Sky-high costs of the new airport and jetty repairs have drained the ports holdings account. 0523184

A FAILURE by the Ports Holding Account to meet capital demands placed upon it mean it should be dissolved, according to Treasury minister Charles Parkinson.
He believes that the present and future needs of the airport and harbours mean the account, a responsibility of Public Services, is no longer sustainable.
‘It won’t be a decision for me, but I’m signalling my view that the Ports Holding Account should be collapsed into the accounts of the States because it’s clearly not going to be able to fund the projects that the ports and airport need.
‘This means that the majority of the funds for investment will have to come from central resources. The amount required is far more than the fund can earn over a reasonable time.’
The account is responsible for all airport and harbour projects and is funded through income generated in those places.
At the beginning of the year, it was worth £9.9m. but it was announced recently that the fund would have to contribute £6m. to the £11.5m. New Jetty overspend.
So far, £8m. of the total £14m. bill has been paid.