States raised more than £1bn in 2023

The money was raised through a combination of taxes on income, goods, and stamp duty

The States of Jersey raised more than £1bn in 2023, an increase of £50m on 2022, according to a new financial report.

Its annual report and accounts also showed a £98m increase in the island's strategic reserve.

Deputy Elaine Millar, Minister for Treasury and Resources, attributed the growth to "positive investment returns".

The government raised £1.08bn last year through a combination of taxes on income, goods, and stamp duty.

The report reflects the financial activities of the government.

The strategic reserve is a back up fund for use in exceptional circumstances, also referred to as the States' "rainy day fund".

Strategic reserve funding was up from £992m in 2022, to £1.09bn in 2023.

This was put down to strong investment returns, the report said.

'Strong position'

The £50m rise in the general revenue income was £2m more than originally forecast.

In the same period, expenditure rose by 16.7%, to £1.02 Bn, leaving surplus of £2m.

Ms Millar said the island was in a "strong position".

She said: "The 2023 accounts show the strong position we find ourselves in relative to other jurisdictions.

"Our finances are moving back into balance following the impacts of Covid and the continued cost-of-living crises."