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Isle of Man Government
Reiltys Ellan. Vann.in.
ISLE OF MAN QUARTERLY REPORT ON THE ECONOMY
A REPORT TO THE COUNCIL OF MINISTERS
QUARTER 1 2017 1 January - 30 March 2017
QUARTERLY OVERVIEWQUARTER 1 2017
Forecasts of global growth increased again in the last quarter, with prospects forthe United Kingdom in 2017 significantly improving. Having said this the snapGeneral election, house price trends and the retail sales figures for March allshow signs that consumer confidence is weakening, which is not surprising wheninflation has surpassed earnings and pay in real terms has begun to fall. Thegeneral consensus outlook for the UK economy is for weaker growth as the yearcontinues.
The Island has seen further growth in population in Quarter 1, and for the firsttime in five years there has been no annual fall in the number of under sixtyfives. This indicates a current net annual immigration total of around 300. Bycontrast the levels of jobs and employment have fallen, but much of thisseasonal. Both however remain above the levels seen at the same time last year.Unemployment remains very low, at a 13 year low in March. The Housing marketremains subdued with both activity and values falling since December 2016.Overall the data is presenting a mixed picture with some grounds for optimism ifsome of the positive trends can be maintained.
The interaction of inflation and pay will be critical to maintaining the domesticeconomy. Again there is a mixed picture emerging, with some sectors provingresilient to increased prices (car sales in particular) and some showing somedownturn.
Growth Forecasts 2017 Growth Forecasts 2018
OECD GIEO Mar-17 GEO Nov-16 Movement OECD GIEO Mar-17 GEO Nov-16 MovementGlobal 3.3 3.3 0.0 Global 3.6 3.6 0.0US 2.4 2.3 0.1 US 2.8 3.0 -0.2EU 1.6 1.6 0.0 EU 1.6 1.7 -0.1UK 1.6 1.2 0.4 UK 1.0 1.0 0.0
IMF WEO Apr-17 WEO Jan-17 Movement IMF WEO Apr-17 WEO Jan-17 MovementGlobal 3.5 3.4 0.1 Global 3.6 3.6 0.0US 2.3 2.3 0.0 US 2.5 2.5 0.0EU 1.7 1.6 0.1 EU 1.6 1.6 0.0UK 2.0 1.5 0.5 UK 1.5 1.4 0.1
Source IMF World Economic Outlook and OECD Interim Economic outlook.
Oil Price - Brent Oil futures ($ per barrel)Global Trends
Growth
Oil Price
Source BBC News
Equities - FTSE 100Equities
UK InterestRates
Pound
Source BBC News Executive Summary
Interest Rate projections UK growth forecasts for 2017increased.
Equities weakened on general election.and pound strength but recovered.
Oil prices fall on oversupply fearsrises caused by geopolitical tensions.
Interest rate projections still falling. Little change predicted in next 3 years.
Pound stronger on UK general electionSource Bank of England yield curves overall little changed since brexit vote.
Exchange RatesPound Euro Pound Dollar
Source BBC News Source BBC NewsData Correct as of 20th April 2017
World Economy
Employment Growth
Employment
Employment and Unemployment 17608 0.004525
1768 Population
78 282.880.044118 Housing
Market
Inflation
Employment Estimate based on Income Tax records adjusted for ghosts.Population Estimate based on GP records adjusted for ghosts.
Unemployment
Local Employment remained up 560 on aannualised basis in Q1. Down 150 in Q1.
Total Population up 278 year on year. Improvement in under 65's (up 13 on year).
House prices down 2.5% on year againsthigh March 2016. Down 0.4% in quarter.
Inflation increasing CPI 2.2%
Unemployment at 13 year low in March
Outlook
Inflation impacted by Brexit but impact reducing due to oil price falls.
Evidence of growing working population
Lending picked up slightly in Quarterdespite lower house prices. Overall lending highest since August 2016.
Higher inflation and uk slowdown may impact as year progresses.
Property price inflation updated quarterly with historic transactions over last six months
Local Economy
Local Trends
Executive Summary
‐800
‐600
‐400
‐200
0
200
400
600
800
Annual Increase in Employment
THE MANUFACTURING ANDENGINEERING SECTOR
QUARTER 1 2017
OVERVIEW
OUTLOOK1. The rapid growth of the global aerospace aircraft order book continues tochallenge capacity and capability but also create opportunities for inward investment.
2. The lack of suitable sites of the right scale, within a modern managedenvironment, for an affordable price, remains the biggest inhibitor to inward investmentfor Manufacturing.
1. The Aerospace industry continues to perform well with re-positioning strategieswithin some of the larger companies now delivering results.
2. The Food and Drink industry reports good new export success but concern overthe higher cost of labour, water and transport costs.
3. The Department is in advanced discussions with a number of manufacturers abouttheir ambitious expansion plans.
4. Over £1million paid out via plant and machinery grants through the FinancialAssistance Scheme in quarter one.
1. There has been considerable interest in the Alternative Banking Regime expressed fromoff island institutions and two new applications will be made to the FSA in April.
2. Over the last quarter there has been significant off Island response to the EnterpriseDevelopment Scheme which has been designed to stimulate growth in small and mediumenterprises on Island. A number of applications are currently being processed with £1.2mnow invested.
3. During this quarter, Financial Services have attended a Brexit workshop with the UKTreasury and have committed to work closely together over forthcoming months.
1. Due to the impact of banking’s global restructuring, job numbers in Financial andProfessional services have decreased by 34 during the final quarter, resulting in a modest year on year sector decline of 1.66%.
2. The Island’s banking deposit base declined by 5.36% to £44.6bn over the quarter fromSeptember to December, but overall deposits are still at their highest level for 3 years andhave grown year on year by 2.2%. The total fund’s Net Asset Value has decreased to$18.20bn from $20.87bn, a fall of 12.8%. The total number of funds has fallen from 298 to291. This decline follows the liquidation of a large Group this quarter which has had anadverse effect on this sector.
3. At the end of this quarter, following stages of consultation and amendment, TheBeneficial Owners Bill 2017 has passed through the House of Keys and Legislative Council.
4. Policy proposals to update the Island’s Depositors’ Compensation Scheme (DCS) in linewith new international standards have been through public and Industry consultation and arenow undergoing Treasury review.
THE FINANCIAL AND PROFESSIONALSERVICES SECTOR
QUARTER 1 2017
OVERVIEW
OUTLOOK
THE E-BUSINESS SECTORQUARTER 1 2017
1. Additional jobs created in e-Business and e-Gaming, however with the restructuringof one large provider leading to jobs losses going through voluntary redundancy, the net position was reduced leaving an overall increase of 5 new jobs.
2. Creative industries seeing considerable interest in locating productions and permanentroles. Top Gear was filmed in the Isle of Man in 2016 and was aired in April 2017.
3. There are 38 approved e-Gaming license holders with a further six pending.
1. Strong growth expected to continue in the sector.
2. Expecting to see new media production units establishing on the Island.
3. Seeing considerable interest from Asian gaming operators in relocating to theIsland.
4. Mindhorn, a film produced and set in the Isle of Man, will have a local premiere inApril.
OVERVIEW
OUTLOOK
THE SHIPPING SECTOR ANDAIRCRAFT REGISTER
QUARTER 1 2017
OVERVIEW
1. The Ship Registry’s growth for Q4 16/17 has shown it to be the 3rd fastest growingFlag and reached an all-time high position of 12th on Clarkson’s World Rankings bytonnage.
2. The changes to the Ship Registry’s survey and inspection regime came into effecton 1 April 2017. A great deal of planning, preparation and consultation has gone into thisin 2016/17.
3. The Isle of Man Aircraft Registry was been named Best Global Aviation Registry inWorld Commerce Review Magazine’s 2017 awards.
4. The second phase of the Aircraft Registry’s online services were successfullylaunched with a positive response from industry.
OUTLOOK1. The Shipping industry is showing real signs of recovery, particularly in the dry bulksector which was hardest hit over the last two years.
2. Collaborative working with the Manx Super Yacht Forum on a new offering for largepleasure yachts should prove attractive for owners not wishing to operate large yachtscommercially.
3. The global financial uncertainties combined with the effect of international sanctionsbiting and increasingly onerous compliance requirements are making for extremely toughtrading conditions and it is likely that there will be continued consolidation within themarket with acquisitions featuring for the foreseeable future.
4. The Aircraft Registry will be having its 10th Anniversary on 1st May 2017.
THE CONSTRUCTION INDUSTRYQUARTER 1 2017
1. Many construction businesses are very busy.
2. The sector is vital for the implementation of Government’s objectives of growingthe economy and maintaining the built environment.
3. Shortage of necessary skilled/semi-skilled workers leading to unfilled vacancieswhile maintaining elevated figures of unemployment.
4. Healthy demand for construction skills training.
1. Government continues to support construction with Budget announcement of afive-year capital investment programme of £388 million, including £298 million ofengineering and construction projects, supporting the public service infrastructure,economy and employment.
2. Continued optimism for short-term future construction projects.
3. Larger contracts may overstretch local industry therefore there is a consultation outregarding possible work permit exemptions in this area.
OVERVIEW
OUTLOOK
1. The focus for economic growth in the energy sector is on the significantopportunities to develop offshore energy projects in the Isle of Man territorial seas forexport to the UK.
2. The offshore wind farm developer continues to undertake survey work for a potential offshore wind farm development in the Isle of Man territorial seas.
3. The fiscal terms have been announced for parties interested in the upcominghydrocarbon licencing round. Acreage rental for exploration licence is the same as the UKand the Royalty Rate is the same as the Republic of Ireland model (5-40%).
4. During this quarter Utilities have attended a Brexit workshop with the UK Treasuryand have committed to work closely together over forthcoming months.
1. The intention is to announce a future hydrocarbon licensing round to promotepotential opportunities in the Isle of Man territorial seas for suitably qualified applicantsto bid for acreage. It is expected that the Round will coincide with the UK’s 30th Roundthat includes the UK’s Irish Sea area.
2. Clarity is required from the UK Government regarding Contract for Difference(CfD) eligibility criteria for Isle of Man offshore renewable energy projects.
THE UTILITIES AND TRANSPORTINDUSTRY
QUARTER 1 2017
OVERVIEW
OUTLOOK
THE VISITOR ECONOMYQUARTER 1 2017
1. Darts Event attracted 800 visitors.
2. British Cycling have approved course for both Time Trial and NationalChampionship.
3. Over 40 business advisory meetings during Q1 resulting in 18 new businessesbeing registered.
4. British Cycling contracts agreed so the Isle of Man event will be marketed viaBritish Cycling website and members to attract off Island visitors.
1. Isle of Man will host the world’s richest open chess tournament in October 2017.
2. Ongoing collaboration with carriers to market the Isle of Man following success ofFlybe Campaign.
3. The Isle of Man will be trailing a series of adverts on television in the North Westduring the summer.
4. Indications for visitor numbers for this year’s TT are looking positive.
OVERVIEW
OUTLOOK
THE AGRICULTURAL ANDFISHERIES SECTORS
QUARTER 1 2017
1. A reduction in the number of licences in respect of Queen scallops should assist in therecovery of stock and the UK industry has requested a closure in respect of this fisherythroughout April to June 2017 to further assist in this recovery.
2. Whelk, crab and lobster remain potentially vulnerable species due to increasing fishingeffort being direct towards it. Bangor University continues to collect and analyse data in respectof these fisheries to assist in developing management strategies for these fisheries.
3. The falling number of cattle and lamb processed by Isle of Man Meats underlines the needfor the current review of the provision of on Island slaughter services.
4. Whilst soda and mixed seed flours are seeing increased interest from retailers and newexport customers are being sought, sales of on Island flour to the major customer arecontinuing to fall.
5. Concerns have been raised from businesses importing from Europe and the US that theircosts are rising substantially since the Brexit vote.
OVERVIEW
OUTLOOK
1. The Agriculture, Forestry and Fishing Sector has increased by 37 jobs over the last year.
2. The total value of landings for Q1 has decreased by £0.8m, or 31%, compared with thesame period in 2016, although the value per tonne appears to have increased for each fishery.
3. Isle of Man Creamery is still maintaining a high Isle of Man producer price compared withthe UK, however with the European market recovering, the gap between the average pricebetween Manx producers and those in the UK is narrowing quickly.
4. Cattle and Lamb throughput are significantly down at Isle of Man Meats compared with2016.
5. There has been strong growth in new businesses at the start up stage through the FoodBusiness Development scheme, along with larger businesses investing in equipment to expandtheir range. A new Food Matters guide was launched in Q1 and the Isle of Man Provenance labelis due to launch in May.
THE RETAIL SECTORQUARTER 1 2017
1. Town centre regeneration funding still available for shop front improvements.
2. Larger infrastructure projects will now be funded to a value of £3m via DOI capitalprojects (allocated for Castle Street and Duke Street in Douglas).
3. The DOI is currently in discussion with a preferred bidder and the outcomeannouncement is expected in the coming weeks regarding the Lord Street and ParadeStreet sites.
4. The Area Plan for the East process is now under consultation and it is hoped thatthis will provide clarity for the sector with regards to Douglas town centre, edge and outof town definitions.
OVERVIEW
OUTLOOK
1. Douglas town centre footfall for 2016 showed a 7.3% year on year increase, although2017 first quarter is 3.6% down on the previous year.
2. Douglas Borough Council car parking initiatives regarding initiatives for Saturdays and “free after 3:00” etc. have proven successful in terms of off peak car park occupancy and footfall increases at these times.
LABOUR MARKET INDICATORSQUARTER 1 2017
Unemployment
Job Vacancies
March 2017 Unemployment
507 persons1.2%
Quarter 1 2017
Full Time Job Vacancies Advertised 1,838
Part Time Job Vacancies Advertised 829
LABOUR MARKET INDICATORSQUARTER 1 2017
Movements Onto and Off Unemployment Register
Employment
Quarter 1 2017
Movements Off the Unemployment Register 509
Movements Onto the Unemployment Register 437
Net Change -72
March 2017
Persons Employed 39,184
Number of Jobs Undertaken 50,024
Self Employment 7,883
Note that the number of jobs is calculated based on Income Tax records. The number of persons employed has been adjusted toremove "ghosts" from the Income Tax system by using census data. The number of jobs may therefore not be directly comparable tothe number employed.
The Persons Employed figure and Self-Employment figure include a number of individuals who are both employed and self-employed.
LABOUR MARKET INDICATORSQUARTER 1 2017
Work Permits and NI Numbers to Foreign Nationals
Quarter 1 2017
New Permits 427Renewals 41
NI Numbers Issued to Foreign Nationals 136
Please note that the work permit figures are provisional. Q1 renewals are significantly lower due to a technical issue.
LABOUR MARKET INDICATORSQUARTER 1 2017
Unemployment by Sector .vs. Vacancies Left on Fileat the End of the Month
Sectors with Excess Demand for Workers
Sectors with Surplus of Workers
E-Gaming1 Unemployed Persons
72 Vacancies
Entertainment andCatering
36 Unemployed Persons71 Vacancies
Other Business Serivces35 Unemployed Persons
84 Vacancies
Information andCommunication Technology
3 Unemployed Persons19 Vacancies
Medical and Health Services10 Unemployed Persons
72 Vacancies
Agriculture 11 Unemployed Persons
9 Vacancies
Miscellaneous Services 34 Unemployed Persons
28 Vacancies
Construction54 Unemployed Persons
19 Vacancies
Manufacturing, General 13 Unemployed Persons
12 Vacancies
Other Professional Services4 Unemployed Persons
1 Vacancies
LABOUR MARKET INDICATORSQUARTER 1 2017
Manufacturing,General
-20
Mining andQuarrying
+2
Utilities0
Transport andCommunications
-21
Banking-3
Insurance+13
Other Finance andBusiness Services
-36
Information andCommunication
Technology-32
Legal andAccountancy
Services-30
Corporate ServiceProviders
+18Education
+198
Medical and HealthServices
+116
Other professionalServices
+4E-Gaming
+37
MiscellaneousServices
+68
PublicAdministration
+77
Quarterly Net Change in Employment by Sector
Manufacturing,Engineering
-14
Annual Net Change in Employment by Sector for SeasonalSectors
Manufacturing,Food and Drink
-56Construction
+76
WholesaleDistribution
+16
Retail Distribution+112
TouristAccommodation
+44Catering and
Entertainment -58
Agriculture,Forestry
and Fishing+37
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New Company Formation Quarter 4 2016
1931 Act New Companies 164
2006 Act New Companies 341
Conversions to 2006 Act 36
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Dec-13 Mar-14 Jun-14 Sep-14 Dec-14 Mar-15 Jun-15 Sep-15 Dec-15 Mar-16 Jun-16 Sep-16 Dec-16
30000
28500
• 1931 Act • 2006 Act • Conversions to 2006 Act
Total Registered Companies
Quarter 4 2016
1931 Act Registered Companies 17,878 2006 Act Registered Companies 9,290
Total Registered Companies 27,168
27000 ----------------------------------------------------------------------------------------Dec-13 Mar-14 Jun-14 Sep-14 Dec-14 Mar-15 Jun-15 Sep-15 Dec-15 Mar-16 Jun-16 Sep-16 Dec-16
• Total
Latest full quarter figures available
Latest full quarter figures available
Previous Year Average Producer Milk Price Comparisons 35
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0 Sep
2016 Average Producer Milk Price Per Litre
Isle of Man 28.6p UK 22.67p
Northern Ireland 21.16p Isle of Man Previous Year 28.89p
Oct Nov Dec Jan Feb Mar Apr May June July
• UK • IOM • NI • IOM Previous Year
Aug
Quarterly Beef Cattle Exports (> 6 Months)
Sep
1500 ·-------------------------------------------------------------------------------------------------------------------------------------------------------------------·
Quarter 4 2016 Beef Cattle Exports
t:, 1,392 � -
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Number of Cattle
• Q4 2010 • Q4 2011 • Q4 2012 Q4 2013 • Q 2014 Q4 2015 Q4 2016
Latest full quarter figures available
Latest full quarter figure available
8000 -
7000
6000
t 5000
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QI .Q
4000
2000 ·-----
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Quarterly Sheep Exports
Quarter 4 2016 Sheep Exports:Aged Sheep 1,082
6-12 Month Sheep 6,183
- ··------ --i
---- - -----
----·_ ·--·-··-- -----·-·--·-·-· Q4 2010 Q4 2011 Q4 2012 Q4 2013 Q4 2014 Q4 2015 Q4 2016
• Aged Sheep • 6-12 Month Sheep
Total Value of Sales at Fisheries
[ .................................................... ... � ........................................................ .. � ...................................... ..
0 500000 1000000 1500000
Value{£)
• Q1 2015 • Q1 2016 • Q1 2017
Quarter 1 2017 Sales Val�es:
Scallops £1,569,989;
Whelk £153,234
Queenies £52,109
Crab £27,285
Lobster £52,965
2000000 2500000
Latest full quarter figure available
In line with previous years, the Revenue Account for Q4 2015-2016 is not available at the time writing, due to the
finalisation of the year end accounts. The accounts shown below relate to December 2016
Revenue Account report for the three months to 30 December 2016
REVENUE ACCOUNT REPORT
Last Year This Year
Full Year Full Year
Actual Actual to % of Budget Budget to Actual to % of
2015-16 31 Dec 15 Actual 2016-17 31 Dec 16 31 Dec 16 Budget
£000 £000 £000 £000 £000
Income
Customs and Excise 355,005 243,398 69% 336,500 336,500 246,520 73%
Income Tax 199,522 131,858 66% 212,000 212,000 146,245 69%
Social Security 202,229 144,807 72% 240,100 240,100 167,520 70%
Other Treasury Income 10,626 6,182 58% 11,572 11,572 8,387 72%
Other Income 192,027 142,409 74% 155,396 155,396 163,003 105%
Total Income 959,409 668,653 70% 955,568 955,568 731,675 77%
Expenditure 937,539 741,697 79% 955,274 955,274 714,095 75%
Surplus (Deficit) 21,870 (73,044) 294 294 17,580
Add:
Transfers from/(to) Reserves
(2,000) - - - - - -
Add:
Balance b/f 1st April 45,516 45,516 100% 33,917 33,917 65,386 193%
Balance c/f 65,386 (27,528) 34,211 34,211 82,966
SUMMARY
1. Total income for the first nine months at £731.7 million is £63 million (9.4%) higher than last year.
2. Customs’ receipts of £246.5 million are up by £3.1 million on the same period last year but by year-end are
expected to exceed budget by almost £12m following agreement of the VAT sharing arrangement in 2015-16.
3. Income Tax receipts of £146.2 million are up by £14.4 million on last year and are expected to exceed budget by
about £3 million at year-end.
4. Social Security income is also up on last year and by year-end should be around £10 million better than budget due to additional income for the UK agency settlement.
5. Other Treasury income of £8.4million is £2.2 million up on last year, in line with budget expectations.
6. Other Income at £163 million is £20.6 million better than last year, of which £18.6 million is in respect of the additional Employers Pensions Contributions from Departments to the Public Sector Pensions Authority.
7. Departments' net expenditure at £714 million is £27.6 million lower than at this point last year, but this includes a provision of £23.4 million for the reimbursement of pension costs from the PSEPR Fund at year-end. In 2015-16 the PSEPR reimbursement was only accounted for at year-end. The Department of Health and Social Care is around £11 million overspent but received Tynwald approval for a supplementary budget for this amount in January 2017.
8. Overall, the actual balance carried forward at 1 April 2016 of £65.4 million was higher than the ‘Probable’ shown in the Budget in February 2016 [GD No. 2016/0001]) mainly as a result of increased Customs income in March 2016 following agreement of the VAT sharing arrangement with the UK.
CAPITAL SPENDING
1. Introduction
The Capital Accounts are now closed for the last financial year. The total capitalexpenditure out-turn for the year for Government Departments, excluding borrowingauthorities, loan repayments and land acquisitions, was £48m (2015/16 £35.3m; 2014/15£38.8m).
This represents 63% of the full year’s estimate of £76.4m. This includes an additional £8.1m supplementary funding approved for the purchase of Salisbury Street Care Home.
Total capital expenditure funded by Isle of Man Government from the capital account was £62.1m. This includes CLF funded MUA projects but excludes Isle of Man Post Office and Water capital expenditure which are funded internally by their respective bodies.
The largest single scheme in the year was the Acute Adult Psychiatric In-Patient facility, which was completed in March 2017.
Total spending and approvals for Government Departments and Borrowing Authorities for 2016-17, compared with previous years, was as follows:
APPENDIX TWO CAPITAL SPENDING
2. Capital Spending Summary Year Ended 31 March 2017
(includes Statutory Boards' spending, excludes Statutory Boards' borrowing)
Table 1
Government
Departments
Full Year
Revised
Estimate £
Year To Date
Estimate £Actual YTD £
% of Full
Year
Estimate
% of YTD
Estimate
DEC 5,264,057 5,264,057 3,396,341 64.5% 64.5%
CO 1,950,000 1,950,000 181,218 9.3% 9.3%
DED 920,000 920,000 164,220 17.9% 17.9%
DEFA 859,448 859,448 736,118 85.7% 85.7%
DHA 2,931,532 2,931,532 2,359,886 80.5% 80.5%
DHSC 19,822,838 19,822,838 15,045,700 75.9% 75.9%
DOI 33,770,711 33,770,711 23,736,390 70.3% 70.3%
MNH 527,746 527,746 390,026 73.9% 73.9%
TSY 5,580,000 5,580,000 22,278 0.4% 0.4%
STAT - FSA 200,000 200,000 -
STAT - GSC 500,000 500,000 -
DOI-HR 4,098,577 4,098,577 2,014,904 49.2% 49.2%
Sub Total 76,424,909 76,424,909 48,047,080 62.9% 62.9%
Government Funded Statutory Boards' Spending
MUA 24,264,489 24,264,489 14,080,073 58.0% 58.0%
Sub Total 24,264,489 24,264,489 14,080,073 58.0% 58.0%
Self-Funded Statutory Boards' Spending
IOMPO 3,877,000 3,877,000 957,617 24.7% 24.7%
MUA-WA 3,106,000 3,106,000 472,878 15.2% 15.2%
Sub Total 6,983,000 6,983,000 1,430,495 20.5% 20.5%
Grand Total 107,672,398 107,672,398 63,557,648 59.0% 59.0%
Table 2
Spending analysed by type of scheme for the year ended 31 March 2017 compared to the same period last year
Financial Governance Division Treasury 18 April 2017
Scheme Type Actual YTD £ Prior YTD £Actual YTD as
% of Prior YTD
Construction-Govt 19,692,239 21,430,735 91.9%
Construction-Stat Board 159,090 - #DIV/0!
Engineering 8,371,611 5,534,974 151.2%
Engineering-Stat Board 14,552,951 15,450,151 94.2%
Land/Property Acquisition 13,338,440 315,498 4227.7%
Loan Scheme (153,473) 961,259 -16.0%
Other-Government 278,950 2,345,620 11.9%
Other-Stat Board - #DIV/0!
Plant/Equip 6,519,313 4,759,838 137.0%
Plant/Equip-Stat Board 798,527 769,438 103.8%
Total Govt and
Statutory Boards 63,557,648 51,567,513 123.3%
Construction Breakdown
Construction-Govt 19,692,239 21,430,735 91.9%
Construction-Stat Board 159,090 - #DIV/0!
Construction Total 19,851,329 21,430,735 92.6%
Engineering Breakdown
Engineering 8,371,611 5,534,974 151.2%
Engineering-Stat Board 14,552,951 15,450,151 94.2%
Engineering Total 22,924,563 20,985,125 109.2%
Construction and Engineering Total
Total 42,775,892 42,415,860 100.8%
VALUE OF EXTERNALLY MANAGED INVESTMENTS
Schedule showing the value of the externally managed investments held in the following
funds:
As at 31st March 2017 Book cost Market value
£ millions £ millions
National Insurance Investment Account 743.2 837.4
Reserve Fund 332.7 375.7
Hospital Estates Development Fund 37.6 38.8
Manx Currency Account 33.4 34.0
Public Service Employees Pension Reserve 161.9 176.9
Manx Utilities Bond Repayment Fund 52.9 58.8
1,361.7 1,521.7
Each of the funds has its own investment strategy according to its investment needs.
Treasury's investment strategy for those reserve funds which have a significant exposure to
equities is to maximise the total return on the funds over the long term. The short term
fluctuations of market values are therefore considered of less importance than the long term
return on investments held.
BANK DEPOSITS AND CALL ACCOUNTS HELD AT LOCAL BANKS BY TREASURY
Fixed term deposits and call accounts directly held by Treasury as at 31 March 2017 totalled:
Cash at Bank 31-Mar-17
Sterling £265.7m