Government’s capital projects programme is well managed and only one scheme has gone over budget over the past four years, Treasury Minister Eddie Teare MHK informed Tynwald this week.
Mr Teare said the single overspend since September 2011 was ?112,735 in relation to a phase of the redevelopment at Janet’s Corner, Castletown, where work had been hampered by the discovery of asbestos at the site.
The excess expenditure amounts to around 1% of the overall cost of the scheme and will be covered by underspending on other phases of the project.
Mr Teare provided the information in a written answer and in moving a motion for approval of the ?112,735 overspend, along with authorisation for ?2,230,095 of budgeted capital spending incurred ahead of or behind schedule in the last financial year.
The Minister commented: ‘The facts about Government’s capital programme dispel the myth that this area of spending often runs over budget, and show that it is actually well managed.
‘Over the past four years more than ?200 million has been invested in Departmental schemes to renew and improve the Island’s public infrastructure and built environment. The only overspend occurred for unavoidable reasons, has been contained within the original budget for the project, and at less than ?113,000 is very small compared to the overall capital programme.’
