Sark's proposed budget for 2025 set out

Sark's island income has been hit by a drop in visitors

Sark's proposed income budget for 2025 is set to rise by more than £57,000, according to a report to the governing Chief Pleas.

The 2.67% increase from the 2024 budget adds £57,520 to make a total of £2,214,579 which is "smaller than anticipated", the report says.

The report reflects the "result of the island’s two largest income streams after direct taxation performing below budget during 2024".

It says the property market has "stagnated and 2024 has seen minimal transactions", with property transfer taxes on course to generate the lowest amount for 10 years.

'Reduced cash reserves'

Arrival taxes on holidaymakers had also been "adversely affected by the drop in staying visitors" and few major festivals and events during the year, it says.

Cash reserves at year's end are forecast to stand at about £850k according to the report which will be discussed on 20 November.

"The procurement of items such as the new crane and design phase of the Energy project has reduced post Covid recovery cash levels by £490k", the report said.

An increase of 5% on landing tax is proposed for the budget, raising the charge from £1.40 to £1.47 per adult landing in Sark.