Scrutiny Panel proposes changes to Public Finances Law

The Public Finances Law Sub Panel of the Corporate Services Scrutiny Panel has completed its review of the Government’s planned new Public Finances Law. After gathering feedback from stakeholders and holding public hearings, the Panel has now submitted a series of amendments to the draft Law to be debated on 4th June. 

The Draft Public Finances (Jersey) Law is due to be debated by the States Assembly for its second reading on 4th June 2019. The new Law would replace the way in which the public finances of Jersey are currently regulated, controlled, supervised and administered, including the significant shift away from 4 year medium term financial plans to a 1 year Government Plan with a rolling 3 year forward estimates period. 

The Panel has considered evidence gathered from the Comptroller and Auditor General, the Chartered Institute of Public Finance and Accountancy (CIPFA), stakeholders and public hearings with the Minister for Treasury and Resources in drafting its final set of 14 amendments. This work is summarised in a Comments paper, published today.

Panel Chair, Senator Kristina Moore, commented:

 “This is an important piece of legislation which underpins the way that Jersey’s public finances are managed. It provides a much needed update to the 14 year old law which we currently have in place and, with our amendments, will provide for best-practice financial governance for Jersey.

The amendments we have recommended properly balance the powers of the Minister, the Government and the Assembly. Furthermore, they enhance the ability of the draft Law to provide for the ongoing wellbeing and sustainability of Islanders, while not detracting from the aims of the new Law to be more flexible and less prescriptive.”