Budget - provisional outturn 2023 to 2024: briefing note - 20 June 2024
The 2023 to 2024 provisional HM Treasury fiscal outturn is £49.3 billion against a fiscal budget of £49.6 billion. The remaining funding of £292 million (0.6% of the total budget) has been carried forward within the Scotland Reserve if confirmed at Final Outturn with no loss of spending power.
Scotland Reserve
22. The Scotland Reserve provides the Scottish Government with a limited facility to manage the smoothing of all types of spending, assist the management of tax volatility and determine the timing of expenditure.
23. The Reserve is split between Fiscal Resource and Fiscal Capital and is, following the Fiscal Framework Review, capped in aggregate at £700 million in 2023-24 prices (using the OBR’s GDP deflator forecast at the time of the Scottish Government draft Budget), and therefore uprated annually.
24. All discretionary funding in the Reserve following the conclusion of final outturn processes will be used to support the financial position in 2024-25, with circa £100 million held for annual year-end audit adjustments, which reflects necessary financial management practices.
25. The Scotland Reserve position as at 31 March 2024 is shown below.
| Resource | Capital | FT | Fiscal | |
|---|---|---|---|---|
| £million | £million | £million | £million | |
| 2019-20 Opening balance | (381.1) | (65.3) | (158.6) | (605.0) |
| 2019-20 Drawdowns | 248.8 | 60.0 | 120.0 | 428.8 |
| 2019-20 Additions | (85.1) | (74.3) | (96.9) | (256.3) |
| 2019-20 Closing balance | (217.4) | (79.6) | (135.5) | (432.5) |
| 2020-21 Opening balance | (217.4) | (79.6) | (135.5) | (432.5) |
| 2020-21 Drawdowns | 170.6 | 79.6 | 0.0 | 250.2 |
| 2020-21 Additions | (357.9) | (6.8) | (61.4) | (426.1) |
| 2020-21 Closing balance | (404.7) | (6.8) | (196.9) | (608.4) |
| 2021-22 Opening balance | (404.7) | (6.8) | (196.9) | (608.4) |
| 2021-22 Drawdowns | 404.7 | 6.8 | 196.9 | 608.4 |
| 2021-22 Additions | (605.0) | (81.0) | (14.0) | (700.0) |
| 2021-22 Closing balance | (605.0) | (81.0) | (14.0) | (700.0) |
| 2022-23 Opening balance | (605.0) | (81.0) | (14.0) | (700.0) |
| 2022-23 Drawdowns | 605.0 | 81.0 | 14.0 | 700.0 |
| 2022-23 Additions | (180.6) | (24.7) | (39.0) | (244.3) |
| 2022-23 Closing balance | (180.6) | (24.7) | (39.0) | (244.3) |
| 2023-24 Opening balance | (180.6) | (24.7) | (39.0) | (244.3) |
| 2023-24 Drawdowns | 180.6 | 24.7 | 39.0 | 244.3 |
| 2023-24 Provisional Additions | (162) | (130) | 0.0 | (292) |
| 2023-24 Current Closing balance | (162) | (130) | 0.0 | (292) |
Contact
Email: fiscalmanagement@gov.scot
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