Fiscal framework outturn report: 2018
The first Fiscal Framework Outturn Report forms part of a revised budget process – as recommended by the final report of the Budget Process Review Group - and follows on from May’s publication of Scotland’s Fiscal Outlook: The Scottish Government’s Five Year Financial Strategy.
Foreword by the Cabinet Secretary for Finance, Economy and Fair Work
Following on from the publication in May of the Scottish Government’s Five Year Financial Strategy, this report represents another important step in addressing the recommendations of the Budget Process Review Group, and in developing a year-round approach to budget scrutiny.
As the Group’s report noted, the Fiscal Framework is a complex process, and one which needs to be accompanied by full transparency and accessibility in the reporting of its various components.
As Cabinet Secretary for Finance I fully understand my responsibility to facilitate scrutiny by Parliament and others. In line with the report’s recommendations, this report therefore provides information on the reconciliation process for Income Tax, Land and Buildings Transaction Tax and Scottish Landfill Tax as well as operation of the Scotland Reserve and our borrowing powers.
The report will be published annually and its contents will be expanded over time as implementation of powers devolved under the Scotland Act 2016 continues, both in relation to tax and social security.
Derek Mackay MSP
Cabinet Secretary for Finance, Economy and Fair Work
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