FINANCIAL REPORT AND ACCOUNTS 2011 - States Assembly

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THE ANNUAL REPORTCOMPARISON OF RESULTS AGAINST APPROVALS2.5 Comparison of Results against ApprovalsThe tables below present the information in the Accounts in a format consistent with the Business Planand Budget, to allow a comparison against amounts approved by the States to be more easily shown.The income and expenditure included in the accounts in broken down into the following:ItemApprovalTable 2 General Revenues Budget – Summary Table BTable 3 Net Revenue Expenditure (Ministerial and Non-Ministerial Departments) Business Plan – Summary Table ATable 5 Adjustments made to departments to achieve GAAP compliance Business Plan – Summary Table ATable 6 Net Revenue Expenditure (Trading Operations) Business Plan – Summary Table BTable 7 Other Income / Expenditure Not Approved by the StatesTable 8 Consolidation Adjustments Not Approved by the StatesThis analysis complies with the recommendations of International Public Sector Accounting Standard 24(Presentation of Budget Information in Financial Statements).Table 2: General Revenues – Outcome compared to Budget Summary Table B2011BudgetUpdatedForecastOct 2011ActualAmountDifferencefromBudget£’000 £’000 £’000 £’000Net Income Tax 380,000 390,000 409,317 29,317Goods and Services Tax 66,812 65,626 66,297 (515)Impôts Duty 53,732 53,439 51,165 (2,567)Stamp Duty 20,775 20,873 22,567 1,792Island Rate 10,912 10,912 10,915 3Other Income 33,072 26,926 26,658 (6,414)Net General Revenue Income 565,303 567,776 586,919 21,616Net Income Tax was £29.3 million or 8% higher than the 2011 budget, and £19.3 million higher than the mostrecent forecast included in the 2012 Budget Statement, which increased the estimate for Company Taxes.The main reason for this variance was due to increased tax yield relating to individuals, arising from a largerthan expected impact of the 20 means 20 regime, and lower mortgage interest relief due to low interest rates.Impôts income was £2.6 million lower than budgeted, mostly due to duty collected on fuel and tobaccobeing lower than anticipated. Stamp Duty was £1.8 million higher than forecast due to better than expectedreceipts in the second half of the year and an over-achievement against probate budget of £0.6 million16
THE ANNUAL REPORTCOMPARISON OF RESULTS AGAINST APPROVALSTable 3: Net Revenue Expenditure – Outcome compared to Business Plan Summary Table AMinisterial Departments2011BusinessPlanFinalApprovedBudgetActualAmountDifferencefrom FinalApprovedBudget£’000 £’000 £’000 £’000Chief Minister 1 5,094 26,407 25,332 (1,075)– Grant to the Overseas Aid Commission 8,458 8,463 8,459 (4)Economic Development 16,079 19,302 18,253 (1,049)Education, Sport and Culture 100,157 106,787 103,434 (3,353)Department of the Environment 6,749 6,921 6,640 (281)Health and Social Services 167,639 171,455 170,137 (1,318)Home Affairs 48,333 49,224 47,688 (1,536)Housing (20,928) (20,074) (21,475) (1,401)Social Security 175,068 169,743 164,433 (5,310)– Adjustment (Budget 2012) – 5,173 – (5,173)Transport and Technical Services 28,432 27,835 25,985 (1,850)Treasury and Resources 1 40,040 27,456 26,115 (1,341)– Contingencies 14,862 13,624 – (13,624)Non Ministerial States Funded Bodies– Bailiff’s Chambers 1,443 1,574 1,489 (85)– Law Officers’ Department 7,589 8,536 5,793 (2,743)– Judicial Greffe 6,150 6,475 6,475 –– Viscount’s Department 1,502 1,787 1,278 (509)– Official Analyst 602 577 544 (33)– Office of the Lieutenant Governor 726 789 739 (50)– Office of the Dean of Jersey 25 25 24 (1)– Data Protection Commission 222 247 246 (1)– Probation Department 1,610 1,699 1,539 (160)– Comptroller and Auditor General 747 949 693 (256)States Assembly and its services 5,203 5,090 4,787 (303)Net Revenue Expenditure – Business Plan Basis 615,802 640,064 598,608 (41,456)The 2011 Annual Business Plan authorised net revenue expenditure of £615,801,668. Table 4 reconcilesapprovals in the Business Plan to the Final Approved Budget, which includes amounts carried forward fromprevious years’ approvals (as set out in MD-TR-2011-0040 and MD-TR-2011-0042), additional approvals bythe States, and Revenue to Capital transfers.1 During 2011 the Resources Department transferred from the Treasury and Resources Department to the Chief Minister’sDepartment, as explained in the relevant Department Pages in the Annex to the Accounts17
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States of Jersey TreasuryCyril Le M
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FINANCIAL REPORT AND ACCOUNTS 2011 - States Assembly

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