FINANCIAL REPORT AND ACCOUNTS 2011 - States Assembly

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MINISTER’S REPORT1 Minister’s ReportThe 2011 Financial Report and Accounts presented here clearly demonstrate the effects of the decisionstaken to safeguard public finances and maintain our strong position compared to so many other jurisdictionsacross the world. The States’ Balance Sheet is strong; the States has fixed assets valued at more than£2 billion coupled with strategic investments in utility companies that are wholly or partly owned by theStates and have a book value in excess of £326 million.2011 was never going to be an easy year for Jersey; it was recognised that every Islander was going to beaffected by the tough tax measures we have had to take and sometimes it is difficult to understand why suchmeasures have been taken. These Accounts show that spending is being carefully managed and that theplanned levels of savings from the Comprehensive Spending Review are largely being delivered. Thoughwe acknowledge particular difficulties for Education Sport and Culture in achieving their target, Ministers areworking together to achieve a satisfactory outcome.In September, good news came when the EU Code of Conduct Group approved the zero/ten tax regime andconfirmed that the rollback proposal would remove the harmful element of the States’ regime. The fact thatJersey has secured zero/ten is excellent news for the Island. It brings certainty and stability to the businesscommunity and gives Jersey significant advantage over competitors, providing the foundation for growth.Income Tax receipts have exceeded expectations set in the 2011 Budget last Autumn by £29 million. Thisis primarily a result of an increase in Personal Tax yield due to a larger than expected impact of freezingallowances and a further partial withdrawal of reliefs through 20 means 20, together with lower mortgageinterest relief due to exceptionally low interest rates.Work is now underway to calculate how much of that increase will form part of the base figures and continue intofuture years’ receipts, and this will provide the information necessary for forecasts and future policy decisions.The Taxes Office has improved the States tax collection rate to 99.6%, and as a result the level of write offs(relating largely to the deceased and people who have gone away and cannot be traced) is down from abudgeted £4 million write-off to an actual £1.5 million.The 2011 year ended with an under-spend of £27 million in departments. The approval of these as carryforwards will allow departments to make the best use of these funds. Some departments are applyingsome of these funds to help bring about long-term efficiency gains and savings. This will help meet the3
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INTRODUCTION TO THE ACCOUNTSCHANGES
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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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