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Government Accounts 2007-08 20 May 2008

  1. The Treasury has released this week the draft Government’s Accounts for the year to 31 March 2008
  2. 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 2008 sitting of Tynwald.
  3. The Accounts reveal:
    • Treasury income of £598m.
    • Net revenue expenditure of £543m.
    • Capital expenditure of £68m.
    • Revenue surplus of £55m.
    • Transfers to various reserves of £68m.
  4. The Accounts continue to show strength in the Government’s finances. Treasury Income has exceeded estimates for the year, predominantly due to Customs receipts. As in 2006-07, Departments’ net expenditure has exceeded the amount shown in the 2007-08 Budget, mainly as a result of public sector employees’ pay awards. A significant amount (£68m) has again been transferred by Treasury to various Government reserves and funds in order to meet expected requirements in future years, such as in respect of pensions obligations and to provide funding for the new funds announced in the 2008-09 budget (such as the Town & Village Centre Regeneration Fund).
  5. More detailed comment and statistics for editors are attached. For any further information, please contact:
    • Mr P M Shimmin, Chief Financial Officer, tel. 685 586.
    • Mr C McGreal, Financial Controller, tel. 686 666.
    • Mr S Clague, Chief Accountant, tel. 686 292, e-mail simon.clague@gov.im

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