FINANCIAL REPORT AND ACCOUNTS 2011 - States Assembly

THE ANNUAL REPORTSUMMARY OF CURRENT POSITIONFISCAL STIMULUS PROGRAMMECivil InfrastructureA programme of two highways, three drainage and an urban renewal project, all of which are now complete.Construction and MaintenanceA significant portion of the funds are allocated to the Housing Department and Jersey Property Holdings tofund backlog maintenance works and major capital projects, the majority of which are now complete. Thethree projects outstanding are in their final fee retention period and will be completed in 2012.In June 2011 a report (R.67/2011) Fiscal Stimulus: Financial Report and Review was presented to theStates. The purpose of the report was to communicate the background of how and why the Fiscal StimulusProgramme was agreed by the States of Jersey and the project evaluation process, and to report on the keyachievements of the Programme including the funds allocated by category.The table below shows spend for 2011, total spend to 31 December 2011 and the total budget allocated toeach category from inception to 31 December 2011:Programme areaSpend2011Spendto DateBudgetAllocated£’000 £’000 £’000Skills and training 2,410 4,697 4,901Support for individuals 16 43 43Support for business 1,070 3,412 3,502Civil infrastructure works 197 5,926 5,926Construction and Maintenance works 13,242 22,818 23,239Project Management 18 272 272Total Allocated 16,953 37,168 37,8832.7 Summary of Current PositionThe key results relating to the position of significant funds are highlighted below. In all cases the relevantpages in the Annex gives more information about the performance and position of the funds.Consolidated FundAs at the end of 2011, the unallocated Consolidated Fund Balance was £47 million. The 2011 Budget forecast anunallocated balance in the Consolidated Fund of £11 million. This was revised in the 2012 budget to £24 million,mostly due to a higher balance at the end of 2010, offset by a lower transfer from the Stabilisation Fund.The actual balance was £23 million higher than expected primarily as a result of improved taxation revenues.The full £46 million transfer from the Stabilisation Fund was also enacted (as explained below).Trading OperationsThe Trading Fund balance increased for each of the Trading Operations during 2011. However, a significantamount of these balances have been earmarked for future projects, as detailed in the relevant pages in theAnnex to the Accounts.30