THE Manx Treasury has released the draft Government’s accounts for the year to 31 March 2010.
The accounts released at this stage are the detailed management version compiled to the nearest whole pound and which remain subject to audit by the public auditors.
After the completion of the public audit later in this year a less detailed financial report style version of the accounts will be released and formally laid before Tynwald. The audited accounts are expected to be laid before the October 2010 sitting of Tynwald.
The Accounts reveal:
Treasury income of ?570 million.
Net revenue expenditure of ?572 million.
Capital expenditure of ?100 million.
Revenue deficit of ?2 million.
No transfers to Government reserves.
The Accounts show Government has started to respond to the economic challenges it is facing with Departments ensuring their costs remain within Tynwald approvals.
The revenue deficit of ?2.8 million is ?5.5 million less than the authorised out-turn of ?8.3 million (surplus of ?0.2 million approved in the Budget in February 2009 less the ?8.5 million additional expenditure approved by Tynwald during the year for the Department of Health & Social Security).
Treasury Income is slightly below the estimate for the year due to reduced interest income. Income Tax receipts off-set a reduction in Customs receipts. Departments have all remained within their approved revenue votes for the year and have absorbed the costs of public sector employees’ pay awards.
As set out in the budget in February 2010, no transfers to Government reserves and funds have been made.
