Total Treasury receipts for 2014-15 are estimated to be £533.6m, an increase of 3 per cent over the current year’s estimate.
Treasury Minister Eddie Teare MHK announced that next year’s Government net spending, which is the amount which is funded by direct and indirect taxation, is to reduce by £4.3m, or 0.8%, to £543.6m.
Government’s gross spending, that is spending before taking into account income collected by government departments themselves, is estimated at £920.3m, which averages around £2.52m a day.
The operating balance, which the government needs to keep available for contingencies, is £32m or 5.8 per cent of net spending. In addition, the balance of the Reserve Fund is £357m.
Capital projects with an estimated cost of £71.6m are included for the year, which will be funded without recourse to external borrowing.
Staffing numbers will be reduced by 153 posts in 2014-15. The total personnel employed by government departments, including seasonal staff and statutory boards, is the equivalent of 7,958 full-time posts including contract posts.
The Department of Health and Social Care will employ 2,761.76 or 34.7 per cent of the total, with 1,453.44 or 18.3 per cent being employed by the Department of Education and 1,096.44 or 13.8 per cent being employed by the Department of Infrastucture.
WHERE THE MONEY COMES FROM:
Resident Income Tax,33.0%
Hydrocarbon Oils, 5.9%
Other Income Tax, 4.7%
Value Added Tax, 44%
Spirits, Wine and Beer, 3.7%
Other Income, 5.4%
WHERE IT’S SPENT:
Education and Children 16.6%
Environment,Food and Agriculture, 2.5%
Health and Social Care, 33.9%