Financial plans submitted by Isle of Man Government departments, organisations and statutory boards during this year’s Budget process are in the process of being released under a Freedom of Information disclosure.
The release is being used as an opportunity to establish greater openness and transparency around the Budget process. Steps are already being taken to arrange publishing the plans as a matter of course after next year’s Budget is debated at the February sitting of Tynwald.
Treasury Minister Dr Alex Allinson MHK said:
‘The huge task of setting the Budget is being improved, with Treasury officers modernising and streamlining well-established processes in collaboration with colleagues from across the Isle of Man Government.
‘Releasing the financial plans is an important step in creating greater openness and transparency around these internal discussions, and will provide residents with improved understanding of the decision process around how taxpayers’ money is allocated.
‘It also provides me with the opportunity to draw attention to amount of work which takes place in preparation for the Budget and to thank those involved for their diligence and commitment.’
A change was introduced to the revenue budget setting process for the 2023/24 financial year, as Departments were no longer required to submit bids for specific revenue funding in relation to new projects and services.
Instead, Departments were allocated net funding amounts and permitted to allocate and phase their budgets in line with their own key priorities.
