piebaps Posted February 24, 2020 Share Posted February 24, 2020 TBF He's right Neil. Link to comment Share on other sites More sharing options...
Phillip Dearden Posted February 24, 2020 Share Posted February 24, 2020 On 2/23/2020 at 8:13 AM, Non-Believer said: It can't have any debt by statute. Are you sure? There is a few hundred million of loans on the Government Balance Sheet - maybe they missed this? There is a loans act which says; "3 Power to borrow [1958/2] (1) The Government may from time to time, with the approval of Tynwald, borrow such sums as may be so approved for all or any of the following purposes —...." Link to comment Share on other sites More sharing options...
Non-Believer Posted February 24, 2020 Share Posted February 24, 2020 4 minutes ago, Phillip Dearden said: Are you sure? There is a few hundred million of loans on the Government Balance Sheet - maybe they missed this? There is a loans act which says; "3 Power to borrow [1958/2] (1) The Government may from time to time, with the approval of Tynwald, borrow such sums as may be so approved for all or any of the following purposes —...." Maybe I'm mistaken? I'm sure that the IoMG is not legally permitted to run a deficit? Or is it not to present a deficit annual Budget? It's something along those lines, I'm fairly sure of that? Link to comment Share on other sites More sharing options...
Phillip Dearden Posted February 24, 2020 Share Posted February 24, 2020 53 minutes ago, Non-Believer said: Maybe I'm mistaken? I'm sure that the IoMG is not legally permitted to run a deficit? Or is it not to present a deficit annual Budget? It's something along those lines, I'm fairly sure of that? That might be the Treasury Act 1985; "an estimate of the income and expenditure, for the purposes of the Government during the next financial year, distinguishing the same under the respective heads thereof and providing an estimated surplus of income over expenditure." but, in fact, recent budgets and accounts tend to show expenditure greater than income. I think this is made acceptable by a transfer from reserves, after which there is a surplus. BUT - you said they could not borrow, that is a different matter and I cannot see any such bar. Link to comment Share on other sites More sharing options...
Roger Mexico Posted February 24, 2020 Share Posted February 24, 2020 Just a reminder that PAG have their usual post-Budget briefing with Cannan at the Legion Club tonight at 7:30. Link to comment Share on other sites More sharing options...
The Amazing Ronrico Posted February 24, 2020 Share Posted February 24, 2020 4 hours ago, Roger Mexico said: Just a reminder that PAG have their usual post-Budget briefing with Cannan at the Legion Club tonight at 7:30. Damn wish I’d have read that earlier. Link to comment Share on other sites More sharing options...
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