P&R publishes the 2020 budget advising that a major review is needed to decide how to meet the rising cost of public services.
In the document P&R draws the attention of States members and the community to the challenges faced by the island in the coming years.
The committee says Guernsey is well-placed to face these challenges because of a concerted effort by government over a number of years to deliver savings and financial restraint.
'But the scale of it and the speed in which it is beginning to impact cannot be underestimated'
''This year a balanced budget is possible because of a recommendation to reduce the amount transferred to the Capital reserve which is safely manageable given the slower than expected capital programme.'
Pressure to address the sustainability of the Long-Term Care Scheme demands for more access to NICE-TA drugs and treatment and the introduction of the Secondary Pension Scheme will all drive the cost of public services up further, on top of the increasing demand for existing services.'
A pint of beer will cost 2p more, a bottle of wine will increase by 10p and 37p is being put on a packet of cigarettes.
Fuel duty's up 1 point 1% now with a further 1point 1 percent increase from the 1st of January next year.
There has also been a 5 point 2 per cent rise in personal allowances.