The Treasury Minister Mr Eddie Teare MHK has announced that capital spending by Government Departments during the last financial year has been contained within the overall Budget agreed by Tynwald.
 
At the May sitting of Tynwald, Mr Teare will table a resolution seeking approval for adjustments in the timing of funds being made available to Departments for Capital Schemes.
 
A similar resolution is submitted to the May sitting of Tynwald each year by Treasury on behalf of the Departments included in the resolution. 
 
Mr Teare commented: “I am pleased that Departments have ensured that Government capital schemes have all remained within their overall Tynwald approvals during 2012-13.  It is appropriate that Departments continually review the need for schemes included within the capital programme and this may delay commencement of such schemes, however the Treasury continues to work with Departments to identify schemes that can be commenced earlier than originally planned in order to ensure Government continues to provide opportunities for the local construction industry.  It is inevitable that some schemes will proceed more quickly or more slowly than originally anticipated and therefore it is necessary for Treasury, on behalf of Departments, to obtain Tynwald approval for these timing differences.” 
 
Capital spending by Government Departments for 2012-13 was ?41 million compared with budgetary provision of ?58 million.
 
In addition, the Isle of Man Water & Sewerage Authority and Manx Electricity Authority spent ?18 million on capital schemes and expenditure on local authority housing related schemes totalled ?14 million compared with a budgetary provision of ?18 million.
 
The Government’s 2013-14 budget approved in February 2013 includes provision for Departmental capital payments totalling ?48 million, Statutory Board capital payments totalling ?14 million (excluding ?35 million loan repayment) plus a local authority housing programme of ?19 million.