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£1 million for Housing and Communities Board

Money distributed to government's internal funds

One million pounds has been allocated to a government board which is working to ensure that private and public sector housing on the Island is accessible, secure and affordable.

The money, distributed as part of this year’s Budget, will be transferred to the Housing and Communities Fund.

Treasury has transferred money between a number of internal government reserves to where it thinks it is best needed.

The Housing and Communities Board has received the least amount of all the transfers made at this stage.

  • £5 million has been added to the Project Development Fund to support the initial capital funding process and allow departments to complete full design and feasibility activities in order to more accurately scope and cost capital projects
  • £4.15 million has been transferred to the Legal Costs Reserve to replenish the fund balance. Treasury says the Isle of Man Government has been subject to several large and complex legal cases which have placed a strain on the resources of all departments involved. The reserve will provide funding to meet the costs of agreed and exceptional legal cases. Due to the significant level of these costs Treasury has also added £0.75 million to the fund in order to maintain the balance.
  • £3.5 million has been transferred to the Healthcare Transformation Fund to support the ongoing work of implementing recommendations from the Sir Jonathan Michael Report.
  • £3 million has been transferred to top up the Medical Indemnity Fund to ensure future liability demands can be met from patients seeking claims for damages against health and care staff working in the Island’s hospitals.
  • £2 million has been transferred to the Agriculture and Forestry Fund to support the Isle of Man Meat Plant and the Agri-Environment Scheme.
  • £1.5 million has been moved to a contingency fund to provide money for unanticipated and unforeseen costs that may arise within departments.
  • £1.5 million has been moved to the Transformation Fund for finance initiatives aimed at digitising and automating processes to achieve efficiencies and cost savings.

Tynwald will vote on the Budget later today.

Find out more about this year's Budget and how it will affect you by clicking HERE. 

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