1. 1 PLANS FOR TAX AND SPENDING Senator Philip Ozouf Minister for Treasury and Resources

2. 2 We were facing £100 million deficit The three part plan:- 1.Raising £35 million more from taxation measures 2.Finding savings of £65 million by 2013 3.Promoting economic growth

3. What happened? 3

4. 44 MTFP Background States of Jersey General Revenue Income (GRI) - Budget

5. 55 MTFP Background States of Jersey General Revenue Income (GRI) – Budget and Actual

6. 66 Gross Revenue Income and Total Expenditure

7. 77 A ctual and Forecast Surplus/(Deficit) Surplus Deficit

8. 88 Stabilisation Fund End Year Balance and Transfers 2009 - 2012

9. 9 High Level Summary – 2011 Financial Results at a Glance Actual 2010 Budget/ Business Plan 2011 Final Approvals 2011 Actual 2011 546General Revenue Income565568587 (599)Departments Net Revenue Expenditure(616)(640)(599) (53)Operating Deficit(51)(72)(12) (17)Trading Operations(3)(4)1 (70)Deficit adjusted for Trading Ops(54)(76)(11) (167)GAAP Adjustments(37) (40) 22Other Income17 (215)Gross Accounting Deficit(91)(113)(34) (14)Consolidation Adjustments(1) (229)Net Accounting Deficit(35)

10. 10 High Level Summary – 2011 Income

11. 11 High Level Summary – 2011 Balance Sheet The States has a healthy Balance Sheet 2010 £m 2011 £m Tangible Fixed Assets2,7692,922 Financial Assets1,1831,250 Net Current Assets/(Liabilities)21(21) Long Term Liabilities(411)(414) Net Assets3,5623,737

12. 12 Our Strategic Plan - Vision and Priorities

13. 13 MTFP Proposals 2013 to 2015 Allocation of 2013-15 Long Term Capital Plan Forecast Amounts per Departments Long Term Capital Plan Forecast 2013-2015 £278.8m Rounding Applied

14. 14 MTFP Proposals Managing the Balance Sheet as well as Balancing the Budget Investment Strategy Pensions Policy Pre 1987 debt, early repayment Optimising shareholder returns Policy on Reserves and Provisions

15. 15 Next Steps – Update 20 th July - MTFP Public Presentations 23 rd July - Lodging MTFP 23 rd July 6 th November - Debate MTFP 20 th November - Budget Debate

16. Questions?