The Isle of Man Government has announced its finances for 2010-11, in the wake of the this morning's Budget announcement.
Total tax receipts for the financial year 2010-11 are estimated at ?520 million, a reduction of ?9.1% over the current year's estimate.
Treasury Minister Allan Bell MHK has announced that next year's Government net spending - the amount that has to be funded by direct and indirect taxation - is to reduce by ?37.1 million (or 6.5%) to ?535 million.
In order to provide a balanced budget, the sum of ?15 million will be transferred from the Reserve Fund.
Government's gross spending, that is, spending before taking into account income collected by Government departments themselves, is estimated at ?861.3 million, which averages around ?2.4 million per day.
The operating balance, which Government needs to keep available for contingencies, is ?17.3 million or 3.2% of net spending.
Capital Estimates of ?96.1 million are included for this year, which will be funded without recourse to external borrowing, of which ?17.1 million relates to borrowings from Government by the Manx Electricity Authority, including the Government-sponsored proposed Natural Gas Network extension scheme, subject to subsequent Tynwald approval.
Provision had been included in the Budget for an overall reduction of 103 staff in 2010-11. The total personnel employed by Government departments, including seasonal staff and Statutory Boards, is the equivalent of 8,244.9 full-time posts. This figure includes 346.2 contract posts.
The Department of Health and Social Security will employ 2,636.5 or 32%, with 1,639.2 or 20% employed by the Department of Education.
