Philip Ozouf in the States last week January 2017 said that the Strategic reserve ( rainy day fund ) stood at £806 Million pounds.
Is it not interesting that the figures below show that the States feel it is perfectly acceptable since 2008 in the downturn of a recession, rather than help people struggling indeed turned the screw on public finances by offering less in services charging more ( much of it by stealth ) then sticking chunks of the extra money people paid into the strategic fund to swell it.
To me the people of Jersey are being over taxed. To swell the strategic reserve, and nest egg to pay the civil servants maybe ?
The Minister for Treasury and Resources, Senator Philip Ozouf, has published the States of Jersey's 2009 accounts.
The key points in the accounts are:
States Net General Revenue was £674 million in 2009 – that’s £20 million more than forecast. This is due to income tax receipts
, which at £508 million are higher than the forecast of £488 million
investment income has dropped 54% since 2008
departments ended the year £7.6 million under spent - mostly due to delays in implementing various projects
there was a net surplus of £71 million compared to the surplus originally forecast of £55 million. Although this will help cushion the island against the effects of the downturn, it is not sustainable in the longer term
underlying, recurring expenditure was up 3% on 2008 – accounted for by inflation and various service improvements (agreed by the States Assembly in 2009 business plan)
there was extra, unbudgeted spending of £12.7 million – to fund items like the ending of the Reciprocal Health Agreement, the Williamson plan for vulnerable children, the
Historic Child Abuse Enquiry and Pandemic Flu preparations
there were net assets of nearly £1.6 billion - including £550 million held in the Strategic Reserve
( today £806 million
these figures include £104 million spent on capital projects – including Energy from Waste plant (£67 million)
The States are looking after somebody, but it appears not the low or middle earners ! Also Philip Ozouf in the States last week said that Returns where excellent on the Strategic reserve. Hold on a minute only eight years ago this dropped by 54% and most people today are lucky if they get more than 1% on their deposit so this excellent return we are told of ( given the bullshit that this Council of Ministers puts out ) needs checking. Even so far more has been stashed away than the black hole Jersey is supposed to have. So are they lying again ?https://www.gov.je/Government/Pages/StatesReports.aspx?ReportID=395