FINANCIAL REPORT AND ACCOUNTS 2011 - States Assembly

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THE ANNUAL REPORTCOMPARISON OF RESULTS AGAINST APPROVALSTable 4: Reconciliation of Final Approved Budget to the Business PlanApproval£’000Business Plan Approval 615,8022010 approvals carried forward to 2011 16,174Additional amounts voted by the States of Jersey 9,281Revenue to Capital Transfers (1,193)Final Approved Budget 640,064Each department gives an explanation of differences between actual amounts and approvals as part of theirdepartmental pages in the Annex to the Accounts. Some of the larger underspends include:• £13.6 million – unused contingency amounts.• £10.5 million – lower costs of Social Security benefits (£5.2 million of which was identifiedin the 2012 Budget Statement).• £2.6 million – due to recovered costs in the Law Officers’ Department.• £1.8 million – due to delays in major projects within Transport and Technical Services• £1.5 million – due to the system of delegated financial management within Education, Sport and Culture.• £1.0 million – Unspent contingency amounts in Higher Education within Education, Sport and Culture.Table 5: Adjustments made to departments to achieve GAAP compliance2011BusinessPlanGAAPCompliantBudgetActualAmountDifferencefromGAAPBudget£’000 £’000 £’000 £’000Depreciation 37,073 37,073 34,067 (3,006)Impairments 8,245 8,245Asset (Gain)/Loss (1,674) (1,674)Other GAAP adjustments (20) (20)Total GAAP Adjustments 37,073 37,073 40,618 3,545Net Revenue Expenditure – Business Plan Basis 615,802 640,064 598,608 (41,456)Net Revenue Expenditure – GAAP Basis 652,875 677,137 639,226 (37,911)The 2011 Business Plan did not include depreciation approvals as part of individual departments’ approvedexpenditure limits. Instead a single figure was approved within the Treasury and Resources Department.However, the Annex to the Business Plan did give details of the amount attributable to each department.Impairments are recognised where required by the Jersey Financial Reporting Manual (JFReM), and furtherdetails are given in Note 9 – Tangible Fixed Assets.Gains or losses on disposal of fixed assets are also excluded from the Business Plan, as these should berare. An estimate of proceeds from the sale of property assets is included as part of the Capital Programme,but this is not comparable to gain or loss on disposal.18
THE ANNUAL REPORTCOMPARISON OF RESULTS AGAINST APPROVALSTable 6: Net Revenue Expenditure – Outcome compared to Business Plan Summary Table BTrading Operations2011BusinessPlanFinalApprovedBudgetActualAmountDifferencefrom FinalApprovedBudget£’000 £’000 £’000 £’000Jersey Airport 2,502 4,198 (94) (4,292)Jersey Harbours 452 562 (959) (1,521)Jersey Car Parking (214) (214) 539 753Jersey Fleet Management (226) (226) (367) (141)Net Revenue (Income)/Expenditure 2,514 4,320 (881) (5,201)The interim valuation of assets in 2010 has affected the depreciation charge in two of the Trading Operations,with the impairments recognised in Jersey Airport reducing depreciation by £0.8 million, and the upwardsrevaluation in Jersey Car Parking increasing depreciation by £0.9 million.In addition, Jersey Airport received more income than budget (£1.0 million), and delays to major projectsmeant that expenditure was £2.7 million lower than budgeted.Each Trading Operation gives an explanation of differences between actual amounts and approvals as partof their departmental pages in the Annex to the Accounts.Table 7: Other Income / (Expenditure) – Outside of the Budgeting BoundaryStates of Jersey Development Company LtdNet Revenue IncomeReserves and Separately Constituted FundsNet Revenue IncomeActualAmount£’00081614,825Movement in pension liability (4,384)Other Income 5,448Other Income 16,705Entities and Expenditure outside the Budgeting BoundaryIncome/expenditure approvals for Separately Constituted Funds and Reserves are not included in theBusiness Plan, and so results for these entities cannot be compared to budget. Similarly, the States of JerseyDevelopment Company is outside of the budgeting boundary.The Reserves and Separately Constituted Funds Net Revenue Income (NRI) figure is due to returns on theStrategic Reserve (£7.5 million), net income in the Criminal Offences Confiscation Fund (£6.1 million) andsmaller amounts in other funds.19
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States of Jersey TreasuryCyril Le M
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