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Half-year financial report released

14 September 2012

Minister for Treasury and Resources, Senator Philip Ozouf, has released the half-year financial report to all States Members for the first time. This gives States Members access to financial information as at June 2012 in summary format.
The key points to June 2012 are:

  • general revenues full-year forecast of £625.8 million is £13.5 million ahead of budget

  • general net revenue expenditure full-year forecast of £622.2 million (excluding central reserves, restructuring and depreciation) is £8.2 million below budget

  • overall financial position is a 1.7% improvement on budget as forecast at June 2012

Senator Ozouf said “The half-year performance report shows that we are ahead of our budget expectations, with revenues ahead of target and departments managing their expenditure well within agreed limits. It indicates that the assumptions we have made for future performance in the Medium Term Financial Plan are in line with current performance overall.”

Treasurer of the States, Laura Rowley, said “This half-year performance report represents a step forward in our release of financial information to States Members. We are committed to continuing with our goal of providing as much information as possible, which is in line with my personal commitment to open and transparent government.”

The report includes GST income for the first 6 months of 2012.

The full-year forecast shows that general revenues are likely to be £13.5 million ahead of budget and departmental expenditure will be £8.2 million underspent (excluding depreciation and central reserves).

Senator Ozouf added “A great deal of hard work goes into managing the financial position of the States, both at departmental level and centrally, and it is useful to see that we expect our financial position to be improved on a full-year basis. Whilst there is a reduction against budget in GST of £3 million, income tax, including personal and corporate, is forecast to be up by £21 million. In the context of recent comments concerning the economic assumptions of the MTFP, I express the hope that this will give confidence that the Treasury continues to be prudent in its forecasting. Whilst this mid-year result is an interim one it is nevertheless welcome. This improved position has already been forecast in the MTFP, which means that spending limits are unlikely to be able to be increased as a result of this mid-year report.

“In the coming weeks the Fiscal Policy Panel will publish their independent annual report on 1 October. We should recall their advice from May this year that if additional expenditure is required to stimulate the economy it should focus on projects that can be brought forward and have intrinsic economic value in their own right, and this should be done in a timely, temporary and targeted manner.”

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