Guernsey's deficit down to £8m.
A £5M. UNDERSPEND was recorded by the States last year and its revenue income increased by 6.1%, Treasury minister Gavin St Pier today announced.
Deputy St Pier, in his quarterly update, said the States was also in the fortunate position where it was only likely to have to drawn down £8m. from the Contingency Reserve to cover the island's deficit, rather than the £14m. that had been predicted.
He said that overall the States general revenue income for 2014 totalled £384m, a 6.1% increase over the 2013 position and in line with the budgeted position. This consisted an real terms increase of 3%.
While the States as a whole experienced a £5m. underspend in 2014, Deputy St Pier said the largest overspend came from HSSD, which stood at £4.6m., including a £3.7m. shortfall in the FTP target.
The Treasury minister said that Education had also overspent by £1.6m. as a result of timing differences in the 'realisation of financial savings'.
Social Security was highlighted to deputies for its £700,000 underspend for 2014.
