Figures from the government’s annual report show a £18.3m surplus, up from the anticipated £0.9m.
This is despite significant amounts being spent on supplementary votes in Tynwald, which totalled £57m.
Treasury Minister Dr Alex Allinson said the surplus was “mainly as a result of the amount of income tax received being greater that budgeted for, despite additional expenditure being incurred”.
He added: “Total expenditure (before accounting adjustments) was £1,324 million (2023: £1,204 million), which is £18.5 million higher than budget, having already taken into account the £57 million supplementary votes detailed above.
“The higher than expected expenditure is mainly due to the continued impact of high inflation which has increased costs in the form of pay awards, energy costs, and other specific Departmental cost pressures.”
Reserves
The Treasury Minister also said that the reserves went up in the last financial year.
He said: ‘Current market value of our external reserves has increased by £114 million during the year to £1,926 million as at 31 March 2024. This is primarily due to recovering markets, with the underlying book cost seeing a net increase of £16m.”
You can read the full report here.
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