Investment in Jersey's infrastructure will be protected from budget pressures with a new specific fund.
The Jersey Capital Investment Fund (JCIF) will be ringfenced from general reserves for day-to-day spending on public services.
Politicians unanimously agreed the change at this week's States sitting.
The intention is that public assets such as schools, sports facilities, roads and sewers can be properly maintained and renewed.
Last summer, the government unveiled a major plan for investing in the island's infrastructure over the next 25 years.
£80m per year plan to invest in Jersey's infrastructure
'Investing in Jersey' would be underpinned by the JCIF and around £80m a year would be set aside for essential projects such as housing, schools and community spaces.
This week, the States Assembly voted to amend the Public Finances (Jersey) Law 2019 to replace 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 asset
Treasury Minister Elaine Millar said the reform would 'strengthen Jersey’s public finances for decades to come'.
Chief Minister, Deputy Lyndon Farnham said: “The creation of this new fund means we can now accelerate delivery of the Investing in Jersey programme, launched last summer.
"It sets clear priorities for capital projects in housing, schools and youth projects, public spaces and sports facilities, the extension of mains water and drainage to all homes and businesses, and the renewal and improvement of our road networks.
"Together, these investments will enhance the quality of our essential infrastructure and public realm for decades to come.”
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