The Government has published the Annual Report and Accounts for 2019. The report shows that the organisation maintained a strong closing balance sheet with net assets of £7.6 billion, as at 31 December 2019.
The Annual Report contains a detailed breakdown of the activities and initiatives carried out by the different parts of the States of Jersey group, including government departments, non-ministerial departments, funds and subsidiary companies. It explains what the government has done with taxpayers' money, highlighting where things have gone well and where they need to improve.
The report details a healthy balance on the Strategic Reserve and Social Security Funds and a robust investment outlook. There was a gain of £402 million from the revaluation of investments, compared to losses of £95 million in 2018.
However, pension past service liabilities – the funding of pensions for those who started service before the introduction of a pension scheme - increased by £36 million.
Key figures from the report include:
- General Revenue Income, as approved by the States Assembly was £845 million, is £35 million more than in 2018. This was mainly due to income tax which was £31 million higher than 2018
- Including the results of Government-Owned Entities and major funds (including the Social Security Funds) spending increased by 5%, from £1.2 billion in 2018 to £1.3 billion in 2019
- The Strategic Reserve increased in value by £99 million
- The Social Security Funds increased in value by £288 million from 2018