Higher than expected income tax receipts for 2023-24 financial year

Government records £18.3m surplus despite increased expenditure

Government recorded a higher-than-expected surplus for the 2023-24 financial year.

The accounts for the 12-month period show revenue exceeded expenditure by £18.3m despite the budget only forecasting a £0.9m surplus.

Spending for the financial year ending March 2024 was higher than expected with government services costing £1.324bn.

The figure included £57m in supplementary budgets for four departments and is £120m higher than the previous 12 months.

However revenue exceeded expectations - incoming funds of £1.343bn was £85.4m more than forecast in the budget.

Treasury says the higher than anticipated figure is mainly due to income tax receipts being greater than budgeted for.

The current market value of government's external reserves also increased in the same period by £114m to £1.926bn.

The annual report, which has been published ahead of December's sitting of Tynwald, says Treasury's goal continues to ensure sustainable finances to allow reserves to recover from the financial shocks experienced in recent years and maintain a strong financial base to support economic growth on the Island.