Magazine article Public Finance

KPMG to Look at Scottish Agency's Books

Magazine article Public Finance

KPMG to Look at Scottish Agency's Books

Article excerpt

A top firm of accountants is being called in to examine the finances of Scottish Enterprise after the disclosure that the economic development agency has overspent by £30m.

The appointment of the KPMG group to examine the budget process of the organisation, which spends about £500m a year, was announced by Enterprise Minister Nicol Stephen.

He also gave Scottish Enterprise permission to take cash from its budget for the next financial year to help plug the £30m black hole in its budget for 2005/06. It will be allowed to make interim payments to its business units and network of 12 local enterprise companies to allow them to operate.

Stephen said there would be 'tough choices' before ministers finalised the agency's budget for 2006/07 at the end of April.

He told MSPs that the financial difficulties arose partly as a result of a 'deliberate strategy' to encourage new project proposals and from the identification of a growing number of projects of national significance. …

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