2018 Annual Report and Accounts
Produced by the
Treasury and Exchequer
Government of Jersey
and published on
24 Apr 2019
Prepared internally, no external cost
The government has published the States of Jersey Annual Report and Accounts for 2018. The report shows that the organisation maintained a strong closing balance sheet with net assets of £6.8 billion, as well as experiencing an increase in expenditure – up £80 million (7%) on 2017.
The report details a healthy balance on the Strategic Reserve and Social Security Funds and a robust three-to-five-year investment outlook. This is despite the write-off costs associated with the hospital project, and a drop in investment valuations of £95 million, consistent with market performance, and representing the single biggest impact on group financial performance.
The report goes on to explain that the government invests over the long-term and while this drop may seem concerning, it actually follows a run of strong annual returns. The long-term investment outlook remains positive, but there remains considerable short-term volatility, demonstrated by the valuation losses experienced being recouped by the end of February this year.
Some of the key figures in the report include:
General Revenue Income, as approved by the States Assembly, was £799 million, which is £32 million more than in 2017. This was mainly due to increases in income tax revenue, GST and stamp duty
including the results of States Owned Entities and major funds, including the Social Security Funds, spending increased by 7%, from £1,167 million in 2017 to £1,247 million in 2018. This included pay awards, social benefit expenditure, healthcare costs and the one-off abortive costs associated with the hospital
the Strategic Reserve decreased in value by £33 million from 2017, through falls in the valuation of investments over the year of £25 million, and £8 million being transferred to fund the hospital project. The Strategic Reserve balance still remains in a strong position, at £807 million
the Social Security Funds decreased in value by £49 million from 2017, and now stand at almost £1,921 million
States of Jersey Annual Report and Accounts 2018