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States Accounts deliver good and bad news

States Accounts deliver good and bad news

Tuesday 04 June 2019

States Accounts deliver good and bad news

The 2018 States of Guernsey Accounts have shown a loss in the island's investments, but there is an unallocated surplus in general funds of nearly £10million.

Released today, the annual figures show a General Revenue surplus of £66.4m, which is said to be "slightly more than the figure budgeted for" and is down to "a slightly better-than-expected return from some sources of revenue including ETI receipts as well as the States of Guernsey achieving its Budget targets for limiting expenditure."

Policy & Resources has reported a net underspend of £1.6m for 2018, but the Chief Minister has made it clear there have been challenges as several individual committees have overspent.  

Education, Sport and Culture overspent by the most at £2million, while Home Affairs overspent by just over half a million and Health and Social Care by £177,000.

Overall that results in the unallocated surplus of £9.7m which P&R says is more than was budgeted for, but significantly less than the equivalent figure for 2017.  

With regards the States investments, 2018 saw a net loss (largely unrealised) of £19.8m compared to a return of £61.4m in 2017.  P&R says "that volatility is disappointing but should not be seen as cause for alarm given the long-term nature of the investments."

President of P&R, Deputy Gavin St Pier, said:

"Pressures on expenditure, both internal and external, are continuously arising.  As a government we must remember that our resources are finite.  2018 was a more challenging year than 2017 in many regards, but that is why it is so important to plan for the medium to long term.  Guernsey can be proud of the decisions which have been taken in recent years to improve our public finances and eliminate deficit spending. It has not been easy, comfortable or pain-free. But it has put us in a better place to face the challenges ahead."


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