Tynwald, the parliament of the Isle of Man, members will be asked at this month’s sitting to make additional contingency funds available to accommodate the final stages of the project to build the Isle of Man Ferry Terminal in Liverpool.
Treasury will be moving a financial motion to transfer an additional £10 million from the general reserve to top up the capital contingency budget.
If approved, and in addition to the existing capital contingency balance, this will enable the project to progress to completion. Any part of the additional contingency funds which remain unused will be returned to the general reserve.
Treasury Minister Dr Alex Allinson MHK said: “While the project is in its final phase, it remains ongoing and the final out-turn cost will not be known for some time. Topping up the capital contingency fund is designed to provide the Strategic Board with the financial support necessary to see it to completion.”
Infrastructure Minister Chris Thomas MHK will deliver a statement on Air and Sea Services during this month’s sitting, and an update on the Isle of Man Ferry Terminal project.
He said: “The project team has worked closely with Treasury throughout this challenging scheme and is looking forward to the Isle of Man Ferry Terminal welcoming its first passengers next year. I welcome the Tynwald Public Accounts Committee’s continuing investigation into this project from beginning to end.”