FINANCIAL REPORT AND ACCOUNTS 2011 - States Assembly
FINANCIAL REPORT AND ACCOUNTS 2011 - States Assembly
FINANCIAL REPORT AND ACCOUNTS 2011 - States Assembly
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THE ANNUAL <strong>REPORT</strong>DETAILED <strong>FINANCIAL</strong> ANALYSISINCOME2.6 Detailed Financial Analysis2.6.1 IncomeIn <strong>2011</strong>, total gross income (before consolidation adjustments – please see note 2) for the <strong>States</strong> of Jerseywas £820 million, compared to £778 million for 2010. Figure 1 shows the split of income for <strong>2011</strong>.Figure 1: Breakdown of Gross <strong>States</strong> IncomeSeparately Constituted Funds5%Non Departmental Income 1%Trading Funds 7%Income Tax 50%Departmental Income 15%Salary and WageEarners 35%Other General Revenues 4%Island Rate 1%Stamp duty 3%Self Employed andInvestment Holders 6%Companies 9%Impôts 6%GST 8%General Revenue Income makes up 72% of Income in <strong>2011</strong>, totalling £589 million (2010 – 71%, £552 million).In the Budget Statement General Revenue Income is voted net of directly related expenditure, suchas Irrecoverable Debts or Investment Management fees. These expenses totalled £2.4 million in <strong>2011</strong>(2010 – £6.1m). Table 10 shows a summary of General Revenue Income net of these expenses:Table 10: General Revenue Income<strong>2011</strong>Budget2010Actual<strong>2011</strong>ActualIncrease /(Decrease)£’000£’000£’000%380,000 Net Income tax 394,353 409,317 4%66,812 Goods and Services Tax (GST) 44,200 66,297 50%53,732 Impôts 49,412 51,165 4%20,775 Stamp Duty 20,139 22,567 12%10,912 Island Rate 10,510 10,915 4%33,072 Other General Revenue income 27,672 26,658 (4%)565,303 Net General Revenue Income 546,286 586,919 7%21
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