'Black hole' in States spending shrinks to £10m.

The figure was £3.6m. better than budget forecast and less than half the £24.8m. 'black hole' recorded in 2013.

Overall, the States spent just under £1m. a day in 2014, at £349.9m. – £4.2m. more than 2013.

However, the accounts say that this included £7.5m. for changes to the way the Corporate Housing Programme was funded, and – when this is taken into account – it represents a spending reduction of £3.3m. after allowing for inflation.

According to the accounts, Health and Social Services did not need as big a cash injection to balance its books as first feared, with £4.7m. eventually being pumped in – £300,000 less than anticipated.

The department also boosted its operating income by £1m., owing to more private patient activity, to £10.4m.

But the Education Department needed £1.9m. in extra funding, £100,000 more than predicted.