|
Government Accounts 2008-09 19 May 2009 The Treasury has released this week the draft Government’s Accounts for the year to 31 March 2009. 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 2009 sitting of Tynwald. The Accounts reveal: - Treasury income of £599 million.
- Net revenue expenditure of £572 million.
- Capital expenditure of £114 million.
- Revenue surplus of £26 million prior to transfers to reserves.
- Transfers to various reserves of £30 million.
The Accounts continue to show strength in the Government’s finances as, although the surplus for the year has reduced, it has remained positive despite challenging global economic conditions. Treasury Income is in line with estimates for the year, due to increased Income Tax receipts off-setting reduced Customs receipts. As in 2008-09, Departments’ net expenditure has exceeded the amount shown in the 2008-09 Budget, mainly as a result of public sector employees’ pay awards. A significant amount (£30 million) 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 future capital schemes. More detailed comments and statistics are attached. For any further information, please contact: Mr P M Shimmin, Chief Financial Officer, tel. 685 586. Mr C McGreal, Financial Controller, tel. 685 666. More stories >>>
|
