The Government has published the States of Jersey Annual Report and Accounts for 2020. The report covers what the Government has achieved over the last year, its response to COVID-19, and its financial performance.
In an unprecedented year, the Government continued to deliver keys elements of the Government Plan, while fundamentally shifting its ways of working to respond to the global pandemic. At a time when its operations, its governance, financial management and financial performance were tested to the limit, the Annual Report and Accounts provides an analysis of how well it weathered the crisis and helped support Islanders during this challenging time.
The Performance Report provides a breakdown of the activities and initiatives carried out by the different Government departments, both COVID-19 and non-COVID-19 related. It explains what the government has done with taxpayers' money, highlighting where projects have been delivered, delayed, or deferred.
The Financial Review explains what the Government has done with taxpayers' money, highlighting where projects have been delivered, delayed or deferred and how it managed efficiencies during the year.
The headline financial numbers show that despite the increased costs of protecting lives and livelihoods throughout the year, the Government's major revenue streams performed better than forecast. In comparison, while revenue stayed relatively stable there were significant increases in expenditure as a result of the measures introduced to help manage the impact of the pandemic. As total of £190 million was spent on responding to COVID in 2020, with just over half (£97.9m) supporting businesses through the Co-Funded Payroll Scheme.
In 2020, the balance sheet strengthened with Group net assets increasing by £95 million to £7.6 billion due to an increase in the value of investments and a revaluation of infrastructure and property costs.
The Government followed the advice of the Fiscal Policy Panel and took the decision to run deficits in the short term and at the end of 2020 the deficit stood at £113 million.