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WQ.272/2018
WRITTEN QUESTION TO THE MINISTER FOR TREASURY AND RESOURCES BY DEPUTY M.R. LE HEGARAT OF ST. HELIER
ANSWER TO BE TABLED ON MONDAY 3rd DECEMBER 2018
Question
Will the Minister provide the following information relating to general revenues broken down by entity (e.g. Income Tax, Impôts, Dividends etc.)?
- Final outturn for each of the years 2015-2017, broken down by –
- actual outturn versus budgeted outturn; and
- budgeted outturn versus forecast outturn;
- Actual receipts versus budgeted receipts at Quarter 3, 2018; and
- Budgeted receipts versus forecast receipts at Quarter 3, 2018.
Answer
- See Table 1 overleaf.
- and c)
General Revenue Income is not recognised evenly through the year and the timing of the amounts recognised can vary between years. Reporting actual recognised and forecast income against budget as at Quarter 3 does not, therefore, provide a meaningful comparison.
The full year forecast provides the best indication of the level of income expected in 2018 against the full year budget. Table 2 below provides that comparison.
Table 2 – General Revenue Income 2018
| 2018 |
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| Budget |
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| Budget | Forecast | vs |
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| Forecast |
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| £'000 | £'000 | £'000 |
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Income Tax | 510,000 | 529,000 | 19,000 |
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GST | 88,828 | 90,517 | 1,689 |
| |
Impôts | 62,877 | 62,109 | (768) |
| |
Stamp Duty | 29,641 | 34,736 | 5,095 |
| |
Island Rate | 12,725 | 12,825 | 100 |
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Other Income - Dividend | 9,127 | 14,224 | 5,097 |
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Other Income - Non Dividend | 11,224 | 11,337 | 113 |
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Return from Social Housing Providers | 29,128 | 28,959 | (169) |
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Total | 753,550 | 783,707 | 30,157 |
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Notes:
Budget – the estimates of income approved by the States Assembly in Summary Table A of the Budget Statement 2018.
Forecast – the latest forecast for 2018 as published in the Draft Budget Statement 2019.
9
Table 1 – General Revenue Income 2015 – 2017
Budget' – the estimates of income approved by the States Assembly in Summary Table A of the Budget Statement for each year.
Forecast' – the last published forecast for that year as included in the Budget Statement. E.g. the 2017 forecast was included in Figure 33 on page 70 of the Budget Statement 2018.
| 2017 |
| 2016 |
| 2015 |
| |||||||||||||
| Budget | Forecast | Actual | Actual vs Budget | Budget vs Forecast |
| Budget | Forecast | Actual | Actual vs Budget | Budget vs Forecast |
| Budget | Forecast | Actual | Actual vs Budget | Budget vs Forecast |
| |
Income Tax | £'000 481,000 | £'000 483,000 | £'000 514,930 | £'000 33,930 | £'000 2,000 |
| £'000 455,000 | £'000 471,000 | £'000 487,964 | £'000 32,964 | £'000 16,000 |
| £'000 455,000 | £'000 443,000 | £'000 457,583 | £'000 2,583 | £'000 (12,000) |
| |
GST | 84,120 | 87,428 | 87,946 | 3,826 | 3,308 |
| 83,334 | 83,334 | 84,798 | 1,464 | - |
| 80,650 | 83,757 | 85,042 | 4,392 | 3,107 |
| |
Impôts | 58,049 | 58,420 | 59,998 | 1,949 | 371 |
| 57,650 | 56,787 | 58,410 | 760 | (863) |
| 55,649 | 55,942 | 54,146 | (1,503) | 293 |
| |
Stamp Duty | 27,783 | 29,055 | 33,283 | 5,500 | 1,272 |
| 26,137 | 25,394 | 30,305 | 4,168 | (743) |
| 23,838 | 26,946 | 29,032 | 5,194 | 3,108 |
| |
Island Rate | 12,543 | 12,427 | 12,427 | (116) | (116) |
| 12,248 | 12,142 | 12,141 | (107) | (106) |
| 12,219 | 12,031 | 11,928 | (291) | (188) |
| |
Other Income - Dividend | 8,703 | 12,332 | 12,323 | 3,620 | 3,629 |
| 11,498 | 11,149 | 12,568 | 1,070 | (349) |
| 8,503 | 13,260 | 14,023 | 5,520 | 4,757 |
| |
Other Income - Non Dividend | 10,151 | 15,726 | 17,927 | 7,776 | 5,575 | 9,727 | 9,710 | 22,760 | 13,033 | (17) | 17,200 | 10,846 | 12,506 | (4,694) | (6,354) | ||||
Return from Social Housing Providers | 28,337 | 28,380 | 28,417 | 80 | 43 | 27,821 | 27,785 | 27,856 | 35 | (36) | 29,472 | 27,506 | 27,483 | (1,989) | (1,966) | ||||
Total | 710,686 726,768 767,251 | 56,565 | 16,082 |
| 683,415 697,301 736,802 | 53,387 | 13,886 |
| 682,531 673,288 691,743 | 9,212 | (9,243) |
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Notes: Rounding applied |
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