Funding fears surrounding the Victoria and Albert Museum’s (V&A) outpost have been dismissed as “unfounded” by Design Dundee, the partnership charged with delivering the project by 2015.

The partnership had been hoping to secure £15m from the Scottish government, but was allocated just £5m in last month’s draft budget bill.

A spokesman said the partnership had not expected to receive the full amount, as the Scottish budget has been presented on a one-year basis. He added that the £5m was not regarded as a shortfall and was “delighted” to have received what was requested.

“The wider fundraising project, based on a three-way split between the Scottish government, other quasi-public and private donations, is being developed at present, and we will be working hard to ensure that it delivers the target amounts for the projects,” said the spokesman.

The Scottish government has said it remains committed to the project, but added that finalising the details of that commitment would be for the administration elected in May’s parliamentary election.

Scottish Labour leader Iain Gray has pledged his support for the project if elected.

Former arts and heritage manager at Dundee City Council, John Stewart-Young, was upbeat about the V&A Dundee’s funding future. “There are several sources of funding to be explored in the short term, but the main thing is to get started,” he said.

“Experience has shown that once a great project gets momentum, the key funding partners want to be associated with it.”

A Dundee City Council spokesman said: “The council is delighted with the funding announcement and is fully committed to the project as a key partner in its delivery.”

Scottish Enterprise, although not directly funding the project, is supporting it by providing staff expertise.