Scottish Government's Medium Term Financial Strategy: May 2019

December

Scottish Budget document

Alongside the Scottish Government’s tax and spending proposals for the financial year ahead, this document sets out the Scottish Government’s capital borrowing plans. Resource borrowing plans would also be covered in this document, although there has been no resource borrowing to date.

In relation to revenue-finance investment, the document details the monitoring of the long term investment commitments funded from revenue, and sets out these commitments as a percentage of the resource budget (excluding social security), and when they will peak.

The document will also update on progress against the National Infrastructure Mission.

Where drawdown from the Reserve will support spending plans for the financial year ahead, detail will also be provided in this document.

May

Medium-Term Financial Strategy

This document sets out a range of possible funding scenarios for the Scottish Budget, the Scottish Government’s approach to fiscal principles and policies, and the broad financial plans over the coming five-year period.

For borrowing, the document sets out the borrowing undertaken to date, the repayment details, and sets out planned or modelled borrowing for future years, where known. It sets out the broad approach to borrowing, including relevant context and developments: for example, how it will be used to deliver the National Infrastructure Mission.

For revenue-finance investment, this document sets out the revenue commitments as a percentage of the resource budget (excluding social security) and provides a breakdown of committed and planned projects by category.

For the Scotland Reserve, it sets out the closing balance for the previous financial year and the planned use for the current financial year. It also sets out the broad approach to use of the Reserve.

September

Fiscal Framework Outturn Report

This report focuses on the operation of the Fiscal Framework, reporting on the reconciliation process, the Scotland Reserve and borrowing powers and is based on audited information, as far as possible.

It sets out the borrowing undertaken during the past financial year, and an assessment of the borrowing against the borrowing limits, as well as the implications of borrowing in terms of the estimated profile of future repayments.

For the Scotland Reserve, it outlines the payments into and withdrawals from the Reserve and gives the Reserve balance at the start and end of the previous financial year. 

It also details the arrangements for borrowing in the current year, where known, and the forecast closing balance on the Reserve for the current year.

For revenue-finance investment, the report notes the 5 per cent limit and the commitments that are included within this.

October

Autumn Budget Revision

Provides an in-year running balance on the Reserve.

February

Spring Budget Revision

Provides an in-year running balance on the Reserve.

June

Provisional Outturn Statement

For capital borrowing, the statement details the actual amount borrowed in the preceding financial year and shows the aggregate position against the overall borrowing cap. It would detail the same for resource borrowing, should there be any.

It shows the updated reserve position after allowing for the provisional underspend position. It shows any planned drawdown in the current year and details the residual balance.