| October 10, 2012 | 0 Comments

The Isle of Man Water and Sewerage Authority will lay its Annual Report and Accounts for 2011/12 before the October sitting of Tynwald.

The report details that the Authority continues to be funded from two separate sources; the drinking water function generates income from water rates and water meter charges, whilst funding for the sewerage function is derived from Government’s General Revenues via the Treasury. As a consequence, it has been necessary to continue to maintain two separate sets of accounts, which have been reported separately and then merged to demonstrate the consolidated position as at 31st March 2012.

The report highlights the progression of the on-going schemes forming the Regional Sewage Treatment Strategy. In April 2011, Tynwald approved £40 million for Phase 1 of the Strategy (2011 – 2016) which will see the replacement of small sewage treatment plants around the West and North of the Island, together with the construction of a new sewage treatment plant at Ramsey and an enhanced sludge treatment centre at Meary Veg. Completion of Phase 2 of the Strategy (2017-2021) will result in the cessation of raw sewage discharges into the seas around the Island.

In addition, the Authority has continued with the programme of works highlighted in the 2000 Water Asset Maintenance Programme which included the completion of the new Ramsey Service Reservoir.

Pipeline rehabilitation work continued with schemes to replace water mains and sewers and the refurbishment of many of the old sewage pumping stations around the Island. The Authority is confident that with this sustained investment in its infrastructure it will continue to improve the security of supply to its customers and will deliver operational and environmental improvements to the Island’s water and sewerage systems.

The report confirms that since 2000, the Authority has continued to manage its water operations without financial support from Treasury and that the Board remains committed to repaying the £75 million Bond, which was taken out in March 2000. The accounts indicate that the current value of the sinking fund is £24 million and this is forecast to increase by some £3 million per year to repay the Bond, in full, by 2030.

The Authority’s Chairman, Graham Cregeen MHK, commented: ‘As well as ensuring the sinking fund is on target to meet the Authority’s commitments, income from water rates has been required to help fund the drinking water Capital programme 2000-2021, renewal of plant and equipment at the water treatment works and the revenue costs associated with supplying a wholesome supply of drinking water to properties on the Island. It is therefore particularly pleasing to note that the 2011/12 Annual Report and Accounts shows a surplus of £5.5 million in the year and confirms that the Authority was able to meet all its budgetary, capital and long-term reserve obligations.

‘The Accounts for 2011/12 have been the subject of an external audit and demonstrate a another good fiscal performance for the Isle of Man Water and Sewerage Authority.’


Category: Finance & Business

SEE OUR LATEST OFFSHORE JOBS: All Offshore Jobs | Isle of Man Jobs | Jersey Jobs | Guernsey Jobs

Leave a Reply

%d bloggers like this: