Capital Programme and Treasury Management Performance
North Ayrshire Council · 23 January 2024
Back to Cabinet — 23 January 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 23 January 2024 Cabinet Title: Capital Programme and Treasury Management Performance to 30 November 2023 Purpose: To advise Cabinet of progress in delivering the Capital Investment Programme 2023/24 and the associated Treasury Management performance to 30 November 2023. 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 November 2023; and (ii) the forecast expenditure to 31 March 2024; (c) approve the virement proposals 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 2023/24 to 2030/31 was approved by Council on 1 March 2023. The Housing Revenue Account (HRA) Capital Investment Programme 2023/24 sits within the updated HRA Business Plan and was approved by Council on 15 February 2023. 1.2 This report identifies the current programme for 2023/24, taking account of adjustments made to the initial budgets. The report presents the revised budgets at 30 November 2023 (Period 8) and forecast expenditure to 31 March 2024. 1.3 At Period 8 the General Fund is forecasting a net breakeven position against a revised budget of £97.079m. The HRA is forecasting a projected underspend of (£0.934m) against a revised budget of £40.664m. 1.4 Within the General Fund adjustments to funding have resulted in net increases to the overall capital programme of £0.982m. These are primarily related to additional Scottish Government funding, including £4.000m to support the 2023/24 SJC pay settlement, partly offset by the withdrawal of the HOME project and the sale of the site to the HRA. Further details on the accounting entries required to transfer the additional funding to Revenue to offset the costs of the pay award are awaited.
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1.5 Reviews of individual project plans have identified a number of adjustments to the current profiles. As a result, (£12.158m) has been reprofiled for delivery in 2024/25 and beyond. This has been partly offset by the acceleration of £2.423m to 2023/24 from future years. 1.6 Within the HRA, a review of delivery timescales has identified a requirement to accelerate £0.650m to 2023/24 from future years. This is partly offset by the re- profiling of (£0.420m) of works for delivery in 2024/25 and beyond. 1.7 Major risks to the forecast position arising from cost volatility linked to inflationary pressures; limited availability of contractors, supply chain issues and material shortages which are impacting on tender returns and the cost of materials; delays resulting from interaction with external agencies and regulators; contract management issues and the cost of borrowing, have been identified. Projects will continue to be monitored closely with cost increases met initially from the additional flexibility built into the programme. Any costs in excess of the current level of flexibility provision will require to be funded from within existing resources. 1.8 Current proposals by the Scottish Government to change the current capital accounting regulations and undertake a review of local authority capital accounting arrangements may have negative impacts on the affordability of the capital investment programmes. COSLA and the Directors of Finance group continue to challenge the proposed changes. 1.9 The Treasury Management and Investment Strategy (TMIS) for 2023/24 was approved by Council on 1 March 2023 and detailed the key performance indicators under the Prudential Code for Capital Finance in Local Authorities (2021 edition). During the period to 30 November 2023, the Council has undertaken additional planned long term borrowing of £30m. 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 2023/24 General Services budget: 2023/24 £m Budget as at 31 August 2023 105.832 a) Changes to Funding 4.049 b) Other Revisions to the Programme (3.067) Revised Budget 106.814 b) Alterations to phasing of projects:- 2023/24 to 2024/25 (12.158) 2024/25 to 2023/24 2.423 Budget as at 30 November 2023 97.079
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2.2 (a) Changes to Funding The capital programme has been updated to reflect the following changes to funding: 2.3 (b) Other Revisions to the Programme The programme has also been updated to reflect the undernoted adjustments: 2.4 (c) Alterations to the Phasing of Projects 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 (£12.158m) of works for delivery in 2024/25 and beyond: Funding Body Amount Project Scottish Government £4.000m 23-24 SJC Pay Award Scottish Government £0.146m Community Bus Fund Scottish Government £0.115m Digital SIPP Great Harbour ERDF Grant Downturn (£0.568m) Low Carbon Hub SUSTRANS £0.326m Links to Eglinton Park SUSTRANS £0.142m Saltcoats Old Cal Railway SUSTRANS £0.123m NCN73 Accessibility Improvements SUSTRANS £0.015m Access Paths SPT Grant Downturn (£0.250m) Cumbrae Ferry & Bus Stop Total £4.049m Funding Source Amount Project CFCR £0.080m Largs Seawall Borrowing (£3.147m) Home Total (£3.067m) Service Amount Project Chief Executives (£0.060m) ICT Projects (£0.060m) Communities (£3.460m) Ardrossan Campus (£0.233m) UFSM Expansion (£3.693m)
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These adjustments have been partly offset by the acceleration of £2.423m of expenditure to 2023/24 from future years. 2.5 These adjustments have resulted in a revised 2023/24 budget at 30 November 2023 of £97.079m. Service Amount Project Place (£13.844m) Ardrossan North Shore (£1.092m) Cemeteries (£0.807m) B714 (£0.500m) Fleet Decarbonisation (£0.468m) Upper Garnock FPS (£0.375m) Place Based Investments (£0.344m) Millport FPS (£0.266m) VDLF (£0.180m) AGD Hunterston (£0.083m) Traffic Calming (£0.077m) Other Minor Adjustments (£18.036m) Corporate £9.631m Sensitivity Adjustment £9.631m Total (£12.158m) Service Amount Project HSCP £0.195m Community Alarms £0.195m Communities £0.060m Montgomerie Park PS £0.060m Place £1.539m Shewalton Solar PV £0.480m AGD Flexibility Ph 1 £0.149m PLI Projects £2.168m Total £2.423m
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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 a reduction of £12.753m from the revised budget, including: Category Amount Comments Borrowing (£16.721m) Reduced and rephased aligned to projected expenditure CFCR £0.080m Additional CFCR Contribution Capital Grants £4.100m Rephased and additional government grants Other Grants (£0.212m) Rephased and revised contributions Total (£12.753m) 18.349 0.799 0.757 93.126 2.900 115.931 21.681 0.892 2.265 107.802 (25.388) 107.252 22.099 0.771 2.265 102.971 (22.274) 105.832 18.466 4.711 2.460 84.085 (12.643) 97.079 0.117 3.912 1.703 (9.041) (15.543) (18.852) Approved Programme Movement Programme @ P5 Programme @ P3 Programme @ P8
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2.8 Projected Capital Expenditure to 31 March 2024 The projections are summarised by service in the following table: 2.9 A net breakeven position is projected. Information on the progress of all projects can be found in Appendix 1. 2.10 Although not formally reflected in the financial performance reports at this time due to ongoing uncertainty, areas of cost risk have been identified across a number of projects. These risks are linked to a number of factors, including cost volatility linked to inflationary pressures; limited availability of contractors, supply chain issues and material shortages which are impacting on tender returns and the cost of materials; delays resulting from interaction with external agencies and regulators; and other contract management issues across a number of projects. Specific projects where cost risks have been identified, or are anticipated, include Moorpark Primary, Montgomerie Park Primary, Ardrossan Campus, Upper Garnock Flood Prevention Scheme, Millport Coastal Flood Prevention Scheme, Largs Sea Wall, Ardrossan North Shore and Ardrossan Harbour Interchange. 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, that any costs in excess of the current level of flexibility provision will require to be funded from within existing resources. Revised Budget 2023/24 Budget Revisions Carry Forwards and Adjustments Revised Budget 2023/24 Projected Expenditure / Income to 31 March 2024 Projected Variance Over / (Under) £m £m £m £m £m £m Expenditure Communities 22.099 - (3.633) 18.466 18.466 - Chief Executive 0.771 - (0.060) 0.711 0.711 - Health and Social Care Partnership 2.265 - 0.195 2.460 2.460 - Place 102.971 (3.018) (15.868) 84.085 84.085 - Other including Flexibility (22.274) - 9.631 (12.643) (12.643) - Total Expenditure 105.832 (3.018) (9.735) 93.079 93.079 - Income General Capital Grant (34.336) (4.146) - (38.482) (38.482) - Specific Capital Grant (12.967) (0.115) 0.164 (12.918) (12.918) - Capital Funded from Current Revenue (0.300) (0.080) - (0.380) (0.380) - Capital Receipts (0.497) - (0.030) (0.527) (0.527) - Other Grants & Contributions (4.102) 0.212 - (3.890) (3.890) - Prudential Borrowing (53.630) 7.147 9.601 (36.882) (36.882) - Total Income (105.832) 3.018 9.735 (93.079) (93.079) -
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2.11 In addition to the risks identified in relation to individual projects, significant financing risks continue to be identified in relation to the overall affordability of the capital investment programme due to the increased cost of borrowing and proposed changes to capital and loans fund accounting regulations currently being considered by the Scottish Government. Proposals currently under consideration include limitations to the methodology used to calculate the annual Loans Fund repayments for the financing of capital investments. If the current annuity method is withdrawn and replaced with straight line charges over the life of the advance this could have a significant impact on the affordability of the current capital investment programme. 2.12 The Scottish Government have also indicated a desire to undertake a wider review of local authority capital accounting arrangements which could have unforeseen implications for local authority investment programmes. COSLA and the Directors of Finance group continue to challenge the proposed changes to the regulations and the need for a wider review of capital accounting arrangements. 2.13 As noted in this report, the programme is currently affordable based on the estimated funding streams and the actions agreed by Council to supplement the Loans Fund. However, the ongoing borrowing position and associated risks will continue to be monitored and a full assessment of affordability will be included in the next major review of the capital programme due for completion during 2023/24. Housing Revenue Account 2.14 The following table outlines the movements in the 2023/24 HRA Capital budget: 2.15 (a) Alterations to the Phasing of Projects A review of the timescale for delivery of capital projects has identified a requirement to re-profile (£0.420m) of works for delivery in 2024/25 and beyond, including: 2023/24 £m Budget as at 31 August 2023 40.434 a) Alterations to phasing of projects:- 2023/24 to 2024/25 (0.420) 2024/25 to 2023/24 0.650 Budget as at 30 November 2023 40.664
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This has been offset by the acceleration of £0.650m of project expenditure for delivery during 2023/24, including: 2.16 These adjustments have resulted in a revised 2023/24 budget at 30 November 2023 of £40.664m. 2.17 The impact on budgeted funding is reduced Prudential Borrowing aligned to the revised programme: Category Amount Project Improvements (£0.123m) Kitchens (£0.112m) Energy Efficiency (£0.050m) Electrical Rewiring (£0.043m) Solar Panels (£0.014m) Other Minor Adjustments (£0.342m) Other Capital Works (£0.050m) Lift Replacement (£0.028m) Estates Based Regeneration (£0.078m) Total (£0.420m) Category Amount Project New Builds £0.034m Contingency - Garrier Court £0.034m Improvements £0.411m Roofing £0.160m EWI £0.045m Other Minor Adjustments £0.616m Total £0.650m Category Amount Comments Borrowing (£0.230m) Reduction aligned to projected expenditure Total (£0.230m)
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2.18 Projected Capital Expenditure to 31 March 2024 The projections are summarised in the following table: 2.19 A variance of (£0.934m) is projected within the HRA capital programme for 2023/24 arising from revisions to a number of projects and a range of minor over and underspends, including: 2.20 In addition to the adjustments noted above Appendix 2 highlights a number of proposed virements which are required to transfers budgets between individual projects and align the budgets with the projected expenditure. Approved Budget 2023/24 Carry Forwards and Adjustments Revised Budget 2023/24 Projected Expenditure / Income to 31 March 2024 Projected Variance Over / (Under) Service £m £m £m £m £m Expenditure Housing Revenue Account 40.434 0.230 40.664 39.730 (0.934) Total Expenditure 40.434 0.230 40.664 39.730 (0.934) Income CFCR (5.151) - (5.151) (5.151) - Capital Grants (6.785) - (6.785) (6.785) - Use of Reserves (4.065) - (4.065) (4.065) - Affordable Housing Contribution (2.445) - (2.445) (2.445) - Prudential Borrowing (21.988) (0.230) (22.218) (21.284) 0.934 Total Income (40.434) (0.230) (40.664) (39.730) 0.934 Project Variance Comments Heating (£0.552m) Scope of works reduced Wet Rooms & Bathrooms (£0.328m) Scope of works reduced Health & Safety (£0.207m) Budget no longer required Kitchens (£0.145m) Scope of works reduced High Flat Demolition (£0.104m) Delayed Completion - Anticipated 2024 St Michael's Wynd (£0.101m) Project Complete Friars Lawn (£0.088m) Project Complete Asbestos (£0.017m) Budget no longer required Major Improvements (£0.006m) Budget no longer required Newhouse Drive (£0.005m) Budget no longer required Dalrymple Place £0.017m Previous underspend overstated St Colms Largs £0.021m Project Complete Springvale £0.106m Project Complete Brathwic Terrace £0.129m Project Complete EWI £0.346m Additional scope and increased costs Total (£0.934m)
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2.21 Further cost pressures resulting from inflationary and supply chain issues continue to be monitored and a review of the 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 2.22 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 2023/24, approved by Council on the 1 March 2023. 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. 2.23 (a) Loans Capital Financing Requirement The Loans Capital Financing Requirement (CFR) is the underlying borrowing requirement of the Council. This is currently lower than the approved estimate as a result of the change in profile of the capital programmes highlighted within this report. 2.24 (b) Gross Borrowing Gross Borrowing is projected to be lower than anticipated due to the revised profile of capital projects and the continued use of internal funds, the latter being a key element of the Treasury Management Strategy to minimise costs. During the period to 30 November 2023, the Council has undertaken additional planned long term borrowing of £30.000m in support of the capital investment programme. Prudential and Treasury Indicators 2023/24 Approved Estimate £m 2023/24 Revised Estimate £m Movement £m (a) Loans Capital Financing Requirement General Services 267.879 259.230 (8.649) HRA 284.275 179.490 (104.785) Total 552.154 438.720 (113.434) (b) Gross Borrowing 490.154 311.720 (178.434) (c) Operational Boundary for Borrowing 571.667 457.158 (114.509) Authorised Limit for Borrowing 628.834 502.874 (125.960) Total Operational Boundary (incl. PPP/NPD) 659.399 544.890 (114.509) Total Authorised Limit (incl. PPP/NPD) 716.566 590.606 (125.960) (d) Investments 20.000 20.000 -
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2.25 (c) 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. 2.26 (d) Investments It is estimated that the Council will maintain an average balance of £20.000m 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. 2.27 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 Housing Revenue Account (HRA). As at 30 November, the estimated percentages for 23/24 are 2.5% and 20.5% 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 latest Scottish Local Authority average is 5.5%, therefore demonstrating a prudent borrowing policy. For the HRA, the Scottish average is 22.7%. 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 November 2023; and (ii) the forecast expenditure to 31 March 2024; (c) approve the virement proposals 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. 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.
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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 Programme Performance to 31 August 2023 – Cabinet 7 November 2023 Treasury Management and Investment Mid-Year report 2023/24 – Cabinet 7 November 2023
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TOTAL PROJECT Project Description Total Project Budget Cumulative Expenditure to date Total Project Forecast Projected Over/ (Under) Spend Total Revised Budget 2023/24 Brought / Carry Forward to 2024/25 Total Revised Budget 2023/24 Year to Date Budget 2023/24 Actual Expenditure to 30 November 2023 Year to date Variance 2023/24 Projected Expenditure to 31st March 2024 Actual Over/ (Under) Spend for 2023/24 True Over/ (Under) Spend £ £ £ £ £ £ £ £ £ £ £ £ £ EXPENDITURE Communities Nursery Education 16,349,968 16,097,397 16,349,968 0 550,593 0 550,593 0 298,022 298,022 550,593 0 0 Primary Schools 45,955,442 20,163,889 45,955,442 0 15,549,917 (172,500) 15,377,417 0 11,996,237 11,996,237 15,377,417 0 0 Secondary Schools 82,214,567 4,466,850 82,214,567 0 5,054,110 (3,459,938) 1,594,172 0 550,175 550,175 1,594,172 0 0 Special Education 25,343,637 25,243,710 25,343,637 0 138,595 0 138,595 0 38,668 38,668 138,595 0 0 Schools Other 880,194 537,667 880,194 0 728,737 0 728,737 0 386,210 386,210 728,737 0 0 Information & Culture 113,479 6,563 113,479 0 106,916 0 106,916 0 0 0 106,916 0 0 Completed Projects 43,419,379 43,394,998 43,419,379 0 3,679 0 3,679 0 (20,702) (20,702) 3,679 0 0 SUB TOTAL 214,276,666 109,911,075 214,276,666 0 22,132,547 (3,632,438) 18,500,109 0 13,248,610 13,248,610 18,500,109 0 0 Chief Executive Council IT Strategy 8,797,380 2,783,266 8,797,380 0 771,645 (60,000) 711,645 0 299,531 299,531 711,645 0 0 23-24 Pay Award 4,000,000 0 4,000,000 0 4,000,000 0 4,000,000 0 0 0 4,000,000 0 0 SUB TOTAL 12,797,380 2,783,266 12,797,380 0 4,771,645 (60,000) 4,711,645 0 299,531 299,531 4,711,645 0 0 Health & Social Care Management & Support 1,832,058 1,030,655 1,832,058 0 1,226,875 195,047 1,421,922 0 758,472 758,472 1,421,922 0 0 Housing Non HRA 656,571 412,125 656,571 0 656,571 0 656,571 0 412,125 412,125 656,571 0 0 Adults 4,608,078 4,590,908 4,608,078 0 18,047 0 18,047 0 877 877 18,047 0 0 Young People 5,579,718 5,224,534 5,579,718 0 363,177 0 363,177 0 7,993 7,993 363,177 0 0 SUB TOTAL 12,676,425 11,258,222 12,676,425 0 2,264,670 195,047 2,459,717 0 1,179,467 1,179,467 2,459,717 0 0 Place Roads 113,654,875 40,914,760 113,654,875 (894,328) 40,971,992 (894,328) 40,077,664 0 18,853,335 18,853,335 40,077,664 0 0 Streetscene 7,891,828 4,771,048 7,891,828 0 1,959,749 (1,091,968) 867,781 0 1,090,908 1,090,908 867,781 0 0 Transport 4,757,454 2,960,359 4,757,454 0 4,494,466 (500,000) 3,994,466 0 2,697,371 2,697,371 3,994,466 0 0 Waste Services 13,321,491 13,272,542 13,321,491 0 48,949 0 48,949 0 0 0 48,949 0 0 Renewable Energy 14,660,789 2,008,719 14,660,789 0 7,727,424 1,538,953 9,266,377 0 786,502 786,502 9,266,377 0 0 Office Accommodation 2,045,389 995,517 2,045,389 0 1,422,717 148,840 1,571,557 0 995,517 995,517 1,571,557 0 0 Other Property 1,672,091 759,119 1,672,091 0 434,202 0 434,202 0 262,230 262,230 434,202 0 0 Other Housing 470,000 0 470,000 0 381,025 0 381,025 0 (88,975) (88,975) 381,025 0 0 Economic Development & Regeneration 168,591,251 30,974,881 168,591,251 0 42,040,772 (14,245,469) 27,795,303 0 5,179,872 5,179,872 27,795,303 0 0 Completed Projects 6,355,261 6,276,590 6,355,261 0 40,595 0 40,595 0 (35,991) (35,991) 40,595 0 0 SUB TOTAL 333,420,430 102,933,534 333,420,430 (894,328) 99,521,891 (15,043,972) 84,477,919 0 29,740,769 29,740,769 84,477,919 0 0 Other Other 8,633,036 0 8,633,036 0 1,884,036 0 1,884,036 0 0 0 1,884,036 0 0 SUB TOTAL 8,633,036 0 8,633,036 0 1,884,036 0 1,884,036 0 0 0 1,884,036 0 0 Uncertainty / Sensitivity Adjustment* (14,954,484) (14,954,484) (14,954,484) Total Project Expenditure 581,803,936 226,886,096 581,803,936 (894,328) 130,574,789 (33,495,847) 97,078,942 0 44,468,377 44,468,377 97,078,942 0 0 Total Project Income (130,574,789) 33,495,847 (97,078,942) (39,296,781) (39,296,781) 0 (97,078,942) 0 0 Total Net Expenditure 0 0 0 (39,296,781) 5,171,595 44,468,377 0 0 0 * Sensitivity adjustment of 10% or 25% based on source and reliability of expenditure projections 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 2023/24 North Ayrshire Council Capital Statement 2023/24 Year Ended 31st March 2024 Period 8 The following classifications have been used to highlight delivery performance against original timescales set
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Revised Budget 23/24 Variance £ £ £ £ £ £ £ £ £ CAPITAL BORROWING Prudential Borrowing 68,291,931 5,814,577 2,683,086 76,789,594 (2,573,724) 74,215,870 55,836,619 (18,379,251) SUB TOTAL 68,291,931 5,814,577 2,683,086 76,789,594 (2,573,724) 0 74,215,870 0 55,836,619 (18,379,251) SCOTTISH GOVERNMENT FUNDING Specific Capital Grants Capital Grants Flooding 20,525,000 20,525,000 0 20,525,000 0 20,525,000 0 General Capital Grant 15,179,000 15,179,000 2,778,000 17,957,000 27,155,000 17,957,000 0 SUB TOTAL 45,105,170 1,896,235 3,615,531 50,616,936 945,068 0 51,562,004 37,847,908 51,399,892 (162,112) OTHER INCOME TO PROGRAMME Use of Funds :- CFCR 0 0 0 0 380,000 0 380,000 380,000 380,000 0 Grants & Contributions 2,068,411 632,323 301,603 3,002,337 887,516 0 3,889,853 1,000,101 3,889,853 0 Capital Receipts 465,555 0 0 465,555 61,507 0 527,062 68,773 527,062 0 SUB TOTAL 2,533,966 632,323 301,603 3,467,892 1,329,023 0 4,796,915 1,448,874 4,796,915 0 TOTAL CAPITAL PROGRAMME FUNDING 115,931,067 8,343,135 6,600,220 130,874,422 (299,633) 0 130,574,789 39,296,781 112,033,426 (18,541,363) 23/24 Budget at Capital Refresh Mar 2023 Capital Programme Funding 2023/24 Projected Income to 31st March 2024 Approved budget at Period 1 used as revised starting point 2023/24 Actual Income to 30 November 2023Funding Description Carry Forward from 2022/23 Changes after Capital Refresh Mar 2023 Total Changes in Year Changes at Capital Refresh Mar 2024
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COMMUNITIES MILESTONE Total Project Budget Cumulative Expenditure to date Total Project Forecast Projected Over/ (Under) Spend Total Revised Budget 2023/24 Year to Date Budget 2023/24 Actual Expenditure to 30 November 2023 Year to date Variance 2023/24 Projected Expenditure to 31 March 2024 Actual Over/ (Under) Spend for 2023/24 True Over/(Under) Spend Brought / Carry Forward to 2024/25 Current Project Stage Delivery Status Financial Delivery Status Physical £ £ £ £ £ £ £ £ £ £ £ £ Nursery Education Early Years Programme KILMORY EARLY YEARS 56,212 65,085 56,212 0 28,025 0 36,898 36,898 28,025 0 0 Complete Complete Complete ST PETERS EARLY YEARS 1,261,310 1,276,816 1,261,310 0 17,583 0 33,089 33,089 17,583 0 0 Complete Complete Complete BEITH PS EARLY YEARS 339,763 341,180 339,763 0 0 0 1,417 1,417 0 0 0 Complete Complete Complete WEST KILBRIDE EARLY EARLY YEARS 232,807 226,562 232,807 0 7,752 0 1,507 1,507 7,752 0 0 Complete Complete Complete FAIRLIE EARLY YEARS 205,120 208,220 205,120 0 0 0 3,100 3,100 0 0 0 Complete Complete Complete CUMBRAE EARLY YEARS 40,184 41,106 40,184 0 0 0 922 922 0 0 0 Complete Complete Complete PIRNMILL EARLY YEARS 80,000 77,046 80,000 0 8,154 0 5,200 5,200 8,154 0 0 Complete Complete Complete SHISKINE EARLY YEARS 127,013 140,598 127,013 0 0 0 13,584 13,584 0 0 0 Complete Complete Complete CORRIE EARLY YEARS 38,605 28,676 38,605 0 10,163 0 234 234 10,163 0 0 Complete Complete Complete LAMLASH EARLY YEARS 15,000 3,896 15,000 0 14,123 0 3,019 3,019 14,123 0 0 Complete Complete Complete BRODICK EARLY YEARS 354,659 355,069 354,659 0 0 0 410 410 0 0 0 Complete Complete Complete MARRESS HOUSE 4,010,310 3,746,160 4,010,310 0 450,000 0 185,850 185,850 450,000 0 0 Construction On Target Significantly off target Contractor Delays Other Nursery Education ANNICK PRIMARY EXT - EARLY YRS PROVISION 3,085,147 3,083,147 3,085,147 0 14,793 0 12,793 12,793 14,793 0 0 Complete Complete Holding Code Total Nursery Education 16,349,968 16,097,397 16,349,968 0 550,593 0 298,022 298,022 550,593 0 0 0 Primary Schools MOORPARK PRIMARY 12,149,441 9,997,644 12,149,441 0 5,612,892 0 3,461,095 3,461,095 5,612,892 0 0 Construction On Target Slightly off target Further information on delivery status awaited from contractor MONTGOMERIE PARK SCHOOL 23,448,999 9,556,030 23,448,999 0 9,243,600 0 8,460,032 8,460,032 9,303,600 60,000 60,000 Construction On Target On Target UNIVERSAL FREE SCHOOL MEALS EXPANSION 3,209,018 0 3,209,018 0 249,646 0 0 0 249,646 0 0 Tender On Target On Target UFSM ARDEER PRIMARY SCHOOL 22,500 835 22,500 0 22,500 0 835 835 22,500 0 0 Tender On Target On Target UFSM BEITH PRIMARY SCHOOL 22,500 0 22,500 0 22,500 0 0 0 22,500 0 0 Tender On Target On Target UFSM BRODICK PRIMARY SCHOOL 144,178 121,450 144,178 0 22,844 0 117 117 22,844 0 0 Complete Complete Complete UFSM CORSEHILL PRIMARY SCHOOL 60,000 0 60,000 0 60,000 0 0 0 0 (60,000) (60,000) Tender On Target On Target UFSM GARNOCK COMMUNITY CAMPUS 90,000 0 90,000 0 90,000 0 0 0 0 (90,000) (90,000) Tender On Target On Target UFSM GLEBE PRIMARY SCHOOL 2,046,397 2,528 2,046,397 0 2,528 0 2,528 2,528 2,528 0 0 Tender On Target On Target UFSM GLENCAIRN PRIMARY SCHOOL 22,500 811 22,500 0 22,500 0 811 811 22,500 0 0 Tender On Target On Target UFSM HAYOCKS PRIMARY SCHOOL 82,500 0 82,500 0 82,500 0 0 0 0 (82,500) (82,500) Development On Target On Target UFSM KILMORY PRIMARY SCHOOL 60,000 49,336 60,000 0 60,000 0 49,336 49,336 60,000 0 0 Tender On Target On Target UFSM LOUDOUN-MONTGOMERY PRIMARY SCHOOL 2,081,077 1,463 2,081,077 0 0 0 1,463 1,463 0 0 0 Tender On Target On Target UFSM PENNYBURN PRIMARY SCHOOL 22,500 718 22,500 0 22,500 0 718 718 22,500 0 0 Tender On Target On Target UFSM SHISKINE PRIMARY SCHOOL 15,000 6,127 15,000 0 8,928 0 55 55 8,928 0 0 Construction On Target On Target UFSM WEST KILBRIDE PRIMARY SCHOOL 2,252,504 204,013 2,252,504 0 1,979 0 (2,359) (2,359) 1,979 0 0 On Site On Target On Target UFSM WHITING BAY PRIMARY SCHOOL 25,000 21,606 25,000 0 25,000 0 21,606 21,606 25,000 0 0 Construction On Target On Target Total Primary Education 45,955,442 20,163,889 45,955,442 0 15,549,917 0 11,996,237 11,996,237 15,377,417 (172,500) 0 (172,500) Secondary Schools KILWINNING LEARNING ENVIRONMENT 2,805,435 2,488,090 2,805,435 0 378,401 0 61,056 61,056 378,401 0 0 Construction On Target On Target ARDROSSAN NEW BUILD 79,409,132 1,978,760 79,409,132 0 4,675,709 0 489,118 489,118 1,215,771 (3,459,938) (3,459,938) In Development On Target On Target Total Secondary Education 82,214,567 4,466,850 82,214,567 0 5,054,110 0 550,175 550,175 1,594,172 (3,459,938) 0 (3,459,938) Special Education LOCKHART CAMPUS 25,343,637 25,243,710 25,343,637 0 138,595 0 38,668 38,668 138,595 0 0 Snagging Complete Complete Total Special Education 25,343,637 25,243,710 25,343,637 0 138,595 0 38,668 38,668 138,595 0 0 0 Schools Other CO2 MONITORS IN SCHOOLS 298,000 158,413 298,000 0 146,543 0 6,956 6,956 146,543 0 0 Planning On Target On Target SCHOOLS ICT INVESTMENT * 582,194 379,254 582,194 0 582,194 0 379,254 379,254 582,194 0 0 On-going On Target On Target Total Schools Other 880,194 537,667 880,194 0 728,737 0 386,210 386,210 728,737 0 0 0 Information & Culture CASTLES & HISTORIC MONUMENTS 38,303 0 38,303 0 38,303 0 0 0 38,303 0 0 Holding Code Holding Code Holding Code ABBEY TOWER 75,176 6,563 75,176 0 68,613 0 0 0 68,613 0 0 Planning On Hold On Hold Total Information & Cultural 113,479 6,563 113,479 0 106,916 0 0 0 106,916 0 0 0 Completed Projects GARNOCK CAMPUS 40,307,259 40,283,664 40,307,259 0 2,893 0 (20,702) (20,702) 2,893 0 0 Complete Complete Complete AUCHENHARVIE SECONDARY ESTATE LEARNING ENVT 3,112,120 3,111,334 3,112,120 0 786 0 0 0 786 0 0 Complete Complete Complete Total Completed Projects 43,419,379 43,394,998 43,419,379 0 3,679 0 (20,702) (20,702) 3,679 0 0 0 Total Communities 214,276,666 109,911,075 214,276,666 0 22,132,547 0 13,248,610 13,248,610 18,500,109 (3,632,438) 0 (3,632,438) CAPITAL MONITORING 2023/24 CommentsProject Description TOTAL PROJECT DELIVERY STATUS2023/24 BUDGETS
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CHIEF EXECUTIVE MILESTONE Total Project Budget Cumulative Expenditure to date Total Project Forecast Projected Over/ (Under) Spend Total Revised Budget 2023/24 Year to Date Budget 2023/24 Actual Expenditure to 30 November 2023 Year to date Variance 2023/24 Projected Expenditure to 31 March 2024 Actual Over/ (Under) Spend for 2023/24 True Over/(Under) Spend Brought / Carry Forward to 2024/25 Original Target Revised Forecast Current Project Stage Delivery Status Financial Delivery Status Physical £ £ £ £ £ £ £ £ £ £ £ £ Council IT Strategy ICT INVESTMENT FUND 4,055,131 962,596 4,055,131 0 453,398 0 52,862 52,862 423,398 (30,000) (30,000) 31-Mar-26 31-Mar-26 On-going On Target On Target WAN 922,556 402,197 922,556 0 20,359 0 0 0 20,359 0 0 31-Mar-28 31-Mar-28 Implementation On Target On Target LAN/WiFi 2,673,000 1,167,848 2,673,000 0 228,838 0 223,686 223,686 228,838 0 0 31-Mar-28 31-Mar-28 Implementation On Target On Target TELEPHONY 1,146,693 250,625 1,146,693 0 69,050 0 22,982 22,982 39,050 (30,000) (30,000) 31-Mar-28 31-Mar-28 Implementation On Target On Target Total IT Strategy 8,797,380 2,783,266 8,797,380 0 771,645 0 299,531 299,531 711,645 (60,000) 0 (60,000) 2023-24 SJC Pay award 4,000,000 0 4,000,000 0 4,000,000 0 0 0 4,000,000 0 0 Total Chief Executive 12,797,380 2,783,266 12,797,380 0 4,771,645 0 299,531 299,531 4,711,645 (60,000) 0 (60,000) CAPITAL MONITORING 2023/24 CommentsProject Description COMPLETION DATESTOTAL PROJECT DELIVERY STATUS2023/24 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 2023/24 Year to Date Budget 2023/24 Actual Expenditure to 30 November 2023 Year to date Variance 2023/24 Projected Expenditure to 31 March 2024 Actual Over/ (Under) Spend for 2023/24 True Over/(Under) Spend Brought / Carry Forward to 2024/25 Original Target Revised Forecast Current Project Stage Delivery Status Financial Delivery Status Physical £ £ £ £ £ £ £ £ £ £ £ £ Management & Support COMMUNITY ALARMS - ANALOGUE TO DIGITAL 996,000 750,499 996,000 0 658,810 0 746,309 746,309 853,857 195,047 195,047 31-Dec-24 31-Dec-24 In progress On Target On Target CAREFIRST REPLACEMENT 536,058 267,993 536,058 0 268,065 0 0 0 268,065 0 0 31-Aug-24 31-Aug-24 In development On Target On Target 47 WEST ROAD 300,000 12,163 300,000 0 300,000 0 12,163 12,163 300,000 0 0 21-Jun-24 21-Jun-24 Refurbishment On Target On Target Total Management & Support 1,832,058 1,030,655 1,832,058 0 1,226,875 0 758,472 758,472 1,421,922 195,047 0 195,047 Housing Non HRA IMPROVEMENT GRANTS * 656,571 412,125 656,571 0 656,571 0 412,125 412,125 656,571 0 0 31-Mar-24 31-Mar-24 Ongoing On Target On Target Total Housing Non HRA 656,571 412,125 656,571 0 656,571 0 412,125 412,125 656,571 0 0 0 Adults TRINDLEMOSS 4,608,078 4,590,908 4,608,078 0 18,047 0 877 877 18,047 0 0 Complete Complete Complete Complete Complete Total Older People 4,608,078 4,590,908 4,608,078 0 18,047 0 877 877 18,047 0 0 0 Young People RESIDENTIAL & RESPITE UNIT 5,579,718 5,224,534 5,579,718 0 363,177 0 7,993 7,993 363,177 0 0 Complete Complete Snagging Complete Complete Total Young People 5,579,718 5,224,534 5,579,718 0 363,177 0 7,993 7,993 363,177 0 0 0 Total Health & Social Care 12,676,425 11,258,222 12,676,425 0 2,264,670 0 1,179,467 1,179,467 2,459,717 195,047 0 195,047 CAPITAL MONITORING 2023/24 2023/24 BUDGETSTOTAL PROJECT COMPLETION DATES CommentsProject Description 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 2023/24 Year to Date Budget 2023/24 Actual Expenditure to 30 November 2023 Year to Date Variance 2023/24 Projected Expenditure to 31 March 2024 Actual Over/ (Under) Spend for 2023/24 True Over/ (Under) Spend Brought / Carry Forward to 2024/25 Original Target Revised Forecast Current Project Stage Delivery Status Financial Delivery Status Physical £ £ £ £ £ £ £ £ £ £ £ £ Roads ROADS IMPROVE/RECONSTRUCTION * 4,447,261 4,447,261 4,447,261 0 4,447,261 0 3,853,135 3,853,135 4,447,261 0 0 31-Mar-24 31-Mar-24 Multiple Projects On Target On Target ROAD SAFETY IMPROVEMENT FUND 215,647 215,647 215,647 0 215,647 0 46,024 46,024 215,647 0 0 31-Mar-24 31-Mar-24 In Development On Target On Target A737 DALRY BYPASS 375,735 375,735 375,735 0 375,735 0 207,747 207,747 375,735 0 0 31-Mar-24 31-Mar-24 In Development On Target On Target TRAFFIC CALMING 175,000 92,047 175,000 0 82,953 0 0 0 0 (82,953) (82,953) 31-Mar-25 31-Mar-25 In Development On Target On Target LIGHTING * 1,417,342 377,408 1,417,342 0 1,417,342 0 377,408 377,408 1,417,342 0 0 31-Mar-24 31-Mar-24 Multiple Projects On Target On Target LED LIGHTING REPLACEMENT 694,999 122,210 694,999 0 154,169 0 122,210 122,210 154,169 0 0 31-Mar-24 31-Mar-24 Multiple Projects On Target On Target A737 DALRY BYPASS LIGHTING 20,685 0 20,685 0 16,611 0 0 0 16,611 0 0 31-Mar-24 31-Mar-24 Preparing Works PackagesOn Target On Target UPPER GARNOCK FPS 18,503,800 17,934,031 18,503,800 0 1,067,828 0 498,059 498,059 600,000 (467,828) (467,828) Complete Complete Complete Complete Complete MILLPORT COASTAL FPS 48,599,797 12,623,697 48,599,797 0 26,724,382 0 10,783,282 10,783,282 26,724,382 0 0 31-Aug-24 31-Aug-24 Construction On Target On Target MILLBURN FPS 1,757,000 253,471 1,757,000 0 393,547 0 0 0 50,000 (343,547) (343,547) 31-Jul-24 31-Dec-24 In Development On Target Slightly off target MILLPORT PIER 500,000 150,080 500,000 0 40,000 0 0 0 40,000 0 0 31-Dec-25 31-Dec-25 In Development On Target On Target BRIDGES INFRASTRUCTURE PROG * 799,430 488,210 799,430 0 799,430 0 488,210 488,210 799,430 0 0 31-Mar-24 31-Mar-24 Multiple Projects On Target On Target LARGS PROMENADE SEAWALL 4,149,000 1,899,926 4,149,000 0 3,815,046 0 1,565,971 1,565,971 3,815,046 0 0 30-Apr-24 31-Jul-24 Construction On Target On Target B714 UPGRADE 31,693,443 1,783,204 31,693,443 0 1,250,795 0 893,945 893,945 1,250,795 0 0 31-Jul-26 31-Jul-26 In Development On Target On Target LARGS CAR PARK INFRASTRUCTURE 55,128 55,128 55,128 0 661 0 661 661 661 0 0 Complete Complete Complete Complete Complete PARKING CHARGES & DPE 250,610 96,707 250,610 0 170,585 0 16,682 16,682 170,585 0 0 31-Mar-24 31-Mar-24 In Development On Target On Target Total Roads 113,654,875 40,914,760 113,654,875 0 40,971,992 0 18,853,335 18,853,335 40,077,664 (894,328) 0 (894,328) Streetscene CEMETERY EXTNS, WALLS & INFRA * 480,204 0 480,204 0 (5,685) 0 0 0 0 5,685 5,685 Holding Code Holding Code Holding Code Holding Code Holding Code CMTY, ARDROSSAN - PLOTS/WALLS 217,922 162,154 217,922 0 61,864 0 6,096 6,096 61,864 0 0 Complete Complete Complete Complete Complete HAYLIE BRAE CEMETERY 455 455 455 0 455 0 455 455 455 0 0 Complete Complete Complete Complete Complete DALRY CEMETERY 250 250 250 0 250 0 250 250 250 0 0 Complete Complete Complete Complete Complete CMTY, KILWINNING - NEW 1,402,589 1,365,070 1,402,589 0 138,061 0 100,542 100,542 138,061 0 0 Complete Complete Complete Complete Complete CMTY, KNADGERHILL - EXTENSION 416,471 415,470 416,471 0 1,661 0 660 660 1,661 0 0 Complete Complete Complete Complete Complete CMTY, WEST KILBRIDE - WORKS 398,033 371,493 398,033 0 36,892 0 10,352 10,352 36,892 0 0 Complete Complete Complete Complete Complete CMTY, STEV HIGH ROAD - WORKS 506,878 496,535 506,878 0 137,408 0 127,065 127,065 137,408 0 0 Complete Complete Complete Complete Complete CMTY, BRODICK - NEW 12,000 8,317 12,000 0 4,979 0 1,296 1,296 4,979 0 0 On Hold On Hold On Hold On Hold On Hold CMTY, KILBIRNIE - WALLS 134,370 16,106 134,370 0 118,744 0 480 480 46,601 (72,143) (72,143) 31-Mar-25 31-Mar-25 Tender awarded On Target On Target CMTY, BEITH - WALLS 182,592 15,135 182,592 0 126,907 0 500 500 65,124 (61,783) (61,783) 31-Mar-25 31-Mar-25 Tender awarded On Target On Target CMTY, ABBEY TOWER - WALLS 95,550 6,612 95,550 0 89,498 0 560 560 560 (88,938) (88,938) 31-Aug-25 31-Aug-25 Feasibility Works On Target On Target CMTY, STEV HAWKHILL - WALLS 108,732 6,340 108,732 0 102,872 0 480 480 480 (102,392) (102,392) 31-Aug-25 31-Aug-25 Feasibility Works On Target On Target CMTY, WEST KILBRIDE - WALLS 99,528 4,964 99,528 0 94,924 0 360 360 360 (94,564) (94,564) On Hold On Hold On Hold On Hold On Hold CMTY, DREGHORN - WALLS 8,240 8,240 8,240 0 4,980 0 4,980 4,980 4,980 0 0 Future years Future years Feasibility Works On Target On Target CMTY, KILBIRNIE - NEW 600,514 22,680 600,514 0 389,227 0 11,393 11,393 11,394 (377,833) (377,833) Future years Future years Feasibility Works On Target On Target CMTY, ARDROSSAN - EXTENSION 900,000 0 900,000 0 300,000 0 0 0 0 (300,000) (300,000) 31-Mar-25 31-Mar-25 Planning On Target On Target COASTAL PLAY PARKS 0 409,925 0 0 0 0 409,925 409,925 0 0 0 31-Mar-24 31-Mar-24 Planning On Target On Target STREET FURNITURE IMPROVEMENT 69,469 127,742 69,469 0 0 0 58,272 58,272 0 0 0 31-Mar-24 31-Mar-24 Planning On Target On Target PARK ENABLING WORKS 85,363 149,895 85,363 0 0 0 64,532 64,532 0 0 0 31-Mar-24 31-Mar-24 Planning On Target On Target RENEWAL OF PLAY PARKS 1,391,000 401,997 1,391,000 0 356,712 0 292,709 292,709 356,712 0 0 31-Mar-24 31-Mar-24 Construction On Target On Target Total Streetscene 7,891,828 4,771,048 7,891,828 0 1,959,749 0 1,090,908 1,090,908 867,781 (1,091,968) 0 (1,091,968) Transport VEHICLES * 2,760,362 2,623,061 2,760,362 0 2,760,362 0 2,623,061 2,623,061 2,760,362 0 0 31-Mar-24 31-Mar-24 Ongoing On Target On Target WORKPLACE CHARGERS 318,261 292,285 318,261 0 92,858 0 66,882 66,882 92,858 0 0 31-Mar-24 31-Mar-24 Ongoing On Target On Target FLEET DECARBONISATION 1,678,831 45,014 1,678,831 0 1,641,246 0 7,429 7,429 1,141,246 (500,000) (500,000) 31-Mar-24 31-Mar-24 Ongoing On Target On Target Total Transport 4,757,454 2,960,359 4,757,454 0 4,494,466 0 2,697,371 2,697,371 3,994,466 (500,000) 0 (500,000) Waste Services SHEWALTON LANDFILL 13,321,491 13,272,542 13,321,491 0 48,949 0 0 0 48,949 0 0 Complete Complete Complete Complete Complete Total Waste Services 13,321,491 13,272,542 13,321,491 0 48,949 0 0 0 48,949 0 0 0 Renewable Energy SOLAR PV RETROFIT EXTENSION 120,000 42,379 120,000 0 77,986 0 365 365 77,986 0 0 31-Mar-24 31-Mar-24 Planning On Target On Target SOLAR PV INVESTMENT - NETHERMAINS 7,289,441 565,706 7,289,441 0 6,622,319 0 420,025 420,025 6,622,319 0 0 30-Apr-24 30-Apr-24 Work Ongoing On Target On Target SOLAR PV INVESTMENT - SHEWALTON 5,540,347 494,710 5,540,347 0 252,530 0 396,600 396,600 1,791,483 1,538,953 1,538,953 30-Oct-24 30-Oct-24 Work Ongoing On Target On Target NON DOMESTIC ENERGY EFFICIENCY PROGRAMME 1,000,000 905,924 1,000,000 0 63,589 0 (30,488) (30,488) 63,589 0 0 31-Mar-24 31-Mar-24 Work Ongoing On Target On Target NATURE RESTORATION FUND 711,000 0 711,000 0 711,000 0 0 0 711,000 0 0 31-Mar-24 31-Mar-24 Planning On Target On Target Total Renewable Energy 14,660,789 2,008,719 14,660,789 0 7,727,424 0 786,502 786,502 9,266,377 1,538,953 0 1,538,953 Office Accommodation PROPERTY LIFECYCLE INVESTMENT * (148,840) 0 (148,840) 0 (148,840) 0 0 0 0 148,840 148,840 31-Mar-24 31-Mar-24 Mulitple projects On Target On Target PLI CASTLEVIEW DAY SERVICES 140,000 3,600 140,000 0 140,000 0 3,600 3,600 140,000 0 0 31-May-24 31-May-24 Planning On Target On Target PLI CENTRAL AVE STREETSCENE DEPOT* 7,080 6,654 7,080 0 7,080 0 6,654 6,654 7,080 0 0 Complete Complete Complete Complete Complete CAPITAL MONITORING 2023/24 Project Description TOTAL PROJECT 2023/24 BUDGETS COMPLETION DATES DELIVERY STATUS Comments
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PLACE MILESTONE Total Project Budget Cumulative Expenditure to date Total Project Forecast Projected Over/ (Under) Spend Total Revised Budget 2023/24 Year to Date Budget 2023/24 Actual Expenditure to 30 November 2023 Year to Date Variance 2023/24 Projected Expenditure to 31 March 2024 Actual Over/ (Under) Spend for 2023/24 True Over/ (Under) Spend Brought / Carry Forward to 2024/25 Original Target Revised Forecast Current Project Stage Delivery Status Financial Delivery Status Physical CAPITAL MONITORING 2023/24 Project Description TOTAL PROJECT 2023/24 BUDGETS COMPLETION DATES DELIVERY STATUS Comments PLI WEST KILBRIDE CEMETERY 30,000 24,099 30,000 0 30,000 0 24,099 24,099 30,000 0 0 31-Mar-24 31-Mar-24 Planning On Target On Target PLI BEITH CEMETERY 69 69 69 0 69 0 69 69 69 0 0 Complete Complete Complete Complete Complete PLI TOWNEND CC 7,949 7,949 7,949 0 7,949 0 7,949 7,949 7,949 0 0 Complete Complete Complete Complete Complete PLI WEST KILBRIDE COMMUNITY CENTRE 650 650 650 0 650 0 650 650 650 0 0 Complete Complete Complete Complete Complete PLI PORTLAND PLACE 17,267 17,267 17,267 0 17,267 0 17,267 17,267 17,267 0 0 Complete Complete Complete Complete Complete PLI WEST BYREHILL DEPOT 107,524 107,524 107,524 0 107,524 0 107,524 107,524 107,524 0 0 Complete Complete Complete Complete Complete PLI GOLDCRAIGS DEPOT 114,767 4,878 114,767 0 4,878 0 4,878 4,878 4,878 0 0 31-Mar-25 31-Mar-25 Planning On Target On Target PLI ANNICK PRIMARY SCHOOL 186 186 186 0 186 0 186 186 186 0 0 Complete Complete Complete Complete Complete PLI BEITH PRIMARY SCHOOL 1,957 1,957 1,957 0 1,957 0 1,957 1,957 1,957 0 0 Complete Complete Complete Complete Complete PLI BLACKLANDS PRIMARY SCHOOL 0 809 0 0 0 0 809 809 0 0 0 Complete Complete Complete Complete Complete PLI CASTLEPARK PRIMARY SCHOOL 83,915 84,253 83,915 0 83,915 0 84,253 84,253 83,915 0 0 Complete Complete Complete Complete Complete PLI CUMBRAE PRIMARY 3,867 3,867 3,867 0 3,867 0 3,867 3,867 3,867 0 0 Complete Complete Complete Complete Complete PLI DREGHORN PRIMARY SCHOOL 71,453 64,503 71,453 0 71,453 0 64,503 64,503 71,453 0 0 Complete Complete Complete Complete Complete PLI GLENCAIRN PRIMARY SCHOOL 573 573 573 0 573 0 573 573 573 0 0 Complete Complete Complete Complete Complete PLI PENNYBURN PRIMARY 178,419 136,416 178,419 0 178,419 0 136,416 136,416 178,419 0 0 Complete Complete Complete Complete Complete PLI SKELMORLIE PRIMARY SCHOOL 568,449 16,996 568,449 0 123,980 0 16,996 16,996 123,980 0 0 31-Mar-24 31-Mar-24 Planning On Target On Target PLI ST BRIDGETS PRIMARY 20,184 20,184 20,184 0 20,184 0 20,184 20,184 20,184 0 0 Complete Complete Complete Complete Complete PLI ST JOHN OGILVIE PRIMARY SCHOOL 6,744 6,744 6,744 0 6,744 0 6,744 6,744 6,744 0 0 Complete Complete Complete Complete Complete PLI AUCHENHARVIE ACADEMY* 374,081 274,706 374,081 0 374,081 0 274,706 274,706 374,081 0 0 31-Dec-23 31-Dec-23 Construction On Target On Target PLI IRVINE ROYAL ACADEMY* 12,974 12,974 12,974 0 12,974 0 12,974 12,974 12,974 0 0 Complete Complete Complete Complete Complete PLI KILWINNING ACADEMY 188,421 103,615 188,421 0 188,421 0 103,615 103,615 188,421 0 0 31-Oct-23 31-Dec-23 Construction On Target Slightly off target Underlying structural issues identified during constuction work which now requires remedial action. Cost and completion dates still to be determined PLI KYLE ROAD UNIT 34 4,069 4,069 4,069 0 4,069 0 4,069 4,069 4,069 0 0 Complete Complete Complete Complete Complete PLI ACHNAMARA CHILDREN'S UNIT 11,954 11,954 11,954 0 11,954 0 11,954 11,954 11,954 0 0 Complete Complete Complete Complete Complete PLI THE MEADOWS 39,000 0 39,000 0 39,000 0 0 0 39,000 0 0 Complete Complete Complete Complete Complete PLI ANAM CARA 30,309 31,269 30,309 0 30,309 0 31,269 31,269 30,309 0 0 31-Oct-23 19-Jan-24 Construction On Target On Target PLI VIKINGAR 2,500 0 2,500 0 2,500 0 0 0 2,500 0 0 31-Mar-24 31-Mar-24 Planning On Target On Target PLI EGLINTON CASTLE 48,000 0 48,000 0 48,000 0 0 0 48,000 0 0 31-Mar-24 31-Mar-24 Planning On Target On Target PLI GARNOCK CAMPUS 5,800 0 5,800 0 5,800 0 0 0 5,800 0 0 Complete Complete Complete Complete Complete PLI THE PORTAL 47,754 47,754 47,754 0 47,754 0 47,754 47,754 47,754 0 0 Complete Complete Complete Complete Complete Total Office Accommodation 2,045,389 995,517 2,045,389 0 1,422,717 0 995,517 995,517 1,571,557 148,840 0 148,840 Other Property HOME 289,898 289,971 289,898 0 1,250 0 1,323 1,323 1,250 0 0 On Hold On Hold On Hold On Hold On Hold BUILD 47,749 47,749 47,749 0 1,500 0 1,500 1,500 1,500 0 0 On Hold On Hold On Hold On Hold On Hold EMERGENCY CONTROL CTR 158,000 67,191 158,000 0 156,780 0 65,971 65,971 156,780 0 0 31-Mar-24 31-Mar-24 In development On Target On Target GALLOWGATE TOILETS 275,803 220,143 275,803 0 246,153 0 190,493 190,493 246,153 0 0 31-Aug-23 17-Nov-23 Construction On Target Slightly off target contractor delays linked to materials delay and sub- contractor availability WOODLANDS PRIMARY PLAYINGFIELD DRAINAGE 134,641 109,065 134,641 0 28,519 0 2,943 2,943 28,519 0 0 Complete Complete Complete Complete Complete Total Property 1,672,091 759,119 1,672,091 0 434,202 0 262,230 262,230 434,202 0 0 0 Other Housing CCTV REVIEW 350,000 0 350,000 0 350,000 0 0 0 350,000 0 0 31-Mar-24 31-Mar-24 Planning On Target On Target 2-4 BOYLE STREET HOSTEL 120,000 0 120,000 0 31,025 0 (88,975) (88,975) 31,025 0 0 12-May-23 12-May-23 Construction On Target On Target Total Other Housing 470,000 0 470,000 0 381,025 0 (88,975) (88,975) 381,025 0 0 0 Regeneration TOWN CENTRE REGENERATION 1,201,659 1,020,086 1,201,659 0 205,691 0 24,117 24,117 205,691 0 0 30-Sep-23 31-Mar-24 Construction On Target On Target REPURPOSING PROPERTY GRANT FUND 348,665 76,114 348,665 0 97,985 0 75,434 75,434 97,985 0 0 30-May-25 30-May-25 In development On Target On Target MILLPORT TOWN HALL REGENERATION 754,026 754,026 754,026 0 220,534 0 220,534 220,534 220,534 0 0 31-May-23 31-Mar-24 Construction On Target Significantly off target MILLPORT TOWN HALL PHASE 2 433,520 135,327 433,520 0 433,520 0 135,327 135,327 433,520 0 0 31-May-23 31-Mar-24 Construction On Target Significantly off target GARRISON HOUSE PROJECT 730,998 0 730,998 0 730,998 0 0 0 730,998 0 0 31-Mar-24 31-Mar-24 In development On Target On Target ISLANDS PIT STOPS 540,000 0 540,000 0 40,000 0 0 0 40,000 0 0 31-Jul-24 31-Jul-24 In development On Target On Target ISLAND INFRASTRUCTURE FUND 259,000 144,183 259,000 0 140,374 0 25,557 25,557 140,374 0 0 31-Mar-24 31-Mar-24 In development On Target On Target DYEMILL BIKE PARK PROJECT 220,625 0 125,196 125,196 220,625 0 0 31-Mar-24 31-Mar-24 In development On Target On Target ISLANDS COST CRISIS FUND 17,000 0 17,000 0 17,000 0 0 0 17,000 0 0 31-Mar-24 31-Mar-24 In development On Target On Target PLACE BASED INVESTMENT PROGRAMME (PBIP) 1,041,035 429,009 1,041,035 0 1,010,258 0 398,232 398,232 660,258 (350,000) (350,000) 31-Mar-26 31-Mar-26 In development On Target On Target UK SHARED PROSPERITY FUND (SPF) 300,744 102,330 300,744 0 300,744 0 102,330 102,330 300,744 0 0 31-Mar-25 31-Mar-25 In development On Target On Target DIGITAL - SIPP GREAT HARBOUR 242,765 0 242,765 0 114,883 0 0 0 114,883 0 0 31-Mar-25 31-Mar-25 Planning On Target On Target PBIP 36 BANK STREET 169,999 113,228 169,999 0 36,827 0 30,056 30,056 36,827 0 0 31-Dec-25 31-Dec-25 In development On Target On Target PBIP GALT HOUSE 50,000 2,925 50,000 0 50,000 0 2,925 2,925 25,000 (25,000) (25,000) 31-Mar-24 31-Mar-25 In development On Target On Target IRVINE HIGH STREET 2,837,316 2,720,001 2,837,316 0 115,961 0 (1,353) (1,353) 115,961 0 0 Complete Complete Complete Complete Complete DOCKHEAD STREET SALTCOATS 100,000 0 100,000 0 100,000 0 0 0 100,000 0 0 31-Mar-24 31-Mar-24 In development On Target On Target MILLPORT CARS 11,943 0 11,943 0 11,943 0 0 0 11,943 0 0 31-Mar-24 31-Mar-24 Construction On Target On Target MONTGOMERIE PARK MASTERPLAN 4,218,597 1,778,659 4,218,597 0 78,665 0 3,726 3,726 78,665 0 0 31-Mar-30 31-Mar-30 In development On Target On Target LOCHSHORE, KILBIRNIE 2,061,138 1,973,985 2,061,138 0 419,358 0 332,205 332,205 419,358 0 0 31-May-25 31-May-25 In development On Target On 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.
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PLACE MILESTONE Total Project Budget Cumulative Expenditure to date Total Project Forecast Projected Over/ (Under) Spend Total Revised Budget 2023/24 Year to Date Budget 2023/24 Actual Expenditure to 30 November 2023 Year to Date Variance 2023/24 Projected Expenditure to 31 March 2024 Actual Over/ (Under) Spend for 2023/24 True Over/ (Under) Spend Brought / Carry Forward to 2024/25 Original Target Revised Forecast Current Project Stage Delivery Status Financial Delivery Status Physical CAPITAL MONITORING 2023/24 Project Description TOTAL PROJECT 2023/24 BUDGETS COMPLETION DATES DELIVERY STATUS Comments LOCHSHORE GARNOCK HUB 4,195,999 4,086,620 4,195,999 0 112,229 0 2,850 2,850 112,229 0 0 Complete Complete Complete Complete Complete VDLF - KYLE ROAD PHASE 2 1,798,066 143,495 1,798,066 0 570,208 0 2,655 2,655 570,208 0 0 31-Mar-24 31-Dec-26 In development On Target On Target VDLF - ANNICKBANK PH 3* 1,986,000 1,391,431 1,986,000 0 1,909,739 0 1,315,171 1,315,171 1,909,739 0 0 31-Mar-24 31-Mar-24 Construction On Target On Target VDLF - DEVELOPMENT WORK* 417,479 145,788 417,479 0 324,012 0 52,321 52,321 205,000 (119,012) (119,012) 31-Mar-25 31-Mar-25 In development On Target On Target VDLF - STRATEGY 28,555 16,664 28,555 0 28,555 0 16,664 16,664 28,555 0 0 Complete Complete Complete Complete Complete VDLF - TREE PLANTING 50,000 2,400 50,000 0 47,600 0 0 0 0 (47,600) (47,600) 31-Dec-24 31-Dec-24 In development On Target On Target MONTGOMERIE PARK NEIGHBOURHOOD CTR 175,000 0 175,000 0 175,000 0 0 0 175,000 0 0 31-Mar-24 31-Mar-24 In development On Target On Target VDLF STALLED SPACES FUND 125,000 0 125,000 0 125,000 0 0 0 25,000 (100,000) (100,000) 31-Mar-24 31-Mar-25 In development On Target On Target QUARRY ROAD PHASE 2 5,209,497 5,204,719 5,209,497 0 4,778 0 0 0 4,778 0 0 Complete Complete Complete Complete Complete CYCLING/WALKING/SAFER STREETS * 1,343,799 1,125,920 1,343,799 0 1,343,799 0 332,824 332,824 1,343,799 0 0 31-Mar-24 31-Mar-24 Various On Target On Target ACCESS PATH NETWORK PROGRAMME * 239,616 239,616 239,616 0 239,616 0 26,260 26,260 239,616 0 0 31-Mar-24 31-Mar-25 Various On Target On Target FAIRLIE COASTAL PATH 500,000 500,000 500,000 0 500,000 0 0 0 500,000 0 0 31-Dec-23 31-Mar-24 In development On Target On Target IRVINE CYCLE FRIENDLY TOWN 50,000 466,198 50,000 0 50,000 0 0 0 50,000 0 0 31-Mar-24 31-Mar-24 Various On Target On Target BRODICK TO CORRIE CYCLE PATH 80,000 60,199 80,000 0 80,000 0 0 0 80,000 0 0 31-Mar-24 31-Mar-24 Design On Target On Target ARDROSSAN PROMENADE 788,000 31,505 788,000 0 788,000 0 31,505 31,505 788,000 0 0 31-Mar-24 31-Mar-24 Construction On Target On Target BUS CORRIDOR IMPROVEMENTS 289,041 201,514 289,041 0 100,000 0 12,472 12,472 100,000 0 0 31-Mar-24 31-Mar-24 Various On Target On Target CUMBRAE FERRY & BUS STOP 239,547 208,041 239,547 0 100,000 0 68,494 68,494 100,000 0 0 31-Mar-24 31-Mar-24 Design On Target On Target KILBIRNIE TO KILWINNING 20,000 0 20,000 0 20,000 0 0 0 20,000 0 0 31-Mar-24 31-Mar-24 Planning On Target On Target B714 ACTIVE TRAVEL IMPROVEMENTS 500,000 109,738 500,000 0 400,000 0 9,738 9,738 400,000 0 0 31-Mar-24 31-Mar-24 Design On Target On Target B777 CORRIDOR IMPROVEMENTS 38,400 21,510 38,400 0 33,600 0 16,710 16,710 33,600 0 0 31-Mar-24 31-Mar-24 Planning On Target On Target CYCLE SHELTER 11,409 750 11,409 0 11,409 0 750 750 11,409 0 0 31-Mar-24 31-Mar-24 Planning On Target On Target NCN73 ACCESSABILITY IMPROVEMENTS 34,516 0 34,516 0 34,516 0 0 0 34,516 0 0 31-Mar-24 31-Mar-24 Planning On Target On Target NCN753 LARGS PROMENADE 88,230 0 88,230 0 88,230 0 0 0 88,230 0 0 31-Mar-24 31-Mar-24 Planning On Target On Target LINKS TO EGLINTON PARK 325,670 0 325,670 0 325,670 0 0 0 325,670 0 0 31-Mar-24 31-Mar-24 Planning On Target On Target COMMUNITY BUS FUND 146,000 0 146,000 0 146,000 0 0 0 146,000 0 0 31-Mar-24 31-Mar-24 Planning On Target On Target SALTCOATS OLD CAL RAILWAY PH1 268,588 175,836 268,588 0 213,513 0 120,761 120,761 213,513 0 0 Complete Complete Complete Complete Complete SALTCOATS OLD CAL RAILWAY PH2 75,178 7,785 75,178 0 75,178 0 7,785 7,785 75,178 0 0 31-Mar-24 31-Mar-24 Planning On Target On Target Total Regeneration 34,341,995 23,389,602 34,341,995 0 12,192,018 0 3,491,245 3,491,245 11,550,406 (641,612) 0 (641,612) Ayrshire Growth Deal AGD - I3 DPMC PHASE 1 1,000,000 0 1,000,000 0 295,000 0 (5,449) (5,449) 294,551 (449) (449) 31-Mar-26 31-Mar-26 Design On Target On Target AGD - I3 DPMC PHASE 2 4,999,999 263,896 4,999,999 0 45,000 0 24,480 24,480 45,449 449 449 31-Mar-26 31-Mar-26 Design On Target On Target AGD - I3 FLEXIBLE BUSINESS SPACE PHASE 1 15,617,569 619,539 15,617,569 0 1,666,726 0 74,116 74,116 2,146,226 479,500 479,500 31-Oct-24 31-Oct-24 Multiple Projects On Target On Target AGD - I3 FLEXIBLE BUSINESS SPACE PHASE 2 100,000 0 100,000 0 100,000 0 0 0 100,000 0 0 31-Mar-28 31-Mar-28 Multiple Projects On Target On Target AGD - HUNTERSTON - CENTRE OF LOW CARBON ENERGY & CIRCULAR ECONOMY 18,040,001 238,221 18,040,001 0 200,000 0 5,993 5,993 20,000 (180,000) (180,000) 31-Mar-30 31-Mar-30 Multiple Projects On Target On Target AGD - GREAT HARBOUR 14,187,576 726,799 14,187,576 0 423,021 0 128,710 128,710 423,021 0 0 31-Mar-28 31-Mar-28 Multiple Projects On Target On Target AGD - IMSE 10,500,000 141,063 10,500,000 0 100,000 0 7,549 7,549 50,000 (50,000) (50,000) 31-Mar-30 31-Mar-30 Design On Target On Target AGD - MARINE TOURISM ARDROSSAN 7,483,693 337,718 7,483,693 0 1,693 0 3,022 3,022 1,693 0 0 31-Mar-26 31-Mar-26 Design On Target On Target AGD - MARINE TOURISM ARRAN 2,033,077 72,080 2,033,077 0 37,500 0 11,596 11,596 37,500 0 0 31-Mar-29 31-Mar-29 Design On Target On Target AGD - MARINE TOURISM CUMBRAE 2,034,384 85,162 2,034,384 0 80,807 0 16,983 16,983 80,807 0 0 31-Mar-29 31-Mar-29 Design On Target On Target Total Ayrshire Growth Deal 75,996,300 2,484,478 75,996,300 0 2,949,747 0 267,001 267,001 3,199,247 249,500 0 249,500 Growth & Investment ARDROSSAN HARBOUR INTERCHANGE 4,127,112 506,578 4,127,112 0 128,000 0 51,127 51,127 119,000 (9,000) (9,000) 1st Qtr 2026 1st Qtr 2026 Design On Target On Target LOW CARBON HUB 613,828 690,673 613,828 0 501,823 0 578,668 578,668 501,823 0 0 30-Sep-24 30-Sep-24 Multiple Projects On Target On Target ARDROSSAN NORTH SHORE 42,329,034 3,625,597 42,329,034 0 26,110,226 0 791,831 791,831 12,265,869 (13,844,357) (13,844,357) 27-May-24 31-Dec-24 Tender On Target On Target VDLF - HARBOUR MASTERS OFFICE 157,500 20,933 157,500 0 136,567 0 0 0 136,567 0 0 31-Mar-24 31-Mar-24 Design On Target On Target VDLF - I3 IRVINE ENTERPRISE 279,411 257,020 279,411 0 22,391 0 0 0 22,391 0 0 31-Mar-24 31-Mar-24 Design On Target On Target Other Growth & Investment 58,252,957 5,100,802 58,252,957 0 26,899,007 0 1,421,626 1,421,626 13,045,650 (13,853,357) 0 (13,853,357) Total Economic Development & Regeneration 168,591,251 30,974,881 168,591,251 0 42,040,772 0 5,179,872 5,179,872 27,795,303 (14,245,469) 0 (14,245,469) Completed Projects BIOMASS RETROFIT PROGRAMME 3,378,163 3,377,163 3,378,163 0 0 0 (1,000) (1,000) 0 0 0 Complete Complete Complete Complete Complete QUARRY ROAD PHASE 1 2,977,098 2,899,427 2,977,098 0 40,595 0 (37,076) (37,076) 40,595 0 0 Complete Complete Defects Period Complete Complete ARDROSSAN HOSTEL 0 0 2,086 2,086 0 0 0 Complete Complete Complete Complete Complete Total Completed Projects 6,355,261 6,276,590 6,355,261 0 40,595 0 (35,991) (35,991) 40,595 0 0 0 Total Place 333,420,430 102,933,534 333,420,430 0 99,521,891 0 29,740,769 29,740,769 84,477,919 (15,043,972) 0 (15,043,972)
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OTHER BUDGETS AE Total Project Budget Cumulative Expenditure to date Total Project Forecast Projected Over/ (Under) Spend Total Revised Budget 2023/24 Year to Date Budget 2023/24 Actual Expenditure to 30 November 2023 Year to Date Variance 2023/24 Projected Expenditure to 31 March 2024 Over/ (Under) Spend for 23/24 £ £ £ £ £ £ £ £ £ £ FLEXIBILITY / IMPROVEMENT FUND 8,633,036 0 8,633,036 0 1,533,036 0 0 0 1,533,036 0 CORE INFRASTRUCTURE INVESTMENT 351,000 0 351,000 0 351,000 0 0 0 351,000 0 Total Other Budgets 8,633,036 0 8,633,036 0 1,884,036 0 0 0 1,884,036 0 2023/24 BUDGETS CommentsProject Description TOTAL PROJECT
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Appendix 3 Treasury Management Performance to 30 November 2023 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 Capital Financing Requirement reflects the change in profile of the capital programme. 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 5.5%, thereby demonstrating a prudent borrowing policy. For the HRA, the Scottish average was 22.7%. The level of loan charges is deemed prudent and affordable within the framework of the 30 year Housing business plan. 2023/24 2023/24 2023/24 Original Estimate P8 Projection Movement £m £m £m General Services Capital expenditure 115.931 97.079 (18.852) Funded by: Borrowing 68.292 40.882 (27.410) Receipts / Grants 47.639 55.817 8.178 Funded from Revenue - 0.380 0.380 Funded from Reserves - - - Total 115.931 97.079 (18.852) HRA Capital expenditure 172.316 39.730 (132.586) Funded by: Borrowing 115.676 21.284 (94.392) Receipts / Grants 44.979 6.785 (38.194) Funded from Revenue 5.151 5.151 - Funded from Reserves 6.510 6.510 - Total 172.316 39.730 (132.586) Estimates of Capital Expenditure and Income 2023/24 2023/24 2023/24 Original Estimate P8 Projection Movement £m £m £m General Services 355.611 346.962 (8.649) HRA 284.275 179.490 (104.785) Sub-total 639.886 526.452 (113.434) Less PPP/NPD long-term liability (87.732) (87.732) - Loans Capital Financing Requirement (CFR) 552.154 438.720 (113.434) Capital Financing Requirement (CFR) 2023/24 2023/24 Original Estimate P8 Projection % % General Services 3.4% 2.5% HRA 27.8% 20.5% Proportion of financing costs to net revenue stream
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The Council is currently projecting an under-borrowed position of £127.000m 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. 2023/24 2023/24 2023/24 Original Estimate P8 Projection Movement £m £m £m Gross Debt at 31 March 490.154 311.720 (178.434) CFR 552.154 438.720 (113.434) (Under)/Over Borrowed Position (62.000) (127.000) (65.000) Current Portfolio Position (excluding PPP/NPD)
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The maturity structure of the debt portfolio at 30 November 2023 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 planned long term borrowing undertaken of £30m. This is partially offset by maturing loans during the period to 30 November including £8m temporary loans. 2023/24 2023/24 2023/24 Original Estimate £m P8 Projection £m Movement £m Loans CFR 552.154 438.720 (113.434) Less Balance sheet resources (78.200) (155.300) (77.100) Net loans requirement 473.954 283.420 (190.534) Liquidity allowance 10.000 10.000 - Liability Benchmark 483.954 293.420 (190.534) Liability Benchmark 31-Mar-23 30-Nov-23 Maturity Profile of Borrowing (Indicator 10) Actual Actual Movement £m £m £m Under 12 months 43.481 33.918 (9.563) 12 months and within 24 months 2.950 2.950 - 24 months and within 5 years 6.207 9.907 3.700 5 years and within 10 years 21.639 39.439 17.800 10 years and within 20 years 33.177 40.927 7.750 20 years and within 30 years 6.225 20.525 14.300 30 years and within 40 years 106.887 92.587 (14.300) 40 years and within 50 years 15.000 15.000 - 50 years and above 10.000 10.000 - Total Borrowing 245.566 265.253 19.687