A balance sheet for Wales public sector
Against a background of debate on funding for public services in Wales this CIPFA Briefing starts by looking at the current financial situation. It then suggests ways of strengthening the management of public finances to support future financial planning.
The continuing effort of the UK government to reduce the UK deficit will have a direct impact on that part of the budget that remains funded through the Barnett formula arrangements. The starting point to consider strengthening the management of public finances in Wales and to support future financial planning is to understand what the financial position is now.
At present the Welsh Government produces a consolidated set of financial statements for its central government functions but is not required to publicly report the overall financial position of the Welsh public sector.
This CIPFA Briefing asks about the financial position of the devolved public sector in Wales and what challenges do Wales’s public services face going forward?