Property purchases help boost Alderney’s surplus
ALDERNEY’S finances are showing a surplus of some £400,000 – way ahead of predictions of £58,000.
Much of the extra income has been attributed to property purchases and increased interest.
Even though the island’s budgeted spend went up by £139,000, the extra income has put the island firmly in the black and taken the island’s General Reserve to £3.4m.
‘This budgeted surplus will provide a welcome addition to the General Reserve to provide contingency for future years,’ the Policy & Finance Committee said.
The island’s Budget for 2025, published yesterday, forecasts a reduced surplus of £29,000 and costs rising by £345,000 from this year.
But with operating income and property taxes also expected to raise more, the committee is ruling out the need to increase property tax.
The island’s capital programme is mainly funded by income from the Alderney Gambling Control Commission, plus income from the sale of assets in the island. That is set to be £2.2m. this year and predicted to fall to £1.9m. in 2025.
The island’s economic development reserve fund has once again received £300,000 funding from AGCC reserves. This fund provides finance for projects with a direct relevance to the enhancement and benefit of the island’s economy.
The committee has revised its planned spending on capital projects by nearly 75%.
Among the projects that have not progressed, been deferred, or changed, is the contract to resurface roads and pavements which was deferred.
The two main States committees are planning to agree a biennial contract to be arranged for this work. Expressions of interest are being sought.
Another £590,000 was due to be given as a grant to the Alderney Housing Association but no development has been progressed, so the amount has been removed from this year’s budget and reallocated for next year.
The 2025 budgeted figure for major and minor projects is set to be £2.9m.
‘Overall, the 2025 Budget for the States of Alderney presents a positive financial outlook,’ said P&F chairman Nigel Vooght in the report.
‘Despite increased operational costs, the States have successfully maintained a balanced budget without the need to raise property tax rates.’
