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Scottish Futures Trust
Finance Secretary John Swinney today welcomed publication of the Scottish Futures Trust (SFT) 2011/12 Business Plan.
The document sets out key work to be undertaken by SFT over the next year as it pursues a £9 billion portfolio of projects including:
Developing a £2.5 billion programme of revenue financed investment in transport, health and education projects to be funded through the Non Profit Distributing (NPD) model
Supporting public bodies to bring further projects into procurement, including colleges and health facilities such as the Sick Children's Hospital
Continuing to manage the £1.25 billion Schools for the Future programme, £400-£500 million of which will be funded through NPD - the first project of which, Pumpherston and Uphall Primary School, will be ready for use in 2011/12
Developing further Tax Incremental Financing (TIF) pilot projects with local authorities to unlock investment in major regeneration schemes, following the approval of a scheme for Edinburgh's waterfront
Launching procurement of further projects under the hub initiative - which brings public bodies together to deliver better public buildings. Work started on the first project, the Drumbrae community hub in Edinburgh, in January
Delivering homes for intermediate rent under the first phase of the National Housing Trust (NHT) initiative
Mr Swinney said:
"The Scottish Futures Trust is improving the efficiency and effectiveness of infrastructure investment in Scotland and in 2011/12 will continue its management of capital projects, now valued at £9 billion.
"Investment in schools, transport, health, regeneration and housing projects is key to our growth strategy, sustaining economic recovery and stimulating Scotland's construction industry. More projects will be entering procurement in the coming year, while others - including schools - will reach completion, providing modern facilities from which the people of Scotland will greatly benefit.
"Sound management of public finances and capital infrastructure has never been more important in light of the deep cuts of more than 35 per cent over the spending period in Scotland's capital budgets imposed by a Westminster Government that is cutting spend too deeply and too quickly.
"That is why SFT is so vital. We already know in its first full year of operation SFT delivered some 111 million pounds of net benefits and savings - well within our expectation of benefits in the region of £100-£150 million. We expect SFT will have delivered similar achievements for this current year and will do so again in future years.
"The business plan published today clearly demonstrates that SFT is a real asset for Scotland, its economy and the development of our infrastructure."
The Scottish Futures Trust is an independent company, owned by Scottish Ministers, established by the Scottish Government in 2008, with responsibility to deliver value for money across all infrastructure investment. SFT operates at arms' length from the Scottish Government but works closely with the public sector to seek and deliver improved value for taxpayers.