Treasury minister's presentation to Chamber of Commerce 27 june 2012
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1 PLANS FOR TAX AND SPENDING Senator Philip Ozouf Minister for Treasury and Resources
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Senator Philip Ozouf's presentation to members of the Chamber of Commerce on 27 June 2012
Transcript of Treasury minister's presentation to Chamber of Commerce 27 june 2012
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PLANS FOR TAX AND SPENDING
Senator Philip OzoufMinister for Treasury and Resources
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We were facing £100 million deficit
The three part plan:-1. Raising £35 million more from taxation measures
2. Finding savings of £65 million by 2013
3. Promoting economic growth
What happened?
3
44
MTFP Background States of JerseyGeneral Revenue Income (GRI) - Budget
400
450
500
550
600
650
700
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
£m
Budget -Income
55
MTFP Background States of JerseyGeneral Revenue Income (GRI) – Budget and Actual
400
450
500
550
600
650
700
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
£m
ActualIncome
BudgetIncome
66
Gross Revenue Income and Total Expenditure
400
450
500
550
600
650
700
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
£m
Actual Income
Budget Income
ActualExpenditure
7
400
450
500
550
600
650
700
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
£m
Income
Expenditure
7
Actual and Forecast Surplus/(Deficit)
Surplus
Deficit
88
Stabilisation Fund End Year Balance and Transfers 2009 - 2012
(80)
(60)
(40)
(20)
-
20
40
60
80
100
120
140
2009
2010
2011
2012
Year
£'m
Transfers In
Transfers Out
Y/E Balance
9
High Level Summary – 2011Financial Results at a Glance
Actual
2010
Budget/
Business Plan
2011
Final Approvals
2011
Actual
2011
546 General Revenue Income 565 568 587
(599) Departments Net Revenue Expenditure (616) (640) (599)
(53) Operating Deficit (51) (72) (12)
(17) Trading Operations (3) (4) 1
(70) Deficit adjusted for Trading Ops (54) (76) (11)
(167) GAAP Adjustments (37) (37) (40)
22 Other Income 17
(215) Gross Accounting Deficit (91) (113) (34)
(14) Consolidation Adjustments (1)
(229) Net Accounting Deficit (35)
10
High Level Summary – 2011Income
General Revenue Income
Other
Other General Revenues - £27m
Island Rate - £11m
Stamp duty - £23m
Impôts - £51m
GST - £66mCompanies - £75m
Self Employed and Investment Holders -
£50m
Salary and Wage Earners - £284m
Income Tax
11
High Level Summary – 2011Balance Sheet
The States has a healthy Balance Sheet
2010
£m
2011
£m
Tangible Fixed Assets 2,769 2,922
Financial Assets 1,183 1,250
Net Current Assets/(Liabilities) 21 (21)
Long Term Liabilities (411) (414)
Net Assets 3,562 3,737
12
Our Strategic Plan - Vision and Priorities
13
MTFP Proposals 2013 to 2015 Allocation of 2013-15 Long Term Capital Plan Forecast Amounts per Departments
Long Term Capital Plan Forecast 2013-2015 £278.8mRounding Applied
14
MTFP Proposals Managing the Balance Sheet as well as Balancing the Budget
• Investment Strategy
• Pensions Policy
• Pre 1987 debt, early repayment
• Optimising shareholder returns
• Policy on Reserves and Provisions
15
Next Steps – Update
• 20th July - MTFP Public Presentations
• 23rd July - Lodging MTFP 23rd July
• 6th November - Debate MTFP• 20th November - Budget Debate
Questions?
