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Detailed Government Accounts – Year Ended 31 March 2017

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Detailed Government Accounts – Year Ended 31 March 2017 GD 2017/0024 DETAILED GOVERNMENT ACCOUNTS 2016/17 www.gov.im Isle of Man Government Detailed Accounts – Year Ended 31 March 2017 DETAILED ACCOUNTS For the Year Ended 31st March 2017 LAID BEFORE TYNWALD BY THE TREASURY Page 1 Isle of Man Government Detailed Accounts – Year Ended 31 March 2017 CONTENTS 1. Foreword by The Minister ............................................................................. 4 2. Introduction .................................................................................................. 5 3. Financial Highlights ....................................................................................... 6 3.1. Government Revenue ........................................................................................... 6 3.2. Government Capital .............................................................................................. 7 3.3. Reserves Summary ............................................................................................... 8 3.4. Balance Sheet ...................................................................................................... 9 4. Accounting Policies ..................................................................................... 10 5. General Revenue Account ........................................................................... 13 6. Accounts of the Consolidated Loans Fund (CLF)......................................... 22 7. Detail by Departments, Boards and Offices ................................................ 32 7.1. Department of Economic Development ................................................................ 32 7.2. Department of Education and Children ................................................................ 34 7.3. Department of Environment, Food and Agriculture ............................................... 36 7.4. Department of Health and Social Care ................................................................. 38 7.5. Department of Home Affairs................................................................................ 42 7.6. Department of Infrastructure .............................................................................. 44 7.7. The Treasury ..................................................................................................... 48 7.8. Cabinet Office .................................................................................................... 56 7.9. Executive Government ........................................................................................ 58 7.10. Manx Museum and National Trust ....................................................................... 61 7.11. Road Transport Licensing Committee ................................................................... 63 7.12. Statutory Boards (Revenue Funded) .................................................................... 64 7.13. Legislature (Parliament) ...................................................................................... 65 7.14. Manx Utilities Authority (Capital Programme only) ................................................ 66 Page 2 Isle of Man Government Detailed Accounts – Year Ended 31 March 2017 8. Externally Managed Invested Funds ........................................................... 68 8.1. Summary of Externally Invested Funds ................................................................ 68 8.2. Hospital Estate Development Fund ...................................................................... 70 8.3. Manx Currency Account ...................................................................................... 72 8.4. Media Development Fund ................................................................................... 74 8.5. National Insurance Account ................................................................................ 76 8.6. Public Service Employees Pension Reserve ........................................................... 78 8.7. Reserve Fund Account ........................................................................................ 80 8.8. MUA Bond Repayment Fund ................................................................................ 82 8.9. Enterprise Development Fund ............................................................................. 84 9. Internal Revenue Funds and Reserves ....................................................... 86 9.1. Summary of Internally Invested Funds and Reserves ............................................ 86 9.2. Academic Business Planning Fund ....................................................................... 87 9.3. Agriculture and Forestry Fund ............................................................................. 88 9.4. Contingency Fund .............................................................................................. 89 9.5. Digital Strategy Fund (Formerly ICT Fund) ........................................................... 90 9.6. Economic Development Fund .............................................................................. 92 9.7. Government Energy Initiatives Capital Fund ......................................................... 93 9.8. Government Marketing Initiatives Fund ................................................................ 94 9.9. Healthcare Transformation Fund (Formerly Health Inspection Fund) ...................... 95 9.10. Housing Reserve Fund ........................................................................................ 96 9.11. Invest to Save Fund (Formerly Restructure Fund)................................................. 97 9.12. Land and Property Acquisition Reserve ................................................................ 99 9.13. Legal Costs Reserve ..........................................................................................100 9.14. Medical Indemnity Fund .....................................................................................101 9.15. Seized Asset Fund .............................................................................................102 9.16. Town & Village Centre Regeneration Fund ..........................................................103 10. Third Party Funds ......................................................................................104 11. Treasury Rates Collection Account ...........................................................107 12. Additional Information..............................................................................108 13. Appendix A. Index of Abbreviations .........................................................112 Page 3 Isle of Man Government Detailed Accounts – Year Ended 31 March 2017 1. Foreword by The Minister The Light Blue Book for the financial year ended 31st March 2017 delivers a message of strong financial control and signs of positive economic growth. I am pleased to note that an improved revenue surplus position of £22m has been achieved through better than expected direct and indirect taxation receipts, some of which is clearly attributable to a strong business performance in our key sectors notably ICT and e-gaming. Alongside that, Social Security spending during the period was £10.7m lower than anticipated and is reflective of unexpectedly low levels of unemployment. These factors provide a good indication of the ongoing strength of our economy. As far a public spending is concerned we continue to draw on Reserves to meet operational and personnel commitments, most clearly defined by the use of the Public Service Employee Pensions Reserve (£31.5m). However, departments have remained within budgets with the exception of DHSC who received a supplementary vote of £11.1m. The improved income performance has allowed us to fund this amount without having to draw further on the Reserves. The market value of our external investments has also increased significantly during the financial year and is reflective of not only the good performance from our Investment Managers but also prevailing market conditions. The large increase in the market value this year is influenced by the relatively low starting point at the beginning of the year, due to a dip in the stock market at the previous year end, followed by a strong recovery and performance. Whilst these results give cause for optimism, we must not be complacent particularly given international events. I am mindful that there continues to be significant financial pressures on services, particularly our Health Service but we must have an eye for the longer term and prepare for the significant cash-flow pressure that will hit the revenue account in 2021/22 when the Public Service Employee Pensions Reserve is forecast to be depleted. So my message is that whilst we can take some comfort from the financial position reported in these accounts, it is important to bear in mind the future financial challenges that we are facing and to remember that in achieving this position we have utilised our reserves. As a financially responsible Government we will continue to focus squarely on the objective of delivering sustainable public finances for a secure future. Hon. Alf Cannan, MHK Minister for the Treasury Page 4 Isle of Man Government Detailed Accounts – Year Ended 31 March 2017 2. Introduction This book is the unaudited Detailed Government Accounts for the year ended 31 March 2017 (also referred to as the ‘Light Blue Book’). The revision of the ‘Pink Book’ (the Budget) in 2016 was the first step in a programme of work reviewing Government’s Financial Management and reporting
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