Now £75m shortfall, thats some mistake..

NEXT week’s capital prioritisation debate should be delayed because of a £50m. shortfall in figures released by Treasury and Resources, according to Matt Fallaize.
He was due to hold a meeting tonight to outline his group of five’s alternative proposals, but that has been cancelled in light of a significant change to the amount of internal borrowing on offer.
In a letter sent to all deputies, Treasury minister Charles Parkinson, admitted it had ‘inadvertently misled Deputy Fallaize and his supporters’.
‘They relied on a statement contained in my department’s report which is misleading. It stated: “It is estimated that the cash pool could be used to fund projects up to £100m. as there is a need to retain sufficient liquidity within the cash pool for the States and associated entities.” This figure was a loose estimate and not the product of detailed analysis.’
Deputy Fallaize said it would be ‘very foolish’ to proceed with the debate at this time.
‘This development speaks to the credibility of their report and my view is that the only honest response from them is to withdraw the report and allow States members time to consider the revised figures.
‘If they don’t, I will lodge a sursis to delay debate,’ he said. (from thisisguernsey)

Thats a big mistake by T & R,

so it now appears guersey is a lot worse off than we thought.what capital projects will be delayed let me guess. mental health,new homes for peeps with learning disabilites.these will always be put on the back burner a damned disgarace and the deputies concerned in this fiasco should resign.

Is it the Deputies, or are they merely 'spouting out' what their civil servants have provided for them?





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We don't need to waste money on many of the things listed in programme! List could be cut drastically without any adverse effects.

TAXPAYERS could be called on to make up a potential multi-million pound shortfall in Guernsey Electricity’s capital reserves.
A Guernsey Press enquiry has identified a £25m. difference between what was expected to be held in Treasury’s cash pool for the company’s capital spending in 2013 and what is now expected to be there - nothing.
The discrepancy was revealed after the department delved into the cash pool to find out how much money was there - which led to the discovery of the £50m. error in its capital prioritisation report.
Treasury’s projection is based on data supplied by the company and has added fuel to a disagreement between Guernsey Electricity and the regulator, with GE arguing recently that the price control set in 2007 meant electricity prices were artificially low and would diminish its reserves to the point that prices would have to rise.
And it also calls into question whether Treasury as shareholder has been rigorous enough in assessing Guernsey Electricity’s spending plans.
‘In 2007, the Office of Utility Regulation set a price control for GEL that was based on a policy of ensuring the company has sufficient funds to meets its capital expenditure requirements for the foreseeable future, known as the “save to spend” policy,’ said OUR director-general John Curran. (from thisisguernsey)

75 million and counting, somebodies head must roll...

75 million and counting, somebodies head must roll...

GD, I like an optimist when did the last head roll,

There certainly appears to be high level incompetence here!!

Are we likely to find out the true extent of this and the reasons (ie excuses) that will follow? Probably not!!

Someone, or a group of people, whether civil servants or politicians, is/are responsible for this inept situation. It looks like incompetency rather than a mistake from what we know, but lets see what line they feed us!!

Let us see how open and transparent the States actually are!!


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I wonder if the round it down or up to the nearest million - seems very rounded whichever way.......