That's according to Dr Alex Allinson, who made a statement in Tynwald this week.
It comes following the government confirming a third round of support payments for struggling families this winter.
So far, around £11m has been paid out, with residents now being encouraged to make their homes more energy efficient.
However, speaking in Tynwald, Dr Allinson said we need to create a 'safe and sustainable' Island for future generations:
Political satire is coming to the Gaiety Theatre in Douglas next week, just in time to poke fun at the general election.
Viking longboat races today
Viking races will finally get underway in Peel today - after a six-week delay.
Postal vote applications have to be in soon
Living far away but want to cast your vote in September's election? Time's running out!
Mum launches petition over university support
A petition's been launched calling on government to provide more support for Manx university students.
Bus services north and south face disruption later
Bus Vannin says a number of its services may face disruption this evening.
Wildlife Trust unveils woodland plans
The Manx Wildlife Trust has submitted a planning application for a new woodland in the northeast of the Island.
Deadline looms for by-election nominations
Time's running out to get your forms filled in if you'd like to stand as a commissioner in Marown.
Biker in UK hospital after Mountain crash
Police are appealing for witnesses to come forward after a crash on the Mountain Road yesterday afternoon.
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