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Budget 2009 Home Page Budget Economic and Fiscal Update 2009

Changes to the Fiscal Forecasts

The PFA requires that if the fiscal implications of government decisions and other circumstances can be quantified for particular years with reasonable certainty, these fiscal implications must be included in the forecast financial statements. This applies irrespective of whether or not a decision has been taken by the Government to provide additional funding for the matter.

Based on the criteria outlined on pages 98 and 99 above it is probable that additional funding for the matters listed below will be approved by the Government during the forecast period. Consequently, these matters have been incorporated into the fiscal forecasts as potential charges against the operating allowances for future Budgets.

ACC Non-Earner's Account

ACC updated its scheme valuation as at 31 December 2008 and has advised of potential changes to the Non-Earner's Account baselines in 2009/10 and outyears.

ACC Non-Earner's Account
Budget to be charged
($million)
2009/10 2010/11 2011/12 2012/13
Budget 2010 86.752 61.977 54.160 97.778

There is also a specific fiscal risk for further changes in ACC, beyond the revaluation shown above.

Revenue - Changes to the July 2008 tax bill

The Finance and Expenditure Select Committee is currently considering changes to the July 2008 tax bill, including changes recommended by officials. Although the cost of the Committee's final recommendations is unknown, there is a high probability that the changes recommended to the Committee for inclusion in the version of the Bill to be reported back to Parliament will be adopted.

Revenue - Changes to the July 2008 tax bill
Budget to be charged
($million)
2009/10 2010/11 2011/12 2012/13
Budget 2010 (15.200) 16.000 17.000 18.000
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