A plan to reinvigorate Jersey’s infrastructure is moving along, with plans for a “more disciplined financial framework” lodged by the Treasury Minister.
Deputy Elaine Millar proposed plans to create the “Jersey Capital Investment Fund” – a replacement for the current Consolidated Fund – to fund the more major assets and infrastructure belonging to the government.
Alongside the Capital Investment Fund, Deputy Millar’s wants to create a General Revenue Fund focused on day-to-day public services.
She lodged an amendment to the Public Finances (Jersey) Law 2019 today.
Deputy Millar said the plans would “lay the foundations for a clearer, more disciplined financial framework”.
She hopes to make government money focus on long-term investment and “strengthen our ability to maintain the public assets islanders rely on”.
The new model is being put in place ahead of next year’s Budget – when money is due to be transferred to the two new funds and allocated for the first time.
This is due to be accompanied with a Long-Term Capital Plan, which would later be released annually.
Chief Minister Lyndon Farnham said: “By protecting investment in our schools, hospitals, transport network, utilities and coastal defences, the Jersey Capital Investment Fund ensures that essential infrastructure is properly maintained and renewed.
“The fund brings greater transparency and discipline to how we manage public money. It also safeguards capital investment from short term pressures.
“This brings improved financial discipline, and a vital step in strengthening our infrastructure and public realm long into the future.”