Wednesday, 21 March 2018

Freedom of Information Requests: States of Jersey Development Company

Recent Freedom of Information Requests: States of Jersey Development Company

“100% of profits generated by JDC from the direct development of property will be repatriated to the States Treasury via a dividend.” (Financial Statements, 2016)

Now not only does the States of Jersey Develop Company give no money back to the States at present, it also takes money away from the States! By the time it finally makes a return in millions, it will have already have received millions from the States. I think at the very least it should return to the States.

So far the record for previous years is as follows. No dividend paid in 2016, dividend of £1 million paid in 2015, and an unspecified dividend to come in respect of the College Gardens development in 2019. A dividend of £1 million sounds a lot, but add back around £900,000 received by the States and the net figure is only around £100,000.

These figures are hidden in the accounts, but an FOE request gave them. I'll let the reader draw their own conclusions, but one I would make is that the accounts should note explicitly and clearly the same breakdown of moneys received from the States.

It is not just "general income", it is income generated from assets gifted to the States of Jersey Development Company by the States, from which the States of Jersey Development Company levies rental. If this is not known, we have are not getting the full picture of the cash flow between the States and the SoJDC, and I think we should be able to see this, as a matter of course, without needing FOE requests to prise the figures out.


How much money has been paid back to the Treasury by the Jersey Development Company during 2017 after all the property it has sold off?


The Budget 2017, as approved by the States, did not include any requirement for the States of Jersey Development Company to make a dividend payment, therefore no payment was received.


Rental paid by the States to States of Jersey Development company on assets such as Liberation Bus Station in 2017, broken down by asset.


Payments made by the States of Jersey to States of Jersey Development Company (SoJDC) in 2017:

- Lease for Liberation Station Transportation Centre and Toilets annual charge £100,000 [Full Year]

- License for Durell House (First Floor) annual charge £29,331 [Part Year - 1 October to 31 December 2017].

- Agreement between Jersey Car Parking and SOJDC for Esplanade Car Parking / Les Jardins Car Parking annual charge £759,000 + GST = £796,950.

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