Jersey Treasury and Resources Minister, Phillip Ozouf has released Jersey’s financial report and accounts for 2008. During the course of 2008, income increased to GBP660m, exceeding projections within the original budget by GBP47m, an increase of 18% on 2007. The main increase compared to budget was in the yield from personal income tax which was in accordance with the revised forecast included in the 2009 Budget.
During 2008 the spending of States' non-trading departments rose by 8.8% to GBP522m. This increase included one-off costs associated with the Historic Child Abuse Enquiry and the cost of the income support transitional arrangements.
The increase in the underlying level of expenditure was 5.5%. Allocations to capital projects for the year amounted to GBP143m, comprising an initial allocation of GBP40m, detailed in the 2008 Business Plan and an additional in year allocation of GBP103m for the new Energy from Waste Plant.
Increased levels of income and the decision to fund the entire capital programme from cash rather than borrowing resulted in a year-end deficit of GBP5m. At the end of the year Jersey’s two reserves, the Strategic Reserve and Stabilization Fund, stood at record levels with a combined value of GBP582m.
Commenting on progress made in Jersey, and particularly within the success of its financial services sector, Phillip Ozouf said:
“In the post-war period, Jersey’s economic performance has been remarkable. The island benefits from very high standards in health, education and other services and at the same time maintains some of the strongest public finances of any small state in the world. This success has been built on relatively low taxation and a prudent approach to financial management. Whilst I have every confidence in the future of our Island and we must continue out prudent and realistic approach to spending.”
“In 2009 the Treasurer will lead the single biggest change to financial management and accounting in the States in recent years, the introduction of GAAP accounting. We are one of the first small island jurisdictions in the world to introduce these accounting standards. The adoption of GAAP in 2009 will result in greater transparency, improved financial reporting, and most importantly, better information to guide our decision making.”
Ozouf underlined that 2009 would be a ‘demanding yet exhilarating year’ for Jersey and concluded that he would, as Treasury and Resources Minister, endeavour to continue “a positive and prudent approach to financial management, building on past successes and shaping the island’s finances for the future.”
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