Withdrawls from the Strategic Reserve (FOI)

​Request

My request is to find out how much has been taken out of the rainy day fund / strategic reserve as it seems to be called now. Senator Maclean mentioned in his interview in the Evening Post that £141 million had been taken out in recent years. My question is which departments took money out, what was it for and what is the balance now in the rainy day fund?

Response

The withdrawal of £141 million from the Strategic Reserve over the years 2015 to 2017 was proposed by the Council of Ministers and approved by the Assembly in proposition P.76/2015 (as amended).

Strategic Reserve Fund: Funding for Independent Jersey Care Enquiry and transfers from and to the Conolidated Fund. 

The funding use was explained in the proposition and summarised in 'Table 2' on page six.

The balance in the fund as at 30 December 2016, as shown in the annual report and accounts was £819.6 million. The balance as at the end of December 2017 is still subject to audit.