,149,441 12,147,660 12,149,441 0 683,440 681,659 683,440 0 0 31-Jan-24 02-Aug-24 Construction On Target Slightly off target Further contractor delays anticipated. Contingency arrangements are being developed. MONTGOMERIE PARK SCHOOL 23,448,999 18,994,601 23,448,999 0 8,109,614 3,655,216 8,109,614 0 0 01-Aug-24 12-Aug-24 Construction On Target On Target UNIVERSAL FREE SCHOOL MEALS EXPANSION 471,587 0 471,587 0 89,677 0 89,677 0 0 31-Mar-25 31-Mar-25 Tender On Target On Target UFSM ARDEER PRIMARY SCHOOL 24,211 3,917 24,211 0 20,494 200 20,494 0 0 31-Dec-24 31-Dec-24 Tender On Target On Target UFSM BRODICK PRIMARY SCHOOL 124,101 124,209 124,101 0 0 107 0 0 0 Complete Complete Complete Complete Complete UFSM CORRIE PRIMARY SCHOOL 53,977 54,007 53,977 0 0 30 0 0 0 Complete Complete Complete Complete Complete UFSM CORSEHILL PRIMARY SCHOOL 139,074 11,743 139,074 0 69,819 2,488 118,146 48,327 48,327 30-Sep-24 30-Sep-24 Construction On Target On Target UFSM GARNOCK COMMUNITY CAMPUS 90,000 7,579 90,000 0 37,841 420 64,334 26,493 26,493 30-Sep-24 30-Sep-24 Construction On Target On Target UFSM GLENCAIRN PRIMARY SCHOOL 22,500 3,853 22,500 0 18,847 200 18,847 0 0 31-Dec-24 31-Dec-24 Tender On Target On Target UFSM HAYOCKS PRIMARY SCHOOL 133,427 11,275 133,427 0 82,027 1,125 103,906 21,879 21,879 30-Sep-24 30-Sep-24 Development On Target On Target UFSM KILMORY PRIMARY SCHOOL 60,000 54,987 60,000 0 2,527 (2,486) 2,527 0 0 31-Aug-24 31-Aug-24 Tender On Target On Target UFSM LOUDOUN-MONTGOMERY PRIMARY SCHOOL 2,082,541 1,463 2,082,541 0 186,181 0 186,181 0 0 31-Aug-28 31-Aug-28 Tender On Target On Target UFSM PENNYBURN PRIMARY SCHOOL 22,500 3,760 22,500 0 18,940 200 18,940 0 0 31-Dec-24 31-Dec-24 Tender On Target On Target UFSM WEST KILBRIDE PRIMARY SCHOOL 2,252,503 209,703 2,252,503 0 15,918 1,106 2,136 (13,782) (13,782) 31-Jul-27 31-Jul-27 On Site On Target On Target UFSM WHITEHIRST PARK PRIMARY 56,212 7,259 56,212 0 47,266 4,525 52,478 5,212 5,212 31-Aug-24 31-Aug-24 Construction On Target On Target UFSM WHITING BAY PRIMARY SCHOOL 22,822 20,906 22,822 0 1,000 (916) 1,000 0 0 30-Sep-23 31-May-24 Construction On Target On Target Total Primary Education 43,355,442 31,814,598 43,355,442 0 9,383,591 4,343,874 9,471,720 88,129 0 88,129 Secondary Schools KILWINNING LEARNING ENVIRONMENT 2,805,435 2,700,139 2,805,435 0 271,377 166,082 271,377 0 0 31-Mar-24 30-Aug-24 Construction On Target On Target ARDROSSAN NEW BUILD 86,836,133 3,081,733 86,836,133 0 7,230,226 503,929 7,230,226 0 0 31-Aug-26 31-Aug-26 In Development On Target On Target Total Secondary Education 89,641,568 5,781,872 89,641,568 0 7,501,603 670,011 7,501,603 0 0 0 Special Education LOCKHART CAMPUS 25,343,637 25,246,058 25,343,637 0 97,579 0 97,579 0 0 Complete Complete Snagging Complete Complete Total Special Education 25,343,637 25,246,058 25,343,637 0 97,579 0 97,579 0 0 0 Schools Other CO2 MONITORS IN SCHOOLS 298,000 197,351 298,000 0 103,020 2,372 103,020 0 0 31-Mar-25 31-Mar-25 Planning On Target On Target SCHOOLS ICT INVESTMENT * 1,151,979 235,482 1,151,979 0 1,151,979 235,482 1,351,979 200,000 200,000 31-Mar-25 31-Mar-25 On-going On Target On Target Total Schools Other 1,449,979 432,833 1,449,979 0 1,254,999 237,853 1,454,999 200,000 0 200,000 Completed Projects GARNOCK CAMPUS 40,304,366 40,283,664 40,304,366 0 0 (20,702) 0 0 0 Complete Complete Complete Complete Complete Total Completed Projects 43,415,700 43,394,998 43,415,700 0 0 (20,702) 0 0 0 0 Total Communities 215,246,814 118,500,885 215,245,344 (1,470) 18,387,824 5,171,124 18,674,483 286,659 (1,470) 288,129 CAPITAL MONITORING 2024/25 CommentsProject Description TOTAL PROJECT COMPLETION DATES DELIVERY STATUS2024/25 BUDGETS
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COMMUNITIES & HOUSING MILESTONE Total Project Budget Cumulative Expenditure to date Total Project Forecast Projected Over/ (Under) Spend Total Revised Budget 2024/25 Actual Expenditure to 30th June 2024 Projected Expenditure to 31 March 2025 Actual Over/ (Under) Spend for 2024/25 True Over/(Under) Spend Brought / Carry Forward to 2025/26 Original Target Revised Forecast Current Project Stage Delivery Status Financial Delivery Status Physical £ £ £ £ £ £ £ £ £ £ Information & Culture CASTLES & HISTORIC MONUMENTS 38,303 0 38,303 0 38,303 0 38,303 0 0 Holding Code Holding Code Holding Code Holding Code Holding Code ABBEY TOWER 74,176 8,898 74,176 0 67,613 2,335 67,613 0 0 31-Mar-25 31-Mar-25 Planning On Hold On Hold Total Information & Cultural 112,479 8,898 112,479 0 105,916 2,335 105,916 0 0 0 Other Housing CCTV REVIEW 350,000 0 350,000 0 350,000 0 350,000 0 0 31-Mar-25 31-Mar-25 Planning On Target On Target Total Other Housing 350,000 0 350,000 0 350,000 0 350,000 0 0 0 Total Communities & Housing 462,479 8,898 462,479 0 455,916 2,335 455,916 0 0 0 Comments CAPITAL MONITORING 2024/25 Project Description TOTAL PROJECT 2024/25 BUDGETS COMPLETION DATES DELIVERY STATUS
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Corporate Services MILESTONE Total Project Budget Cumulative Expenditure to date Total Project Forecast Projected Over/ (Under) Spend Total Revised Budget 2024/25 Actual Expenditure to 30th June 2024 Projected Expenditure to 31 March 2025 Actual Over/ (Under) Spend for 2024/25 True Over/(Under) Spend Brought / Carry Forward to 2025/26 Original Target Revised Forecast Current Project Stage Delivery Status Financial Delivery Status Physical £ £ £ £ £ £ £ £ £ £ Council IT Strategy ICT INVESTMENT FUND 4,065,580 1,179,748 4,065,580 0 437,709 50,177 437,709 0 0 31-Mar-26 31-Mar-26 On-going On Target On Target WAN 912,107 412,107 912,107 0 0 0 0 0 0 Complete Complete Complete Complete Complete LAN/WiFi 2,673,000 1,171,470 2,673,000 0 2,958 1,428 2,958 0 0 Complete Complete Complete Complete Complete TELEPHONY 1,146,693 252,079 1,146,693 0 129,667 53 129,667 0 0 31-Mar-28 31-Mar-28 Implementation On Target On Target Total IT Strategy 8,797,380 3,015,404 8,797,380 0 570,334 51,658 570,334 0 0 0 Total Chief Executive 8,797,380 3,015,404 8,797,380 0 570,334 51,658 570,334 0 0 0 CAPITAL MONITORING 2024/25 CommentsProject Description COMPLETION DATESTOTAL PROJECT DELIVERY STATUS2024/25 BUDGETS
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HEALTH & SOCIAL CARE MILESTONE Total Project Budget Cumulative Expenditure to date Total Project Forecast Projected Over/ (Under) Spend Total Revised Budget 2024/25 Actual Expenditure to 30th June 2024 Projected Expenditure to 31 March 2025 Actual Over/ (Under) Spend for 2024/25 True Over/(Under) Spend Brought / Carry Forward to 2025/26 Original Target Revised Forecast Current Project Stage Delivery Status Financial Delivery Status Physical £ £ £ £ £ £ £ £ £ £ Management & Support COMMUNITY ALARMS - ANALOGUE TO DIGITAL 996,000 906,518 996,000 0 20,505 0 20,505 0 0 31-Dec-24 31-Dec-24 In progress On Target On Target CAREFIRST REPLACEMENT 536,058 267,993 536,058 0 268,065 0 268,065 0 0 31-Aug-24 31-Mar-25 In development On Target On Target 47 WEST ROAD 300,000 84,043 300,000 0 284,837 68,880 284,837 0 0 21-Jun-24 21-Jun-24 Refurbishment On Target On Target Total Management & Support 1,832,058 1,258,554 1,832,058 0 573,407 68,880 573,407 0 0 0 Housing Non HRA IMPROVEMENT GRANTS * 469,775 144,172 469,775 0 469,775 144,172 469,775 0 0 31-Mar-25 31-Mar-25 Ongoing On Target On Target Total Housing Non HRA 469,775 144,172 469,775 0 469,775 144,172 469,775 0 0 0 Adults TRINDLEMOSS 4,608,078 4,594,773 4,608,078 0 13,305 0 13,305 0 0 Complete Complete Complete Complete Complete Total Older People 4,608,078 4,594,773 4,608,078 0 13,305 0 13,305 0 0 0 Young People RESIDENTIAL & RESPITE UNIT 5,579,718 5,224,534 5,579,718 0 355,184 0 355,184 0 0 Complete Complete Snagging Complete Complete Total Young People 5,579,718 5,224,534 5,579,718 0 355,184 0 355,184 0 0 0 Total Health & Social Care 12,489,628 11,222,033 12,489,628 0 1,411,671 213,052 1,411,671 0 0 0 Project Description DELIVERY STATUS CAPITAL MONITORING 2024/25 2024/25 BUDGETSTOTAL PROJECT COMPLETION DATES Comments
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PLACE MILESTONE Total Project Budget Cumulative Expenditure to date Total Project Forecast Projected Over/ (Under) Spend Total Revised Budget 2024/25 Actual Expenditure to 30th June 2024 Projected Expenditure to 31 March 2025 Actual Over/ (Under) Spend for 2024/25 True Over/(Under) Spend Brought / Carry Forward to 2025/26 Original Target Revised Forecast Current Project Stage Delivery Status Financial Delivery Status Physical £ £ £ £ £ £ £ £ £ £ Roads ROADS IMPROVE/RECONSTRUCTION * 3,675,899 3,675,899 3,675,899 0 3,675,899 199,037 3,675,899 0 0 31-Mar-25 31-Mar-25 Multiple Projects On Target On Target ROAD SAFETY IMPROVEMENT FUND 0 0 0 0 0 20,000 0 0 0 Complete Complete Complete Complete Complete PANEL REINSTATEMENT WORKS 148,494 148,494 148,494 0 148,494 0 148,494 0 0 31-Mar-25 31-Mar-25 In Development On Target On Target ROADS REMEDIATION WORKS 106,183 106,183 106,183 0 106,183 0 106,183 0 0 31-Mar-25 31-Mar-25 In Development On Target On Target TRAFFIC CALMING 175,000 92,047 175,000 0 82,953 0 82,953 0 0 31-Mar-25 31-Mar-25 In Development On Target On Target DOCKHEAD STREET SALTCOATS 100,000 0 100,000 0 100,000 0 100,000 0 0 31-Mar-25 31-Mar-25 In development On Target On Target LIGHTING * 1,409,072 39,996 1,409,072 0 1,409,072 39,996 1,409,072 0 0 31-Mar-25 31-Mar-25 Multiple Projects On Target On Target LED LIGHTING REPLACEMENT 695,000 2,284 695,000 0 12,754 2,284 12,754 0 0 31-Mar-25 31-Mar-25 Multiple Projects On Target On Target UPPER GARNOCK FPS 18,503,801 18,113,552 18,503,801 0 390,335 87 390,335 0 0 Complete Complete Complete Complete Complete MILLPORT COASTAL FPS 48,599,796 36,039,114 48,599,796 0 17,444,119 4,883,436 17,444,119 0 0 31-Aug-24 30-Sep-24 Construction On Target On Target MILLBURN FPS 1,757,000 295,902 1,757,000 0 1,461,098 0 75,000 (1,386,098) (1,386,098) 31-Jul-24 31-Jul-25 In Development On Target Slightly off target Delays in getting third party agreement MILLPORT PIER 500,000 150,080 500,000 0 60,000 0 60,000 0 0 31-Dec-25 31-Dec-25 In Development On Target On Target BRIDGES INFRASTRUCTURE PROG * 899,665 44,455 899,665 0 899,665 44,455 899,665 0 0 31-Mar-25 31-Mar-25 Multiple Projects On Target On Target LARGS PROMENADE SEAWALL 4,329,001 4,254,260 4,329,001 0 841,034 816,294 841,034 0 0 Complete Complete Complete Complete Complete COASTAL ADAPTATIONS 198,727 0 198,727 0 198,727 0 198,727 0 0 31-Mar-25 31-Mar-25 In Development On Target On Target B714 UPGRADE 31,693,443 2,495,601 31,693,443 0 2,409,350 199,897 2,409,350 0 0 31-Jul-26 30-Nov-26 In Development On Target Significantly off target Work is ongoing to develop the full business case required to confirm LUF contribution. PARKING CHARGES & DPE 186,501 88,015 186,501 0 106,476 7,990 106,476 0 0 31-Mar-25 31-Mar-25 In Development On Target On Target Total Roads 112,977,579 65,545,881 112,977,579 0 29,346,159 6,213,477 27,960,061 (1,386,098) 0 (1,386,098) Streetscene CEMETERY EXTNS, WALLS & INFRA * 368,282 0 368,282 0 (41,207) 0 0 41,207 41,207 Holding Code Holding Code Holding Code Holding Code Holding Code CMTY, ARDROSSAN - PLOTS/WALLS 217,921 160,857 217,921 0 58,387 1,323 58,387 0 0 Complete Complete Complete Complete Complete CMTY, KILWINNING - NEW 1,404,577 1,375,502 1,404,577 0 440 (28,635) 440 0 0 Complete Complete Complete Complete Complete CMTY, KNADGERHILL - EXTENSION 416,470 415,470 416,470 0 1,000 0 1,000 0 0 Complete Complete Complete Complete Complete CMTY, WEST KILBRIDE - WORKS 398,033 371,493 398,033 0 18,149 (8,391) 18,149 0 0 Complete Complete Complete Complete Complete CMTY, STEV HIGH ROAD - WORKS 519,641 496,535 519,641 0 12,363 (10,743) 12,363 0 0 Complete Complete Complete Complete Complete CMTY, BRODICK - NEW 12,000 10,341 12,000 0 1,659 0 1,659 0 0 On Hold On Hold On Hold On Hold On Hold CMTY, KILBIRNIE - WALLS 136,138 75,378 136,138 0 61,405 36,718 88,477 27,072 27,072 31-Mar-25 31-Mar-25 Tender awarded On Target On Target CMTY, BEITH - WALLS 185,581 142,256 185,581 0 32,844 40,936 84,261 51,417 51,417 31-Mar-25 31-Mar-25 Tender awarded On Target On Target CMTY, ABBEY TOWER - WALLS 147,337 11,337 147,337 0 91,531 0 91,531 0 0 31-Aug-25 31-Aug-25 Feasibility Works On Target On Target CMTY, STEV HAWKHILL - WALLS 126,340 9,840 126,340 0 65,304 0 65,304 0 0 31-Aug-25 31-Aug-25 Tender awarded On Target On Target CMTY, WEST KILBRIDE - WALLS 99,528 7,424 99,528 0 45,282 460 45,282 0 0 On Hold On Hold Tender awarded On Hold On Hold CMTY, DREGHORN - WALLS 13,175 12,928 13,175 0 4,935 4,688 4,935 0 0 Future years Future years Feasibility Works On Target On Target CMTY, KILBIRNIE - NEW 1,051,663 37,443 1,051,663 0 725,303 0 725,303 0 0 31-Mar-26 31-Mar-26 Feasibility Works On Target On Target CMTY, SHEWALTON - WALLS 2,235 2,123 2,235 0 2,235 2,123 2,235 0 0 On Target On Target COASTAL PLAY PARKS 420,065 433,791 420,065 0 0 13,725 0 0 0 31-Mar-25 31-Mar-25 Planning On Target On Target STREET FURNITURE IMPROVEMENT 193,670 211,995 193,670 0 17,366 35,691 17,366 0 0 31-Mar-25 31-Mar-25 Planning On Target On Target PARK ENABLING WORKS 149,895 149,278 149,895 0 1,217 600 1,217 0 0 31-Mar-25 31-Mar-25 Planning On Target On Target RENEWAL OF PLAY PARKS 1,391,000 433,618 1,391,000 0 387,250 7,868 387,250 0 0 31-Mar-25 31-Mar-25 Construction On Target On Target Total Streetscene 7,758,871 4,412,929 7,758,871 0 1,485,463 96,363 1,605,159 119,696 0 119,696 Transport VEHICLES * 1,555,785 253,920 1,555,785 0 1,555,785 253,920 1,555,785 0 0 31-Mar-25 31-Mar-25 Ongoing On Target On Target FLEET DECARBONISATION 6,297,092 121,501 6,297,092 0 2,574,633 9,043 2,574,633 0 0 31-Mar-25 31-Mar-25 Ongoing On Target On Target Total Transport 7,852,877 375,421 7,852,877 0 4,130,418 262,962 4,130,418 0 0 0 Renewable Energy SOLAR PV RETROFIT EXTENSION 120,000 145,218 120,000 0 77,365 102,582 77,365 0 0 31-Mar-25 31-Mar-25 Planning On Target On Target SOLAR PV INVESTMENT - NETHERMAINS 7,289,441 1,141,252 7,289,441 0 6,184,882 297,414 6,184,882 0 0 31-Dec-24 31-Dec-24 Work Ongoing On Target On Target SOLAR PV INVESTMENT - SHEWALTON 5,540,347 670,785 5,540,347 0 3,107,168 62,983 3,107,168 0 0 31-Dec-24 31-Dec-24 Work Ongoing On Target On Target NON DOMESTIC ENERGY EFFICIENCY PROGRAMME 1,000,000 925,089 1,000,000 0 63,589 (11,323) 63,589 0 0 31-Mar-25 31-Mar-25 Work Ongoing On Target On Target NATURE RESTORATION FUND 711,000 100,000 711,000 0 711,000 100,000 711,000 0 0 31-Aug-24 31-Mar-25 Planning On Target On Target Total Renewable Energy 14,660,789 2,982,344 14,660,789 0 10,144,004 551,657 10,144,004 0 0 0 Comments CAPITAL MONITORING 2024/25 COMPLETION DATES Project Description TOTAL PROJECT 2024/25 BUDGETS DELIVERY STATUS
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PLACE MILESTONE Total Project Budget Cumulative Expenditure to date Total Project Forecast Projected Over/ (Under) Spend Total Revised Budget 2024/25 Actual Expenditure to 30th June 2024 Projected Expenditure to 31 March 2025 Actual Over/ (Under) Spend for 2024/25 True Over/(Under) Spend Brought / Carry Forward to 2025/26 Original Target Revised Forecast Current Project Stage Delivery Status Financial Delivery Status Physical Comments CAPITAL MONITORING 2024/25 COMPLETION DATES Project Description TOTAL PROJECT 2024/25 BUDGETS DELIVERY STATUS Office Accommodation PROPERTY LIFECYCLE INVESTMENT * 240,355 0 240,355 0 240,355 0 240,355 0 0 31-Mar-25 31-Mar-25 Mulitple projects On Target On Target PLI TRINITY CHURCH ANNEX 3,000 0 3,000 0 3,000 0 3,000 0 0 31-Jul-24 31-Jul-24 Construction On Target On Target PLI CALEY COURT RESOURCE CTR 4,800 0 4,800 0 4,800 0 4,800 0 0 30-Jun-24 31-Aug-24 Construction On Target On Target PLI CASTLEVIEW DAY SERVICES 64,651 51,624 64,651 0 64,651 51,624 64,651 0 0 31-May-24 31-Oct-24 Construction On Target On Target PLI WEST BYREHILL DEPOT 0 7,661 0 0 0 7,661 0 0 0 Complete Complete Complete Complete Complete PLI GOLDCRAIGS DEPOT 109,139 0 109,139 0 109,139 0 109,139 0 0 31-Mar-25 31-Mar-25 Planning On Target On Target PLI DALRY PRIMARY SCHOOL 68,314 0 68,314 0 68,314 0 68,314 0 0 Complete Complete Complete Complete Complete PLI DREGHORN PRIMARY SCHOOL 0 (1,344) 0 0 0 (1,344) 0 0 0 Complete Complete Complete Complete Complete PLI HAYOCKS PRIMARY SCHOOL 1,000 0 1,000 0 1,000 0 1,000 0 0 30-Sep-24 30-Sep-24 Planning On Target On Target PLI PENNYBURN PRIMARY 0 21,038 0 0 0 21,038 0 0 0 Complete Complete Complete Complete Complete PLI SKELMORLIE PRIMARY SCHOOL 494,500 3,090 494,500 0 494,500 3,090 494,500 0 0 31-Oct-24 31-Oct-24 Planning On Target On Target PLI AUCHENHARVIE ACADEMY* 0 (22,979) 0 0 0 (22,979) 0 0 0 Complete Complete Complete Complete Complete PLI KILWINNING ACADEMY 0 21,866 0 0 0 21,866 0 0 0 Complete Complete Complete Complete Complete PLI DALRY EYC 11,000 0 11,000 0 11,000 0 11,000 0 0 Complete Complete Complete Complete Complete PLI SPRINGVALE EYC 6,895 0 6,895 0 6,895 0 6,895 0 0 30-Jun-24 31-Jul-24 Construction On Target On Target PLI CUNNINGHAME HOUSE 0 125 0 0 0 125 0 0 0 Cancelled On Target On Target PLI ABBEYCROFT 12,000 11,843 12,000 0 12,000 11,843 12,000 0 0 Complete Complete Complete Complete Complete PLI ANAM CARA 3,542 3,542 3,542 0 3,542 3,542 3,542 0 0 Complete Complete Complete Complete Complete PLI EGLINTON CASTLE 0 640 0 0 0 640 0 0 0 31-Oct-24 31-Oct-24 Cancelled On Target On Target PLI GARNOCK CAMPUS 11,000 0 11,000 0 11,000 0 11,000 0 0 30-Jun-24 30-Jun-24 Construction On Target On Target Total Office Accommodation 1,030,196 97,106 1,030,196 0 1,030,196 97,106 1,030,196 0 0 0 Other Property EMERGENCY CONTROL CTR 158,000 67,191 158,000 0 90,809 0 90,809 0 0 31-Mar-25 31-Mar-25 In development On Target On Target GOLDCRAIGS REFURBISHMENT 766,000 36,650 766,000 0 596,788 0 596,788 0 0 31-Mar-26 31-Mar-26 In development On Target On Target WOODLANDS PRIMARY PLAYINGFIELD DRAINAGE 134,641 109,065 134,641 0 25,576 0 25,576 0 0 Complete Complete Complete Complete Complete Total Property 3,558,641 212,906 3,558,641 0 713,173 0 713,173 0 0 0 Ayrshire Growth Deal AGD - I3 DPMC PHASE 1 1,000,000 0 1,000,000 0 423,749 (276,251) 423,749 0 0 31-Mar-26 31-Mar-26 Delivery On Target On Target AGD - I3 DPMC PHASE 2 5,000,001 295,925 5,000,001 0 95,480 6,540 95,480 0 0 31-Mar-29 31-Mar-30 Feasibility On Target On Target AGD - I3 FLEXIBLE BUSINESS SPACE PHASE 1 4,855,546 4,081,474 4,855,546 0 1,397,711 623,639 1,397,711 0 0 31-Oct-24 31-Oct-24 Construction On Target On Target AGD - I3 FLEXIBLE BUSINESS SPACE PHASE 2 10,862,023 52,827 10,862,023 0 511,183 1,987 511,183 0 0 31-Mar-29 31-Mar-29 Multiple Projects On Target On Target AGD - HUNTERSTON - CENTRE OF LOW CARBON ENERGY & CIRCULAR ECONOMY 18,040,000 254,762 18,040,000 0 671,560 5,202 500,000 (171,560) (171,560) 31-Mar-30 31-Mar-30 Feasibility On Target On Target AGD - GREAT HARBOUR 14,230,849 1,104,432 14,230,849 0 1,332,369 85,065 1,487,013 154,644 154,644 31-Mar-29 31-Mar-29 Multiple Projects On Target On Target AGD - IMSE 10,500,000 156,450 10,500,000 0 477,266 5,202 477,266 0 0 31-Mar-30 31-Mar-30 Feasibility On Target On Target AGD - MARINE TOURISM ARDROSSAN 5,000,002 275,717 5,000,002 0 (60,673) (60,673) (60,673) 0 0 Complete Complete Complete Complete Complete AGD - MARINE TOURISM ARRAN 2,047,212 139,056 2,047,212 0 96,439 45,057 96,439 0 0 31-Mar-29 31-Mar-29 Feasibility On Target On Target AGD - MARINE TOURISM CUMBRAE 4,547,212 167,457 4,547,212 0 296,424 37,923 229,337 (67,087) (67,087) 31-Mar-29 31-Mar-29 Design On Target On Target Total Ayrshire Growth Deal 76,082,844 6,528,100 76,082,844 0 5,241,508 473,693 5,157,505 (84,003) 0 (84,003) Growth & Investment ARDROSSAN HARBOUR INTERCHANGE 4,127,113 563,680 4,127,113 0 902,508 12,256 902,508 0 0 1st Qtr 2026 1st Qtr 2026 Design On Target On Target IRVINE ENTERPRISE AREA 10,746,072 0 10,746,072 0 51,539 0 51,539 0 0 Ongoing Ongoing Multiple Projects On Target On Target ARDROSSAN NORTH SHORE 46,242,720 7,934,959 46,242,720 0 38,586,307 2,008,850 38,586,307 0 0 27-May-24 31-Mar-25 Construction On Target On Target VDLF - HARBOUR MASTERS OFFICE 157,499 28,638 157,499 0 131,121 2,260 131,121 0 0 31-Mar-24 31-Mar-25 Design On Target On Target VDLF - I3 IRVINE ENTERPRISE 279,411 257,020 279,411 0 22,391 0 22,391 0 0 31-Mar-24 31-Mar-25 Design On Target On Target Other Growth & Investment 61,552,816 8,784,298 61,552,816 0 39,693,866 2,023,366 39,693,866 0 0 0
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PLACE MILESTONE Total Project Budget Cumulative Expenditure to date Total Project Forecast Projected Over/ (Under) Spend Total Revised Budget 2024/25 Actual Expenditure to 30th June 2024 Projected Expenditure to 31 March 2025 Actual Over/ (Under) Spend for 2024/25 True Over/(Under) Spend Brought / Carry Forward to 2025/26 Original Target Revised Forecast Current Project Stage Delivery Status Financial Delivery Status Physical Comments CAPITAL MONITORING 2024/25 COMPLETION DATES Project Description TOTAL PROJECT 2024/25 BUDGETS DELIVERY STATUS Regeneration REPURPOSING PROPERTY GRANT FUND 254,179 4,950 254,179 0 253,499 4,270 253,499 0 0 30-May-25 30-May-25 In development On Target On Target MILLPORT TOWN HALL PHASE 2 784,120 200,843 784,120 0 784,120 200,843 784,120 0 0 31-May-23 31-Dec-24 Construction On Target Significantly off target Community led regeneration project by Millport Town Hall Charity. Project has been delayed due to challenges with contractor and work needing redone as did not met a satisfactory standard. Regeneration team continues to support MTHC in the delivery of the project. GARRISON HOUSE PROJECT 633,613 800 633,613 0 633,613 800 633,613 0 0 31-Mar-25 31-Mar-25 In development On Target On Target ISLANDS PIT STOPS 540,000 0 540,000 0 540,000 0 540,000 0 0 31-Jul-24 31-Mar-25 In development On Target On Target ISLAND INFRASTRUCTURE FUND 187,592 118,939 187,592 0 68,966 313 68,966 0 0 31-Mar-24 31-Dec-24 In development On Target On Target PLACE BASED INVESTMENT PROGRAMME (PBIP) 424,401 101,700 424,401 0 393,624 70,923 393,624 0 0 31-Mar-26 31-Mar-26 In development On Target On Target UK SHARED PROSPERITY FUND (SPF) 728,770 266,101 728,770 0 728,770 266,101 728,770 0 0 31-Mar-25 31-Mar-25 In development On Target On Target DIGITAL - SIPP GREAT HARBOUR 242,765 0 242,765 0 242,765 0 242,765 0 0 31-Mar-25 31-Mar-25 Planning On Target On Target AYRSHIRE 5GIR 3,791,001 28,710 3,791,001 0 3,771,066 8,775 3,771,066 0 0 31-Mar-25 31-Mar-25 Planning On Target On Target PBIP – KILWINNING ABBEY IMPROVEMENTS 235,354 0 235,354 0 235,354 0 235,354 0 0 31-Mar-25 31-Mar-25 In development On Target On Target LOCHSHORE HUB PLAY AREA 445,000 90,705 445,000 0 402,817 48,522 402,817 0 0 30-Jun-24 31-Aug-24 Construction On Target On Target PBIP 36 BANK STREET 169,999 110,138 169,999 0 62,761 2,900 62,761 0 0 31-Dec-25 31-Dec-25 In development On Target On Target PBIP GALT HOUSE 50,000 4,125 50,000 0 45,875 0 45,875 0 0 31-Mar-24 31-Mar-25 In development On Target On Target IRVINE HIGH STREET 2,837,315 2,721,001 2,837,315 0 101,314 (15,000) 101,314 0 0 Complete Complete Complete Complete Complete MILLPORT CARS 10,993 0 10,993 0 10,993 0 10,993 0 0 31-Mar-25 31-Mar-25 Construction On Target On Target MONTGOMERIE PARK MASTERPLAN 4,218,598 1,807,527 4,218,598 0 199,258 15,688 199,258 0 0 31-Mar-30 31-Mar-30 In development On Target On Target LOCHSHORE, KILBIRNIE 1,961,138 1,878,138 1,961,138 0 57,122 (25,878) 57,122 0 0 31-May-25 31-May-25 In development On Target On Target LOCHSHORE GARNOCK HUB 4,145,999 4,087,907 4,145,999 0 58,991 899 58,991 0 0 Complete Complete Complete Complete Complete VDLF 2024/25 ALLOCATION 963,000 0 963,000 0 963,000 0 963,000 0 0 VDLF - KYLE ROAD PHASE 2 1,398,066 145,155 1,398,066 0 1,253,061 150 400,000 (853,061) (853,061) 31-Mar-24 31-Mar-26 In development On Target On Target VDLF - ANNICKBANK PH 3* 1,988,996 1,888,806 1,988,996 0 96,210 (3,980) 96,210 0 0 31-Mar-25 31-Mar-25 Construction On Target On Target LUF3 - ANNICKBANK 50,000 31,478 50,000 0 50,000 31,478 50,000 0 0 31-Mar-26 31-Mar-26 In development On Target On Target VDLF - DEVELOPMENT WORK* 214,326 95,916 214,326 0 120,859 2,449 120,859 0 0 31-Mar-25 31-Mar-25 In development On Target On Target VDLF - TREE PLANTING 50,000 2,400 50,000 0 47,600 0 0 (47,600) (47,600) 31-Dec-24 31-Dec-25 In development On Target On Target MONTGOMERIE PARK NEIGHBOURHOOD CTR 288,203 0 288,203 0 288,203 0 288,203 0 0 31-Mar-24 31-Dec-24 In development On Target On Target QUARRY ROAD PHASE 2 5,209,497 5,204,719 5,209,497 0 4,778 0 4,778 0 0 Complete Complete Complete Complete Complete ACTIVE TRAVEL TIER 1 942,401 2,192,220 942,401 0 942,401 56,797 942,401 0 0 31-Mar-25 31-Mar-25 Various On Target On Target ACCESS PATH NETWORK PROGRAMME * 712,709 712,709 712,709 0 712,709 23,138 712,709 0 0 31-Mar-25 31-Mar-25 Various On Target On Target ARDROSSAN PROMENADE 578,499 461,336 578,499 0 578,499 251,834 578,499 0 0 31-Mar-24 31-Dec-24 Construction On Target On Target B777 CORRIDOR IMPROVEMENTS 95,965 84,569 95,965 0 11,396 0 11,396 0 0 Complete Complete Complete Complete Complete LINKS TO EGLINTON PARK 183,874 88,874 183,874 0 95,000 0 95,000 0 0 31-Jul-24 31-Jul-24 Construction On Target On Target COMMUNITY BUS FUND 146,000 102,838 146,000 0 59,459 16,297 59,459 0 0 31-Mar-25 31-Mar-25 Planning On Target On Target Total Regeneration 34,564,466 22,514,696 34,564,466 0 13,814,083 957,318 12,913,422 (900,661) 0 (900,661) Total Economic Development & Regeneration 172,200,127 37,827,093 172,200,127 0 58,749,457 3,454,376 57,764,793 (984,664) 0 (984,664) Completed Projects BIOMASS RETROFIT PROGRAMME 3,378,163 3,377,163 3,378,163 0 0 (1,000) 0 0 0 Complete Complete Complete Complete Complete QUARRY ROAD PHASE 1 2,977,098 2,909,679 2,977,098 0 29,376 (38,043) 29,376 0 0 Complete Complete Defects Period Complete Complete Total Completed Projects 6,355,261 6,286,842 6,355,261 0 29,376 (39,043) 29,376 0 0 0 Total Place 339,715,832 131,013,063 339,715,832 0 105,628,246 10,636,896 103,377,180 (2,251,066) 0 (2,251,066)
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OTHER BUDGETS Total Project Budget Cumulative Expenditure to date Total Project Forecast Projected Over/ (Under) Spend Total Revised Budget 2024/25 Actual Expenditure to 30th June 2024 Projected Expenditure to 31 March 2025 Over/ (Under) Spend for 24/25 £ £ £ £ £ £ £ £ FLEXIBILITY / IMPROVEMENT FUND 9,925,617 0 9,925,617 0 1,292,679 0 1,292,679 0 CORE INFRASTRUCTURE INVESTMENT 2,351,000 0 2,351,000 0 2,351,000 0 2,351,000 0 Total Other Budgets 12,276,617 0 12,276,617 0 3,643,679 0 3,643,679 0 2024/25 BUDGETS CommentsProject Description TOTAL PROJECT
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HRA Capital Statement 2324 Appendix 2 TOTAL PROJECT CURRENT YEAR 2024/25 - Period 2 Project Description Total Project Budget Cumulative Expenditure to date Total Project Forecast Projected Over/ (Under) Spend Total Revised Budget 2024/25 Actual Expenditure to 30 May 2024 P2 Projection Virement Request Carry /Brought Forward to /From 2024/25 True Over/ (Under) Spend Delivery Status Financial Delivery Status Physical Narrative £ £ £ £ EXPENDITURE Council House Building Afton Court 1,335,654 1,268,527 1,335,654 (67,127) 0 (29,057) On Target Complete Complete, project contingency not required. Ayrshire Central Site 51,235,455 3,208,079 51,235,455 0 5,709,900 150,214 5,709,900 On Target On Target Tender award to be issued imminently. Projected expenditure to be reprofiled to reflect tender return figures. Project due to commence on site August 2024. Bourtreehill Village 9,924,743 190,985 9,924,743 0 103,797 4,975 103,797 On Target On Target Projected spend for 24/25 is for consultancy fees, utility disconnections and commencement of the demolition of Crofthead Court. Corsehillhead 2,032,906 262,558 2,032,906 0 (49,959) 0 49,959 On Target On Target Options appraisal currently being carried out for the site due to projected costs being significantly higher than previously projected. Flatt Road 20,178,000 19,708,540 19,934,544 (469,460) 0 1,795 0 On Target Complete Complete Fullarton Street (High Flats) 12,073,511 33,330 12,073,511 0 182,605 182,605 On Target On Target New build project due to commence on site Jan 2026. Projected spend for 24/25 is for consultancy fees and statutory consents. Garnock Academy Site 12,092,889 687,610 12,092,889 0 5,762,674 4,676 5,762,674 On Target On Target Project commenced on site 17 June 2024. Garrier Court 2,335,551 2,382,239 2,348,027 12,476 0 0 On Target Complete Complete James McFarlane Site 4,784,118 849,535 4,784,118 0 2,132,821 320,130 2,132,821 On Target On Target Project commenced on site 25 March 2024. James Reid Site 11,820,675 967,814 12,279,460 458,785 2,832,082 2,832,082 Significantly off target On Target Project site start delayed due to non resolution of culvert maintenance issue. Kings Arms (113-115 High Street) 2,904,416 334,141 2,904,416 0 1,635,733 6,460 1,635,733 On Target On Target Project commenced on site 13 May 2024. Laburnum Ave/Newhouse Dr (Regen 1a&b) 3,274,506 2,188,354 2,953,447 (321,059) 1,427,383 898,220 1,427,383 On Target On Target Projects commenced on site 15 January 2024. Largs Police Station 2,769,301 2,781,614 2,769,301 0 21,157 (33,117) 21,157 On Target Complete Complete Montgomerie Park (Both Phases) 46,322,381 5,072,415 46,322,381 0 4,245,245 546,563 2,765,315 (1,479,930) On Target Slightly off target Ground remediation works commenced on site March 2024 with main contract scheduled to commence towards the end of 2024. Stanecastle Site 7,768,147 1,120,328 7,768,147 0 4,020,327 494,565 4,020,327 On Target On Target Project commenced on site 25 March 2024. St Beya Gardens 3,691,052 3,689,346 3,691,052 0 1,706 1,706 On Target Complete Complete St Michael's Wynd 13,996,769 13,908,729 14,087,664 90,895 0 (188,682) 0 Slightly off target Complete Complete Nelson Street Regeneration 622,116 4,470 622,116 0 310,698 6,315 310,698 On Target On Target Tender documentation being prepared. Acquisition Houses-Open Market 1,273,080 147 1,273,080 0 1,273,080 147 1,273,080 On Target On Target Ukraine Buy Backs 0 121,953 0 Harbour Street 0 0 0 0 3,000 5,000 2,000 On Target On Target Options appraisal currently being carried out for the site due to projected costs being significantly higher than previously projected. Sy Mary's Primary, Largs 6,092,975 2,553,324 6,092,975 4,334,000 591,285 3,449,958 74,363 (958,405) On Target Slightly off target Project commenced on site 8 January 2024. Internal Management Charges 1,757,259 1 1,757,259 0 1,489,000 1,489,000 On Target On Target SHIP Review Requirement (3,991,000) (3,991,000) 0 (3,991,000) (3,991,000) A review to be undertaken as part of the SHIP to identify options to address the reduction in Scottish Government Grant. Contingency 2,611,322 2,611,322 2,611,322 2,536,959 (74,363) SUB TOTAL 242,308,139 86,228,948 242,193,084 (404,965) 34,055,571 2,726,661 31,669,195 0 (2,386,376) 0 DELIVERY STATUS
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TOTAL PROJECT CURRENT YEAR 2024/25 - Period 2 Project Description Total Project Budget Cumulative Expenditure to date Total Project Forecast Projected Over/ (Under) Spend Total Revised Budget 2024/25 Actual Expenditure to 30 May 2024 P2 Projection Virement Request Carry /Brought Forward to /From 2024/25 True Over/ (Under) Spend Delivery Status Financial Delivery Status Physical Narrative £ £ £ £ DELIVERY STATUS Improvements to existing stock Wet Room - Void 248,422 57,058 386,904 248,422 57,058 386,904 138,482 On Target On Target Higher number of void replacments being projected than budgeted offset by reduction in void bathrooms Bathrooms - Void 978,665 22,182 524,790 978,665 22,182 524,790 (453,875) On Target On Target Lower number of void replacments being projected than budgeted Wet Room - Planned 66,246 0 66,246 66,246 66,246 On Target On Target Bathrooms - Planned 141,069 13,224 141,069 141,069 13,224 141,069 On Target On Target Electrical Rewiring 172,236 102,375 222,869 172,236 102,375 222,869 50,633 On Target On Target Additional units required in year. Heating 1,916,920 494,985 1,814,021 1,916,920 494,985 1,814,021 (102,899) On Target On Target Number of units requiring full central heating replacments is less than anticipated. Kitchens 1,523,166 142,909 1,523,166 1,523,166 142,909 1,523,166 On Target On Target Kitchens - Void 1,497,340 92,909 1,041,824 1,497,340 92,909 1,041,824 (455,516) On Target On Target Lower number of void replacments being projected than budgeted Roofing 755,136 3,249 733,500 755,136 3,249 733,500 (21,636) On Target On Target Wallfloor rendering 452,189 (441,038) 246,000 452,189 (441,038) 246,000 (206,189) On Target On Target EWI 677,882 0 916,000 677,882 916,000 238,118 On Target On Target Additional addresses requiring EWI works. Window Replacement 529,935 0 411,008 529,935 411,008 (118,927) On Target On Target Saltcoats MSF Investment 466,625 4,969 466,625 466,625 4,969 466,625 On Target On Target Smoke Detector Programme 241,682 26,314 241,682 241,682 26,314 241,682 On Target On Target Energy Efficiency 1,414,745 0 0 1,414,745 0 (1,414,745) On Target On Target Underspend due to slippage on SHU programme and awaiting outcome of SHNZS consultation to progress pathfinder project and allow development of programme. Path Finder Project 500,000 0 100,000 500,000 100,000 (400,000) On Target Significantly off target Awaiting outcome of SHNZS consultation to progress Solar Panels 3,527,859 364,892 2,895,000 3,527,859 364,892 2,895,000 (632,859) On Target On Target HRA Slippage (3,085,000) 0 (3,085,000) (3,085,000) (476,496) 2,608,504 SUB TOTAL 15,110,117 884,028 11,730,704 0 12,025,117 884,028 11,254,208 0 0 (770,909) Other Capital works Estate Based Regeneration 1,453,809 10,805 1,453,809 1,453,809 10,805 1,453,809 On Target On Target Lift Replacement 454,000 0 150,000 454,000 150,000 (304,000) On Target On Target Contract being re-tendered Sheltered Housing Units 828,944 128 828,944 828,944 128 828,944 On Target On Target SUB TOTAL 5,105,723 1,714,203 4,158,571 (643,152) 2,736,753 2,065 2,432,753 0 (304,000) 0 Total Expenditure 247,413,862 87,943,151 246,351,655 (1,048,117) 48,817,441 3,612,754 45,356,156 0 (2,690,376) (770,909) Income Affordable Housing Contributn (394,000) (394,000) CFCR (11,492,000) (11,492,000) Capital Grants (11,880,000) (1,711,703) (11,880,000) 0 A reduction in anticipated grant as advised by Scottish Government. Prudential Borrowing (23,907,441) (20,446,156) 2,690,376 770,909 Reduced borrowing required to reflect rephasing and projected underspends Council HB fund contribution (544,000) (544,000) Sale of Assets (1,000) 0 Other Capital Income (600,000) (600,000) Income from Vacant and Derelict Land Fund (VDLF) in relation to Kings Arms SUB TOTAL Total Project Expenditure 247,413,862 87,943,151 246,351,655 (1,048,117) 48,817,441 3,612,754 45,356,156 0 (2,690,376) (770,909) Total Project Income (48,817,441) (1,712,703) (45,356,156) 0 2,690,376 770,909 Total Net Expenditure 0 1,900,051 0 0 0 0 Check Total On Target (+0.5% of budget) Slightly off target (+ 0.5% to 2% of budget, or £0.125m, whichever is less) Significantly off target (+2% or more of budget, or £0.500m, whichever is less) The following classifications have been used to highlight financial performance against budget
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Appendix 3 Treasury Management Performance to 30 June 2024 Capital Expenditure for both the General Fund and HRA vary from original estimates due to changes in the profile of projects. Full details of all movements in the capital expenditure budgets are included in this report. The reduction to the General fund Capital Financing Requirement reflects the change in profile of the capital programme. The increase to the HRA Capital Financing requirement is a result of a reprofiling of the use of reserves during 23/24. Capital expenditure impacts on the revenue budget through financing charges so it is essential the Council ensures the financing costs remain affordable and do not constitute an excessive proportion of the revenue resources available. From a General Fund perspective, the latest Scottish Local Authority average was 5.4%, thereby demonstrating a prudent borrowing policy. For the HRA, the Scottish average was 21.3%. The level of loan charges is deemed prudent and affordable within the framework of the 30 year Housing business plan. 2024/25 2024/25 2024/25 Original Estimate P3 Projection Movement £m £m £m General Services Capital expenditure 104.655 128.133 23.478 Funded by: Borrowing 78.300 94.120 15.820 Receipts / Grants 22.875 30.436 7.561 Funded from Revenue - 0.097 0.097 Funded from Reserves 3.480 3.480 - Total 104.655 128.133 23.478 HRA Capital expenditure 52.417 49.347 (3.070) Funded by: Borrowing 24.116 24.437 0.321 Receipts / Grants 15.871 12.480 (3.391) Funded from Revenue 11.492 11.492 - Funded from Reserves 0.938 0.938 - Total 52.417 49.347 (3.070) Estimates of Capital Expenditure and Income 2024/25 2024/25 2024/25 Original Estimate P3 Projection Movement £m £m £m General Services 429.390 428.300 (1.090) HRA 198.552 202.804 4.252 Sub-total 627.942 631.104 3.162 Less PPP/NPD long-term liability (83.294) (83.294) - Loans Capital Financing Requirement (CFR) 544.648 547.810 3.162 Capital Financing Requirement (CFR) 2024/25 2024/25 Original Estimate P3 Projection % % General Services 3.5% 3.1% HRA 24.0% 23.2% Proportion of financing costs to net revenue stream
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The Council is currently projecting an under-borrowed position of £63.094m due to the continuing strategy to delay long-term external borrowing by utilising internal cash balances. Liability Benchmark The liability benchmark is an important tool to help establish whether the Council is likely to be a long-term borrower or long-term investor in the future, and so shape its strategic focus and decision making. The Liability benchmark graph above is used to inform the Council’s borrowing strategy. The shaded grey area shows the Councils current debt and the gap between this and the Liability benchmark line is how much more borrowing the Council likely needs to undertake to support its current capital plans once taking into account its balance sheet resources including the net debtor / creditor and useable reserves. The above graph indicates that long term borrowing for the period of around 20 years would be most appropriate to meet the Councils borrowing needs and mitigate against interest rate risk. 2024/25 2024/25 2024/25 Original Estimate P3 Projection Movement £m £m £m Gross Debt at 31 March 478.337 484.716 6.379 CFR 544.648 547.810 3.162 (Under)/Over Borrowed Position (66.311) (63.094) 3.217 Current Portfolio Position (excluding PPP/NPD)
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The maturity structure of the debt portfolio at 30 June 2024 is shown below and shows the period when the Council is required to repay and/or refinance debt. It is important to ensure a reasonable spread of debt to mitigate against high exposure levels in respect of refinancing. The current profile ensures this: The increase in the external borrowing since 31 March is largely in relation to additional temporary borrowing undertaken of £15m. This is partially offset by maturing loans during the period to 30 June including a £5m LOBO loan which was repaid when called in May. 2024/25 2024/25 2024/25 Original Estimate £m P3 Projection £m Movement £m Loans CFR 544.648 547.810 3.162 Less Balance sheet resources (78.200) (109.600) (31.400) Net loans requirement 466.448 438.210 (28.238) Liquidity allowance 10.000 10.000 - Liability Benchmark 476.448 448.210 (28.238) Liability Benchmark 31-Mar-24 30-Jun-24 Maturity Profile of Borrowing (Indicator 10) Actual Actual Movement £m £m £m Under 12 months 62.650 58.549 (4.101) 12 months and within 24 months 2.950 1.594 (1.356) 24 months and within 5 years 13.845 13.663 (0.182) 5 years and within 10 years 31.439 34.439 3.000 10 years and within 20 years 83.189 81.177 (2.012) 20 years and within 30 years 20.125 20.525 0.400 30 years and within 40 years 92.588 92.587 (0.001) 40 years and within 50 years - 10.000 10.000 50 years and above 10.000 10.000 - Total Borrowing 316.786 322.534 5.748