Guernsey's core government spending was £44 million in deficit in 2024
The States of Guernsey spent £44 million more on core day-to-day activities such as running public services and benefits than it made through income last year.
That overspend includes a £22 million deficit in non-infrastructure projects such as IT changes and a £13 million deficit in social security funds.
In better news, States' investments were collectively £130 million more valuable at the end of 2024 than 2023.
However, this is a valuation rather than a guaranteed return and the funds remain invested in a portfolio that regularly changes value.
Overall, the States ongoing financial position is an underlying annual deficit of around £56 million.
Want the inside track on the key issues that will shape Guernsey's Election this June? Listen to Guernsey Votes, an ITV Channel podcast packed with expert guests, local insight and analysis you can trust...
Guernsey's Chief Minister, Deputy Lyndon Trott, who is not standing in this month's election, says: "The States cannot continue to rely on reserves built up in the past to fund the services of today and tomorrow.
"The new Assembly will need to immediately focus its attention on the issue of improving public finances. I cannot stress enough how important that is to the long-term prosperity of the island."
The outgoing Vice President of Policy and Resources, Deputy Heidi Soulsby, adds: "We are not raising enough through taxes to fund the services our community relies on.
"The value of investments is of course important ... but they don't impact the amount of money we have available to deliver public services and invest in much-needed infrastructure.
"The decision for the next States will not be whether something needs to be done, but what should be done to balance the books."
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