Treasury Minister Philip Ozouf has warned Jersey faces another challenging year.
In the accounts for 2009, he said States' savings remained healthy despite the economic downturn.
General income and income tax was £20m more than expected, while a drop of nearly 50% in investments was blamed on low interest rates.
Department budgets were underspent by about £7.5m, but overall, the States spent more than in 2008.
This was because of costs for the historical child abuse inquiry, the swine flu pandemic and losing the reciprocal health agreement with the UK.