Jersey is in the black - just

Friday 16 May 2014

Jersey's accounts for 2013 show a small surplus of £500,000 in its day-to-day finances. Income was £9.3m lower than forecast for 2013, mainly due to weaker returns from Stamp Duty. The total income stood at £636.7m in 2013, compared to expenditure of £636.2m, with departments underspending their allocated budgets by £23m.

However, the accounts show that the States have net assets of £5.6bn, including property, investments and other assets such as shareholdings in the utilities. They also record a very strong investment performance, with two key funds - the Strategic Reserve and the Social Security (Reserve) Fund increasing by a combined £288m

For comparison, in 2012, the States surplus in its day-to-day finances was £27.1m, with income at £628m, and expenditure at £601m.

Treasury and Resources Minister, Senator Philip Ozouf commented: 

“The States of Jersey finances remain in a healthy state. Underspends achieved by a number of departments mean that we have finished the year with a small operating surplus. I am particularly pleased with the performance of our Common Investment Fund. This means that our funding strategy for the new hospital is working. Our planning assumption was for a 5% return (£33 million), and we have achieved £92 million in 2013.

“Economically, 2013 continued to be a difficult year for the global economy and therefore for Jersey. However, we were able to support the local economy last year by delivering £43m of capital expenditure in important areas such as housing, infrastructure, health and education. As the global and UK economies continue to show signs of improvement this year we plan to continue to this support by ensuring that the increase in business confidence seen in Jersey translates into real economic improvements across the whole economy.”