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Capital Spending 2007-08 - Departments within Overall Budget 20 May 2008

The Treasury Minister Allan Bell MHK has announced that capital spending by Government Departments during the last financial year has been well within the overall budgets agreed by Tynwald. At the May sitting of Tynwald, Mr Bell tabled a resolution seeking approval to adjustments in the timing of funds being made available to Departments for Capital schemes. A similar resolution is submitted to the May sitting of Tynwald each year by Treasury on behalf of the Departments included in the resolution.

In addition to the adjustments to the timing of funds, the 2007-08 resolution also requires approval for an additional amount of £400,689 in respect of 9 schemes to be authorised by Tynwald. These amounts have generally arisen where schemes have proceeded more quickly than anticipated and expenditure has been incurred prior to approval being sought and obtained from Tynwald.

Mr Bell commented:

“The successful delivery of capital schemes can be very challenging. It can be difficult to forecast with accuracy the timing of payments to contractors where schemes span several years. It is therefore appropriate to provide flexibility and not hold back schemes which can progress simply because the timing of payments is different to initial forecasts. Whilst there will inevitably be the occasional project which attracts attention for getting into difficulties, the schemes which are the subject of this particular motion do not fit into that category. The reality is that all but a tiny fraction of capital spending by Departments is delivered well within the funds authorised by Tynwald.”

Capital spending for 2007-08 was £68m compared with budgetary provision of £103m and included the completion of the new prison in Jurby. The Government’s 2008-09 budget approved in February 2008 includes provision for capital payments totalling £170m in 2008-09.

For more information, please contact:

  • Mr A Blain, Capital Projects Coordinator, tel. 685 981
  • Mr S Clague, Chief Accountant, tel. 686 292, e-mail simon.clague@gov.im

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