11 June 2018
The States of Jersey secured a £23 million budget surplus in 2017, according to its Annual Report and Accounts, which were published today.
The report reveals that government income was £23 million more than government spending on public services, partly as a result of higher-than-forecast taxes and investment returns, and partly as a result of lower-than-expected costs.
The report also highlighted that 2017 was expected to be the fourth successive year of GVA growth, with record employment and the lowest unemployment for eight years.
Financial performance summary
- general Revenue Income, as approved by the States Assembly, was £767 million, which is £30 million more than in 2016, mainly due to increases in Income Tax revenue, GST and stamp duty
- departmental spending increased by 1%, from £698 million in 2016 to £704 million in 2017. This was mainly driven by pay awards
- investment returns on the Strategic Reserve amounted to £70 million in 2017, which was a 9% return. £50 million was transferred out of the reserve, and it now stands at £840 million, compared to £820 million in 2016
- the Social Security Funds increased in value by £219 million and now stand at almost £2 billion
The Annual Report contains more detailed information on public service performance than it has in previous years, when the focus was mainly on explaining the finances. It explains what the States has done with taxpayers’ money, showing the breadth and depth of its activities across departments and services, highlighting where things have gone well and where they have gone less well and need to improve.
States of Jersey Chief Executive, Charlie Parker, said “This report shows an organisation that has worked hard to serve its community. It has many examples of good performance, as well as some areas where performance is uncoordinated, inconsistent and does not provide good value for money.
“The information contained in this report is an important step towards the greater transparency and accountability that should underpin public services, and on which I will build during my time as Chief Executive of the States of Jersey.
“We are working to improve how the organisation works, by restructuring and modernising, investing in new services and skills, becoming more commercial and customer focused, and by having clearer objectives and accountabilities. We are aiming to build a public sector that is more effective, efficient and delivers outstanding, value for money services, where information about the performance and financial activity of the States of Jersey is clearer and more transparent.
“Next year’s annual report will contain even more detailed performance information as we embed the planned structural changes and enable more comprehensive and transparent reporting.”
States of Jersey 2017 Annual Report and Accounts