Politicians in Guernsey have rejected a plan to borrow money from external sources to pay for capital projects.
The Treasury and Resources Department had advocated borrowing £175m.
After three days of debate, deputies agreed to use the States' own funds and agreed which projects should be the highest priority.
Priority schemes include new mental health facilities, the airport runway, the redevelopment of Les Beaucamps School and dealing with island waste.
Treasury and Resources advocated taking on loans, saying it was the best option and that there had never been a better time to borrow.
However, the proposals faced strong opposition from a group of five States members led by Deputy Matt Fallaize, who argued the States should use the money from its own cash pool.
Deputy Mark Dorey, who seconded the amendment, said the interest payments associated with the proposals would place too great a burden on the taxpayer.
New IT systems will also be a priority project.