PUBLIC AUDIT COMMITTEE WELCOMES DECISION BY REGISTERS OF SCOTLAND TO STRENGTHEN FINANCIAL MANAGEMENT
12 February 2010
The decision by Registers of Scotland to revise its financial projections in light of the recent downturn in the property market was today welcomed by the Scottish Parliament’s Public Audit Committee.
 The committee, which today published its report on the 2008-09 Audit of the Registers of Scotland, also welcomed the decision by the organisation to review the way it manages its financial reserves on a quarterly basis instead of once a year.
Registers of Scotland’s function is to compile and maintain registers relating to ownership and rights over property and land. It operates as a trading fund – the only one in Scotland – and generates its own funding though the charges it makes for its services. Its decision to review its financial reserves quarterly, and revise its financial projections, came after it incurred an operating deficit of £10.6 million in 2008-09 as a result of a decline in land registrations caused by a slowdown of Scotland’s property market.
Committee Convener Hugh Henry MSP said: "The committee welcomes the decision by Registers of Scotland to strengthen the management of its financial reserves, particularly in light of the slump in the property market and the global economic downturn.
"While there were no real concerns about the financial viability of Registers of Scotland, given that the £10.6 million operating deficit in 2008-09 was met from its substantial reserves built up when the property market was expanding, it makes sense that it should review its reserves quarterly instead of only once a year in light of market conditions.”
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