Advertisement

Government income and expenditure

by isleofman.com 23rd February 2017

Government’s revenue budget is forecasting a surplus of ?2.86m for 2017-18.

Total income for the year is estimated at ?964m, an increase of 4.8% over the equivalent figure for 2016-17.

Government's gross spending is estimated at ?1,030m in 2017/18, an increase of ?17m (1.65%) on the equivalent figure for 2016-17 and an average spend across all services of around ?2.8m a day. 

The operating balance, needed for contingency and cashflow purposes, is forecast to be ?68m or 7 % of gross spending by the end of 2017-18.

A Central Contingency Budget of ?3m is retained to allow some flexibility for the financing of unbudgeted inflationary costs and any other unforeseeable items, as is the  separate Contingency Fund with a further balance of over ?3m to meet unexpected, unavoidable or unplanned expenses.

A new Five Year Financial Plan is in place to deliver truly sustainable public finances by 2021-22.

A Capital Programme of ?88m is forecast for the year, which will be funded without recourse to external borrowing.

 

Posted by isleofman.com
Thursday 23rd, February 2017 10:14pm.

Popular Articles

Upcoming Events

Nobles Parkrun

A free, fun, and friendly weekly 5k community event in Nobles Park.  Walk, jog, run, volunteer or spectate...
17 May

Bridge Club

Monday is Bridge Day at the Onchan Pensioner's Social Club   We have two bridge clubs that meet on a weekly...
19 May
View More
Advertisement

You also might be interested in

Stephen Savage joins Quinn Legal’s Corporate and Commercial legal team.

Business

When the clocks sprung forward we lost another precious hour of sleep

Health & Wellness

The GFoGE guide to obstacle races & why should you do one.

Sports & Leisure

Why not take a "Wallaby" walk in the Curragh?

Nature & Wildlife

Hop-tu-Naa is an ancient festival celebrated on the Isle of Man

Visitor Guide

The Isle of Man hosts many traditional ceremonies throughout the year

Visitor Guide