Jersey’s Minister for Treasury & Resources, Deputy Elaine Millar, has lodged measures before the States Assembly to establish the Jersey Capital Investment Fund.
“This is a significant step in delivering Investing in Jersey, the Council of Ministers’ long-term vision for strengthening and safeguarding the Island’s infrastructure,” said Deputy Millar (pictured).
The Minister lodged regulations to amend the Public Finances (Jersey) Law 2019 (PFL), formally establishing the Jersey Capital Investment Fund, JCIF, a ringfenced fund that will protect infrastructure investment from short-term budget pressures and ensure sufficient resources are allocated to maintaining and renewing public assets over the medium and long term.
This restructure replaces the existing Consolidated Fund, CF, with two new funds:
- General Revenue Fund, GRF, for day-to-day public services
- Jersey Capital Investment Fund, JCIF, for infrastructure and major assets
Capital underspends will be retained within the JCIF, reinforcing long-term financial discipline and ensuring future investment is not diverted to meet short-term pressures.
Deputy Millar said: “These regulations lay the foundations for a clearer, more disciplined financial framework – one that safeguards long-term investment, prevents capital funding from being eroded by short-term pressures, and strengthens our ability to maintain the public assets Islanders rely on.”
The Chief Minister, Deputy Lyndon Farnham said: “By protecting investment in our schools, hospitals, transport network, utilities and coastal defences, the Jersey Capital Investment Fund ensures that essential infrastructure is properly maintained and renewed.
“The Fund brings greater transparency and discipline to how we manage public money. It also safeguards capital investment from short term pressures. This brings improved financial discipline, and a vital step in strengthening our infrastructure and public realm long into the future.”
