News

Provisional budget outturn

Published: 20 Jun 2019 15:19
Part of:
Scottish Budget

Report highlights stability of Scotland’s public finances.

New figures show the Scottish Government has prudently managed the Scottish Budget and is doing all it can to mitigate the impact of the UK’s EU Exit, Finance Secretary Derek Mackay said.

The figures, contained in the Provisional Budget Outturn, demonstrate a 0.9% cash underspend which will be used to support public services and increase reserves in order to respond to future pressures.

The Auditor General’s Report on the 2017-18 Consolidated Accounts states that the Scottish Government has a “good record of financial management and reporting”.

Commenting on the figures in Parliament, Mr Mackay said:

“Despite the continued backdrop of UK austerity and EU Exit uncertainty, the 2018-19 provisional outturn demonstrates that once again the Scottish Government has prudently and competently managed Scotland’s finances, ensuring public services are delivered in a fiscally responsible manner.

“Under the current devolution settlement, the Scottish Parliament is not permitted to overspend its budget. These budget underspends, which represent a fraction of our overall budget, will be carried forward in full through the Scottish Reserve, with most of it supporting the 2019-20 Scottish Budget. They will also enable us to increase our reserves to ensure we can respond to future challenges.

“This sound financial management allows us to continue our transformational investment plans in education, the economy and the environment. We are delivering for Scotland and will continue to take a responsible and dynamic approach to the nation’s finances.

“We will continue to maintain a firm grip on Scotland’s public finances and do all we can to mitigate the negative impact that Brexit will have on Scotland’s economic outlook.”

Background

The Auditor General’s quote that the Scottish Government has a good record of financial management and reporting can be found here in paragraph 49, page 17.