Isle of Man Guide

The Treasury has this week released the audited Government’s Accounts for the year to 31 March 2009.

These Accounts are the financial report style version of the Accounts and have been subject to audit by the Public Auditors. In accordance with the Audit Act 2006 they have been formally laid before the October 2009 sitting of Tynwald. The detailed, unaudited management version of the Accounts was issued earlier in the year, in May 2009 (Detailed Government Accounts, GD 018/09).

This is the second financial year that the Accounts have been prepared in accordance with the Audit Act 2006. The format and content of the Accounts is generally unchanged from the previous year with the exception that the transactions and balances of companies owned by Government Boards and Departments (such as Laxey Glen Mills Limited and Radio Manx Limited) are now also included within the Accounts.

The underlying figures previously reported in the Detailed Government Accounts for Central Government remain unchanged. Those Accounts revealed:

• Treasury income of £599 million.
• Net revenue expenditure of £572 million.
• Capital expenditure of £79 million (net of £35 million loan repayment).
• Revenue surplus of £26 million.
• Transfers to various reserves of £30 million.

The production of the second set of audited Government Accounts represents further progress by the Treasury towards full compliance with United Kingdom Generally Accepted Accounting Practice. Work is continuing to address the areas of fixed assets and pension schemes, which are currently subject to certain exemptions in respect of the accounting treatment currently adopted, to bring these areas into line with accounting best practice.

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