15th May 2012
Government Accounts 2012
The Treasury has released this week the draft Government’s Accounts for the year to 31 March 2012.
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:
Most Departments have remained within their approved revenue votes for the year. However, the Department of Social Care will require a supplementary revenue vote of £0.4 million in addition to the supplementary vote of £0.5 million approved by Tynwald in July 2011. The Department of Home Affairs also requires a supplementary revenue vote of £0.4 million and the Department of Community, Culture and Leisure will require Tynwald approval to apply increased receipts of £0.6 million against increased costs.
Overall, the revenue surplus of £23 million is £7 million higher than the surplus of £16 million forecast in February 2012 due to Treasury Income being higher (£3 million) than forecast and lower (£4 million) than anticipated Department net expenditure.
After the completion of the public audit later in this year the audited Isle of Man Government Accounts will be released and formally laid before Tynwald. This subsequent publication of the Accounts includes valuation of both Government’s fixed assets and employee pension obligations in accordance with United Kingdom Accounting Standards.
These Accounts are expected to be laid before the October 2012 sitting of Tynwald. Copies of the Accounts can be obtained from the Tynwald library or by clicking here