A robust capital investment programme will bring forward a range of schemes for the benefit of residents for generations to come.
Demonstrating confidence in the Island's economy and building for the future, this year's programme is set at £129.7 million, and totalling almost £479 million over the next five years.
Among the highlights are important investments in transport, education, mental health, telecommunications and infrastructure.
Bill Shimmins MHK, Treasury Member with responsibility for Capital Projects, said:
'The programme for the next year and beyond is one which demonstrates this Government's commitment to modernising the Island's infrastructure. It displays confidence in our economy, raises standards for residents and businesses and will leave a robust and lasting legacy for generations to come.'
A planning application has been submitted by the Isle of Man Government to build an Isle of Man Ferry Terminal in Liverpool to cement our lifeline sea link with the North West of England. It is due to open late in 2020 and will provide a facility fit for the 21st century to be used by residents, businesses and tourists for many years.
The importance of supporting those with mental health problems is prominent in this year's Budget with £1.5m to be spent on redeveloping the mental health facility at Grianagh Court and £1.7m on adapting a building on the Noble's Estate into a new Acute Adult Psychiatric In-Patient Facility.
The Emergency Services will see life-expired equipment replaced with new ambulances, fire appliances and police vehicles to help keep our Island safe.
The village of Jurby will receive significant investment aimed at stimulating growth and improving the environment. A total of £1.75m is earmarked for the project, which will see small industrial units created alongside housing, community facilities and landscaping.
Provision has been made to allow the government to invest in the Island's
telecommunications network, with £2m allocated in the year for improving fibre-optic connectivity. The proposals will have benefits for residents and businesses, as well as encouraging economic diversity.
An extensive highway refurbishment programme is planned worth £5m and a further £14m over the next four years. In addition to this, improvements worth £7.6m are planned to East Quay in Peel and West Quay in Ramsey and resurfacing the A5 linking Douglas with Isle of Man Airport and Castletown over the next five years, along with £4m on bridges. These projects, combined with ongoing commitments, result in an investment of almost £48 million on highway infrastructure until 2023.
A total of £7.3m will enable the ongoing replacement of the bus fleet and ensure a modern and efficient public transport network is maintained, while the heritage rail network and its important connection to tourism will benefit from an annual consolidated fund of £4.5m.
The Island's national glens and footpaths will receive further investment, along with the Heritage Trail on the former steam railway line between Peel and Douglas, reflecting the Island's status as a UNESCO Biosphere Reserve.
The overall capital programme is one which demonstrates confidence in the future – to build on solid foundations, to encourage growth and ensure the Island continues to be a special place to live and work.