States ran an operating deficit of £9m. last year
THE States ran an operating deficit of £9m. last year while trading entities lost another £6m., it was revealed yesterday.
And after various accounting adjustments, including the performance of States’ investments, the general revenue deficit added up to nearly £31m., said Policy & Resources Committee president Lyndon Trott.
Income was £21m. down on projections, hit hard by a £29m. tax adjustment relating to one bank, which had already been announced.
But it was a concern that ETI tax receipts, the government’s best real-time indicator of economic performance, were down £5m. on budget forecasts, Deputy Trott said.
Total revenue income was £601m., level with 2023 in nominal terms, but well behind budget.
Most committees spent within their cash limits, but many savings were realised because the States was unable to find people to fill job vacancies, and therefore money was saved when spending on several initiatives in the Government Work Plan did not go ahead.
‘Members should be mindful that in many cases, this underspending simply slows the realisation of our Government Work Plan initiatives,’ said Deputy Trott.
