The Isle of Man Government has published its Summary Management Accounts for the 2024-25 financial year, confirming that all departments remained within budget apart from Health and Social Care.

The Department of Health and Social Care required a supplementary vote of £15.3 million, which was approved by Tynwald in July. The overspend relates to Manx Care and reflects additional service costs arising during the year that exceeded the original operational budget allocation.

The unaudited figures also show that economic growth was in line with forecasts and Government income rose, with Income Tax generating £21.3 million more than expected. Treasury said this increase was driven by factors including higher interest rates benefiting savers and real-terms growth in earnings across the workforce.

As a result of the finalisation of the FERSA (Fiscal Economic and Reserve Sharing Agreement) calculations in March, £51.5 million has been released back into reserves. Treasury said the completion of this work provides greater certainty over income for the next five years and supports long-term financial planning.

Treasury Minister Dr Alex Allinson MHK said: ‘The publication of the full-year Summary Management Accounts is designed to provide transparency around how the Isle of Man Government has performed against the budget over the previous financial year.

‘It is positive that Income Tax receipts are higher than expected and we continue to monitor this area to understand whether the increase will be restricted to this year or will be repeated in the future.’

He added that while the cost of healthcare remains a considerable challenge, ‘greater monitoring and collaboration across the organisation has succeeded in ensuring all other departments are operating within their budgets’.

The Summary Management Accounts and quarterly financial updates are available to view and download at gov.im