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Jersey Releases 2008 Accounts,
by Amanda Banks, Tax-News.com, London
Wednesday, June 17, 2009
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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