Finance, Economy and Fair Work
Portfolio Outturn Statement for the Year Ended 31 March 2019
|18||Scottish Public Pensions Agency||17||1||16||17||(1)|
|-||Accountant in Bankruptcy||12||11||1||2||(1)|
|35||Employability and Training||3||45||-||45||54||(9)|
|-||European Social Fund 2014-20 Programmes||24||24||-||-||-|
|-||European Regional Development Fund 2014-20 Programmes||19||19||-||-||-|
|(5)||European Structural Funds - Closed Schemes||(1)||1||(2)||-||(2)|
|312||Total Expenditure Limit||451||69||382||408||(26)|
|UK Funded Annually Managed Expenditure|
|-||European Social Fund/European Development Fund||(2)||-||(2)||-||(2)|
|19||Capital - Additions/Advances||5||43||-||43||77||(34)|
In addition to direct expenditure, the share of administration costs allocated to the Finance, Economy and Fair Work portfolio is £15m. This gives a total net expenditure of £516m.
Explanation of Major Variances greater than £3m:
Note 1 £3m of lower than anticipated Scotland Act Implementation payments to HMRC. £2m of miscellaneous minor underspends across a range of programmes.
Note 2 £4m of reprofiled National Manufacturing Institute for Scotland expenditure, £3m of guarantee fee income associated with the GFG Alliance Lochaber Guarantee and £3m of miscellaneous minor underspends across a range of programmes partially offset by £3m of additional expenditure in relation to setting up of Scottish National Investment Bank.
Note 3 £5m of lower than anticipated Employment Support Services expenditure across a range of areas, including the reprofiling of Disability Employment Action Plan, Work First Scotland and Scottish Employability Tracking System (SETS). £2m of lower than anticipated expenditure on staff costs. £2m of miscellaneous minor underspends across a range of programmes.
Note 4 £33m in-year provision. Further £5m due to higher than anticipated loan impairment in respect of IFRS 9 estimated expected credit loss assessment of financial assets at amortised cost.
Note 5 Reprofiling of some Building Scotland Fund's projects (£26m), reprofiling of some projects in relation to Enterprise Zones establishment of National Manufacturing Institute for Scotland (£10m), underspend in relation to a new element of Scottish Growth Scheme which was to be funded using Financial Transaction and European Funding (£7m), lower than anticipated demand in Digital Development Loans (£1m) and miscellaneous minor underspends across a range of programmes (£3m) partially offset by £13m of SG-administered loans to private companies funded from Financial Transactions.
Remaining £7m consists of other minor variances across a number of programmes within the portfolio.
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