Runway Extension £2m Overspend Comes Under Spotlight
A report into the oversight that led to the £2 million plus overspend on the Runway Extension Scheme is due to go before Tynwald this month.
The issue stemmed from the purchase of Euros to pay for the work carried out on the Runway.
Due to a delay in the purchase, and the subsequent fluctuations in the exchange rate additional costs of over £2m were incurred, this came at a bad time for the Government who were faced with paying out for the Depositors Compensation Scheme.
The Committee who compiled the report took evidence from Treasury Minister at the time Alan Bell, his second in command Phil Braidwood and other Treasury members.
The Report includes a number of recommendations intended to tighten up procedures for future projects to ensure issues like this can be avoided.
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