States of Jersey financial report and accounts 2010
Produced by the
Treasury and Exchequer
Treasury and Resources
and published on
07 Jun 2011
Prepared internally, no external cost
Download financial report and accounts 2010 (size 1.6mb)Download annex to financial report and accounts 2010 (size 846kb)
The Minister for Treasury and Resources, Senator Philip Ozouf, has published the States of Jersey’s 2010 accounts.
The key points in the accounts are:
- These are the most detailed and transparent set of Accounts that the States has produced. They comply with Generally Accepted Accounting Principles and our independent auditors confirm the Accounts show a “true and fair view”.
- There is clear disclosure of how States money is being spent.
- At the end of 2010 the States consolidated fund held £41m – that’s £22m better than target because of -
- Underspends by departments, who are being prudent and managing their expenditure well. At the same time Departments are restructuring their services so as to meet ongoing savings targets of £65m by 2013.
- higher than expected tax receipts from businesses and personal income tax (£14m). This figure is within the prudent forecast range of plus or minus £15m.
- During 2010 the States introduced the Common Investment Fund (CIF) to allow States Funds to pool investments and so benefit from greater investment opportunities and economies of scale. This has delivered an increase in the value of the Reserve by £36m from £551m to £587m.
- States Income was £546m in 2010 – £128m less than in 2009, but £16m more than forecast.
- In the full first year effect of zero/ten and during an economic downturn, the Accounts show a strong and healthy balance sheet
- In 2010 there was significant investment in our infrastructure.
- £68m was spent from the Consolidated Fund on capital projects – including the planned £34m on the Energy from Waste plant. More and better social housing for local people has been delivered. For example, renovation of the Cedars, Le Marais Low Rise and completed Phases 5, 6 and 7 of Le Geyt Flats.
- Improvements to radiology facilities for the Accident and Emergency unit have been delivered, together with a new CT scanner.
- Investments continue to be made in the Island’s essential waste water and sewage network.
- This investment in infrastructure is part funded from the sale of high value sites and surplus assets so as to deliver best value for Jersey – safeguarding our future.
- The holdings in States’ owned companies were valued at the end of the year at £254m, little changed from 2009.
- Separate full and detailed reports have been published setting out how the spending of Fiscal Stimulus money supported local businesses through the recession. At the same time competitive bids were attracted for work that was essential and already a priority within our capital programme.