Tuesday, June 7, 2011
"A True And Transparent View - Just Where Is Ozouf Talking About?"
The States of Jersey's Financial Report for 2010 shows that States income was down last year by £128 million and the amount of money raised from GST dropped by 6% when compared to 2009.
The Treasury Minister Senator Philip Ozouf says it shows a true and transparent view of how taxpayers money is spent.
He said: "These are two very thick books of hundreds of pages of detailed information about where taxpayers' money is spent are divided up by departments so a member of the public can see how much Transport and Technical Services or Housing had or what they've spent it on, how they've performed in relation to their budget and their outturn, how that compared to the previous year."
The drop in States in come of £128 million is largely due to the effects of Zero-Ten - causing a significant drop in company tax takings.
The income from GST also decreased - a drop of 6% compared to 2009, which is mainly due to the recession and people spending less.
The States spent £68 million pounds on projects such as the Energy From Waste Plant, investment in social housing and improvement to radiology facilities at the hospital, plus a new CT scanner.
On a positive note, the Rainy Day Fund increased in value by £36 million - this means it now stands at £587 million. And this was mainly due to underspending by States departments.
Senator Ozouf added: "We're emerging from this recession now with a very strong stable picture in terms of our public finance, and that should give people confidence because we're positioning the island to take as much of the economic upturn, which will surely come, as possible, and that money will then be able to be invested in improving people's services."
Work is still ongoing to meet the target saving of £65 million by 2013. And Senator Ozouf says he is optimistic the future will see sustainable finances, though the States will remain prudent.