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Information and public services for the Island of Jersey

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

Confirmation Of Application Of 2022 Unspent Amounts

27 July 2023

The Treasury Minister, Deputy Ian Gorst, has made a decision regarding unspent amounts at the end of 2022, resulting in the transfer of unspent amounts to the Reserve in 2023 and subsequent allocation of funds. 

This includes formally confirming the planned release of unused amounts identified in the Government Plan 2023-2026. 

As part of the reprofiling of the capital programme, £54  million from the existing capital programme was reallocated through the Government Plan across the years 2023 to 2026. 

An additional £11.4 million will be carried forward to reflect updated timings of spend on capital projects, with a further £5.1 million held in reserve due to the uncertainty of cash-flows. 

The Government Plan also identified that £23 million of the allocation should be released to meet the costs of Covid-19, supporting the repayment of all borrowing relating to Covid 19, including Fiscal Stimulus. 

Repayment of this debt was prioritised over transfers to the Stabilisation Fund, and the improved income position at the end of the year means that transfers may now be possible, in line with the advice of the Fiscal Policy Panel. 

The Minister is considering bringing a proposition to the States to action this.

Acknowledging anticipated funding pressures for 2023, Deputy Gorst has approved the transfer of net departmental underspends and unspent sums from 2022 to the Reserve in 2023: 

  • £15.7 million will be made available to support the estimated costs in 2023 relating to the tragedies at the end of 2022. 
  • £6.3 million will be carried forward for departments – primarily the continuation of Covid Recovery Schemes, and the rephasing of spending on specific projects started in 2022. 

The General Reserve will also be increased by a further £15.4 million, to compensate for the reduction in available amount agreed by the States to fund the Jersey Care Model, rather than HIF transfers. 

This allows the reserve to be used for the purposes set out in the Government Plan. 

Specific ring-fenced amounts (such as the provision for Assisted Home Ownership) will also be rolled forward for those same purposes. 

This decision confirms the importance of maintaining control over the Reserve to navigate challenging situations and address unforeseen expenditure, including the cost of major incidents. 

Treasury Minister Deputy Ian Gorst said: "We have managed a difficult situation, prioritising control and reserves, while also generating additional income. By being cautious and prudent, we can face the challenges ahead. 

“The Reserve is a key tool in managing the unknown. As we emerge from the pandemic, we have been able to begin to reduce the level we need to hold in contingency, and we will have an ongoing focus on strong and prudent financial management by departments to manage expenditure within their cash-limits."

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