The States of Jersey’s Annual Report and Accounts for 2017 show a £23 million budget surplus. The report reveals that government income was £23 million more than government spending on public services, partly as a result of higher-than-forecast taxes and investment returns, and partly as a result of lower-than-expected costs.

The report also highlighted that 2017 was expected to be the fourth successive year of GVA growth, with record employment and the lowest unemployment for eight years.

Financial performance summary

• General Revenue Income, as approved by the States Assembly, was £767 million, which is £30 million more than in 2016, mainly due to increases in Income Tax revenue, GST and stamp duty.
• Departmental spending increased by only 1%, from £698 million in 2016 to £704 million in 2017. This was mainly driven by pay awards.
• Returns on the Strategic Reserve amounted to £70 million in 2017, which was a 9% return. £50 million was transferred out of the reserve, which now stands at £840 million, compared to £820 million in 2016.
• The Social Security Funds increased in value by £219 million and now stand at almost £2 billion.

The Annual Report also contains more detailed information on public service performance than it has in previous years, when the focus was mainly on explaining the finances.