Manx News
Get the latest news from Manx.News
Mon, 20 Nov 2023
The Isle of Man Governments central government management accounts for 2022/2023 have been released.
The accounts are 12 months to end of March 2023. The data highlights that over the course of the year the cash balance reduced by £92million from £267million to £175million; which is a 34% reduction on the opening balance.
According to the accounts, expenditure was £61million over budget including £34million on employee costs and £6.5million on revenue-funded benefits.
Employee costs were over budget due to the inflation-based pay awards which were typically around 6%, with some employment groups being higher and some pay awards still to be settled.
The budget had provided for a 2% wage increase so the actual awards of 6%+ created significant cost pressure for all Departments, boards and bodies.
Manx Care and Department of Education, Sport and Culture (DESC) were the worst affected with DESC being £8million over budget due to pay awards and additional staffing for Additional Educational Needs.
Manx Care’s cost included £14million of agency staff covering vacant posts. Also included in the employee costs category is Public Sector Pensions which were £4million over budget for the year.
Energy costs were almost 60% over budget at £13.6million; Gas was 100% more than the budget of £3million whilst electricity was £1.8million over its budget of £5million.
Some of the Covid support schemes were still running in the early part of the year. The cost in 2022/23 was £1.6million but the cumulative total now stands at £136million including £91million which was financed by the NI fund (MERA and the Salary Support Scheme).
The high wage inflation meant that Income Tax was £24.5million better than expected.
The accounts in full can be read here.
Fri, 29 Dec 2023
Fri, 29 Dec 2023
Fri, 29 Dec 2023
Fri, 29 Dec 2023
Fri, 29 Dec 2023
Thu, 28 Dec 2023
Thu, 28 Dec 2023
Thu, 28 Dec 2023
Wed, 27 Dec 2023
