Range of fiscal factors produce surprise surplus
A 230-strong audience from a cross-section of Island businesses digested the 2017 Manx budget over breakfast at IOM Business Network's most popular annual event this week.
The post-budget briefing at the Palace Hotel in Douglas (22 Feb) saw Treasury Minister Alf Cannan give a presentation of his taxation and spending plans for the year ahead, before taking questions from the floor.
Delegates heard how revenue into government over the past 12 months has exceeded forecasts in last year's budget, delivered by Mr Cannan's predecessor Eddie Teare.
An anticipated suprlus of just under £300,000 is expected to rise to more than £11 million at the end of the current financial year.
That is due to higher than expected Customs and Excise duties - a figure which could not have been predicted, as the Island's revenue sharing deal with the UK was still being negotiated when the 2016-17 budget was written.
Additional receipts from income tax, and an underspend on some welfare benefits added to the surplus.
Chief Financial Officer Sheila Lowe explained the favourable outcome to Marian Kenny:
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