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Government of

Information and public services for the Island of Jersey

L'înformâtion et les sèrvices publyis pouor I'Île dé Jèrri

States of Jersey Financial Report and Accounts 2012

Produced by the Treasury and Exchequer
Authored by Treasury and Resources and published on 18 Jun 2013
Prepared internally, no external cost


​The financial report and accounts 2012 examine the performance of departments, trading operations and funds against previous years and budget approvals. It shows that the States performed well against targets in 2012, as well as against international industry benchmarks.


States income for 2012 was £628 million, compared with £587 million in 2011. This was £15.4 million more than anticipated, and consisted of revenues from taxation such as personal income tax and GST (£510 million), impôts, stamp duty and the Island rate (£86.8 million) and other income (£30.9 million).
In terms of income from personal tax, the bottom 40% of earners contributed less than 2% of all income in 2012 and the top 2% of earners contributed more than 40%.


Departments’ net revenue expenditure for 2012 was £601 million.
Departments ended the year with an underspend of £28 million against budgets. These funds have been carried forward into 2013 to help departments make changes in service delivery that achieve long-term savings, and to meet the cost of initiatives aimed at creating jobs and boosting growth.

Management of the balance sheet

Jersey’s investment performance in 2012 was better than that of international industry-standard benchmarks. Equity returns were 15% against a benchmark of 11% and overall our returns were 9.1% against a benchmark of 8.7%.
Following an independent valuation of fixed assets, carried out by the Valuation Office Agency, there was also a significant increase in fixed assets of approximately £275 million. There were also high returns for the common investment fund, which increased by £133 million and the strategic reserve reached £651 million by the end of 2012.
The Treasury has also operated as an active shareholder with regards to Jersey Post, Jersey Telecoms, Jersey Water, Jersey Electricity and SOJDC.  Together, the four utilities contributed £18 million in dividends to the States in 2012, reducing the need for that funding to be raised by taxes.​

Download financial report and accounts 2012 (size 2.51mb)
Download annex to financial report and accounts 2012 (size 1.2mb)
Summary of financial report and accounts 2012 (size 1.2mb)
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