Four government departments are projected to overspend their budgets after the first quarter of the financial year.
Figures released by the Treasury show the total value of the island’s reserves stands at £1.96 billion.
The Department of Health and Social Care reported a £2.7 million overspend for the first three months and is forecasting a £7.3 million deficit for the year.
This is attributed to the cost of delivering the Manx Care mandate, which is forecast to be £7.7 million over budget.
Manx Care is also forecasting a £5 million adverse variance in its operational spending.
Unpredicted
A £172,000 projected overspend at the Department of Environment, Food and Agriculture is driven by the need for agency staff in planning and building control.
An unpredicted need for forensic services has left the Department of Home Affairs facing a £0.9 million overspend.
The Department of Education, Sport and Culture is facing a £3.2 million excess on employment costs, driven by pay awards and additional staffing for Specialist Provision Centres.
The Treasury believes the department can still achieve its overall budget if savings are delivered elsewhere.
Treasury revenue from April to June was higher than expected however, with an additional £10.2 million in tax received, though income from customs and other sources was lower than budgeted.
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