Income and expenditure accounts (FOI)

​Request

There is currently much talk around the Island concerning the States unregulated spending and alarming claims of how much the Island is in debt. To set my mind at rest, would it be possible to view the latest set of income and expenditure accounts and balance sheet.

If this is not possible, would it be possible for me to discuss this with you please?

Response

The overall financial position of the States of Jersey is reported annually in the audited States of Jersey Financial Report and Accounts:

States of Jersey financial report and accounts 2015

The position reported includes total assets and liabilities which includes any debt as shown on page 114 of the 2015 accounts. 

In 2015 the only external borrowing related to a bond issued in June 2014 at £243.8 million (£250 million nominal amount) with a final maturity of 40 years at a fixed coupon rate of 3.7 percent. 

To put that in context, total income received in 2015 was £1.110 billion. The breakdown of this can be found on page 144 of the 2015 accounts.

Total expenditure across the States of Jersey was £1.1152 billion. The breakdown of this can be found on page 145 of the 2015 accounts.

The value of assets on the States of Jersey Balance Sheet far outweighs the value of liabilities as can be seen from the graph below. 

Download Assets and Liabilities 20161018 (size 96kb)

For clarity, the pension liabilities included above exclude the two main public sector pension schemes in operation in 2015, the Public Employees Contributory Retirement Scheme (PECRS) and Jersey Teachers’ Superannuation Fund (JTSF).

They are excluded on the basis that they are defined contribution schemes where the employees will pay for any deficits in the scheme and not the States of Jersey.

This is further explained on page 132 of the 2015 accounts.