The Government of Jersey has published the States of Jersey Annual Report and Accounts for 2018.
The report shows that the organisation maintained a strong closing balance sheet, with net assets of £6.8bn, as well as reflecting rises in expenditure – up £80m (7%) on 2017.
Key figures
• General Revenue Income was £799m, £32m more than in 2017, mainly due to increases in income tax revenue, GST and stamp duty.
• Including the results of States-owned entities and major funds, spending increased by 7%, from £1,167m in 2017 to £1,247m in 2018.
• The Strategic Reserve decreased in value by £33m from 2017, through falls in the valuation of investments over the year of £25m, and £8m being transferred to fund the hospital project. The Strategic Reserve balance still remains in a strong position, at £807m.
Financial function changes
The Treasury and Exchequer has been undergoing significant transformation, including the creation of a single finance function. Further improvements were also made to the financial accountability framework, through the Assembly making the Chief Executive ultimately accountable for the efficiency, effectiveness and economy of spending across government, through the role of the Principal Accountable Officer (PAO).
•To view the report click here