The Scottish Futures Trust has announced that it has delivered £111 million of net benefits and savings to infrastructure investment in Scotland during its first full year of operation.
During the 2009/10 financial year the SFT – created by the Government to drive value from public sector investment - generated £86m of efficiency gains and £27m of additional investment and saved £1m of avoided costs.
This significantly exceeds the commitment in SFT’s 2009-14 Corporate Plan to deliver an initial £7 of benefits for every £1 spent on the organisation and is within the range of £100-150m per annum of benefits originally anticipated.
The benefits statement has been independently externally validated by Grant Thornton and the London School of Economics.
The £111m of net benefits is the amount attributable to SFT alone and represents just over 50 per cent of the £218m in total benefit to infrastructure investment in Scotland achieved from SFT’s work with partner organisations during 2009-2010.
SFT chief executive Barry White said: “I am delighted to have worked with organisations across the Scottish public sector to deliver £111m of net benefits and savings to the taxpayer during our first full year of operation. This is a testament to the skills of my team and our collaborative partners.
“It demonstrates the potential that robust challenge and commercial expertise can bring to future infrastructure investment across Scotland, saving taxpayers’ money in the increasingly challenging times to come. SFT remains completely committed to delivering substantial savings and benefits for all taxpayers wherever money is being spent on bricks and mortar.”
SFT Sir Angus Grossart chairman said: “This statement, independently verified, is the clear evidence of what we are already achieving. It underlines the merits and potential of SFT. These were also clearly endorsed by the Independent Budget Review, who called for SFT to have an enhanced role, and made specific positive recommendations to achieve it.
“As importantly, we are working in strong partnership with all the local authorities and many other bodies in Scotland. We are now addressing a total infrastructure programme which exceeds £7bn, where we are deploying the skills of a highly professional team.
“We are confident that we will deliver further clear evidence of our activity and benefits and demonstrate a major and positive contribution, at a time of great financial challenge for Scotland.”