The half-year corporate report up to June 2013, which is provided by the Treasury to States Members, shows that revenue and spending are largely on track as forecast and that the overall financial position for the budget remains positive.
The key points in the report are: -
• The full year general revenue income forecast of £644.0 million as at June 2013 is £2 million below original budget.
• General net revenue expenditure full year forecast of £638 million (excluding central reserves, restructuring and depreciation) is £20.9 million below budget with no departments forecasting any overspend.
• Overall financial position is a 1.4% improvement on budget as forecast at June 2013.
Minister for Treasury and Resources, Philip Ozouf commented “We introduced half year financial reporting last year as part of our commitment to provide regular, transparent information that gives States Members detailed information and keeps the public better informed.
“This half year performance report shows that we are largely on target with our revenue expectations and well ahead in terms of departments managing their expenditure. This is further confirmation that the forecasts we have made in the Medium Term Financial Plan and also that the proposed 2014 Budget measures are based on robust assumptions.”
Assistant Minister for Treasury and Resources Deputy Eddie Noel commented:
“The ongoing strong performance outlined in this half year report means that we can confidently put forward proposals in the 2014 Budget that will focus on supporting the key Strategic Plan themes of creating employment and economic growth.”
Treasurer of the States, Laura Rowley, added “It is positive news that our revenue and expenditure remains on track and I am particularly pleased with the progress that departments have made on savings.
“Also worthy of note is the performance of the Strategic Reserve, which has shown consistently good performance over the last two years and in the last six months has seen exceptional growth of £55.2 million. Since inception of the Common Investment Fund (June 2010) performance of the Strategic Reserve has exceeded external benchmarks.”
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