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Government Accounts 2011 17 May 2011 The Treasury has released this week the draft Government’s Accounts for the year to 31 March 2011. 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. The Accounts reveal: - Treasury income of £538 million.
- Net revenue expenditure of £528 million.
- Capital expenditure of £73 million.
- Revenue surplus of £10 million.
- No transfers to Government reserves.
The Accounts show Government is on course to deliver the medium term budget rebalancing with Departments ensuring their costs remain within Tynwald approvals. Treasury Income is slightly above the estimate for the year due to increased taxation receipts. Departments have all remained within their approved revenue votes for the year. The revenue surplus of £9.6 million is £7.8 million higher than the surplus of £1.7 million forecast in February 2011 due to lower than anticipated Department net expenditure. During the last two years transfers to the capital account have been reduced and the use of reserve fund monies has increased. Whilst this forms part of the medium term budget rebalancing strategy it is not sustainable over the long term and Government remains under financial pressure and must continue to increase revenue and reduce expenditure. After the completion of the Public Audit later in this year the financial report and Statement of Accounts will be released and formally laid before Tynwald. This subsequent publication of the Accounts will include valuation of both Government’s fixed assets and employee pension obligations in accordance with United Kingdom Accounting Standards. The audited Accounts are expected to be laid before the November 2011 sitting of Tynwald. Copies of the Accounts can be obtained from the Tynwald library or at www.gov.im/treasury/finance/accounts.xml and attached below a brief Commentary of the Year and General Revenue Account information document. More detailed comment and statistics for editors are attached. For any further information, please contact: Mr S Clague, Chief Accountant, tel. 686 292, e-mail: simon.clague@gov.im. A copy of the Commentary on the Accounts for the year ended 31st March 2011 is attached below. More stories >>>
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