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States of Guernsey's accounts show reduction in spending and an overall improvement in the States' financial position

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Tuesday 09 July 2013

The 2012 accounts for the States of Guernsey are published today in the July Billet D'État. They show that the States' spending in 2012 was reduced in real terms, and that the financial position of the States is improving.

Overall the general revenue income rose by £16m or 4.6% while net expenditure increased by only £6.2m or 1.8%. Together, this led to the overall deficit reducing to £20m from £24m in 2011 and a budgeted position of £27m.

The Minister for Treasury & Resources notes in his foreword to the accounts that the real terms reduction in net expenditure is after allowing for factors such as:

The Financial Transformation Programme delivered benefits of £8.8m during the year bringing the total to £10.8m at the end of 2012.

Deputy Jan Kuttelwascher, Deputy Minister for Treasury & Resources commented:

"While this is relatively good news, and shows that the States' finances are now heading in the right direction, there is nothing to be complacent about. As expressed in the 2013 Budget Report, the current regime of expenditure restraint and delivery of the Financial Transformation programme targets remain absolutely essential in order to enable the States' financial position to, in the short term, return to a balanced budget position and, in the medium term, to generate modest surpluses once again."

 -ENDS-

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