States balance sheet looking very healthy – partly down to antiques and art…

Thursday 11 June 2015

The headlines may be pointing to deficits and doom and gloom, but the States are still sitting on a healthy position of billions of pounds worth of assets.

Figures in the accounts for 2014 show that the public of Jersey – through the States – own £3.3 billion worth of property assets, and have something like £2.4 billion of investments.

The accounts also record some weird and wonderful figures about the spending by the States over 2014, and the kind of unexpected assets that the States own, including £706,000 worth of antiques and art.

Treasury Minister Alan Maclean says that the strong balance sheet of assets doesn’t make him complacent about dealing with the annual £125 million deficit expected by 2019, but that it’s an important point to remember.

“The balance sheet and the deficit are two totally different things, but the strength of our balance sheet gives us options that other places do not necessarily have,” he said.

“We have £5.7 billion worth of assets, and that actually increased in 2014 by £73 million, which we have achieved through active management of assets.

“We have quite a challenge ahead. There are rising costs of government in areas like health and education that we are choosing to invest in.”

Here’s a few of the odder figures buried deep within the 239 pages of the States of Jersey’s Financial Report and Accounts for 2014…

• The number of sheets of paper used by the States fell by 4.9 million.
• Staff were paid £485,000 in “relocation expenses”.
• Heating oil consumption dropped by 700,000 litres.
• Each employee had an average of 9 cubic metres of office space.
• Electricity use fell by 1.9 kilowatt-hours.
• Average pay for a full-time member of staff was £43,274.
• The States own £706,000 worth of “antiques and works of art”.
• There is £8.6 million worth of Jersey coinage in circulation.
• Expired flu vaccine stock worth £168,000 was written off.