The capital fund will rely on general reserves and £70m of revenue funding each year to deliver £425m of schemes – £230m of these central government schemes – over five years.

This includes a £6.61m to upgrade King Edward VIII pier in Douglas so it is ready to accept the Steam Packet’s new vessel Manxman.

At 133 metres, the Manxman is 8m longer than the Ben-my-Chree and bigger overall.

Fenders and mooring bollards will be replaced and strengthened to reduce the risk of damage to both the pier and Manxman during stormy conditions.

Among other capital schemes there’s an extra £2.3m towards the construction of new £3.4m sexual assault referral centre, £495,000 for mobile classrooms and £780,000 to replace radiology equipment at Noble’s Hospital.

The Climate Change Adaptation Fund will receive a further £5.4m to help protect the island and its infrastructure from the effects of changing global weather patterns.

Investment in the highway network will see £6.125m committed to improvements and refurbishment as part of a rolling scheme, while £1.155m will be available for structural maintenance.

Treasury Minister Dr Allinson said: ‘We have focussed on the creation of a realistic and deliverable capital programme which will be fully funded from revenue in the medium term.

‘Only active schemes have been included in the main programme and those that require further feasibility studies and design have been redirected to the Project Development Fund.

‘The fund has been provided with an additional £8m to support this change.’

A review of the way the programme is established and funded, aimed at streamlining and modernising the capital element of the Budget process, has now been completed.

Departments previously submitted bids for capital funding in August or September each year for consideration as part of the following year’s Budget.

This provided a single opportunity in a year and led to incidents of approved business cases becoming inaccurate through changes to project requirements and costs – most recently affected by a rapid rise in inflation.

From this year, a quarterly approval process will be introduced for capital schemes in February – as part of the annual budget – as well as June, September and November.

Schemes that have successfully passed through the design and feasibility process will be eligible for approval, subject to the necessary agreement process.

The Treasury Minister told members: ‘We believe that this will improve our financial planning process and ensure that only fully developed schemes are presented to Tynwald for approval and implementation.’