Comments to Budget 2008 Amendments.

Information about the publication of Ministerial Decisions

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A decision made (30/11/2007) regarding: Comments to Budget 2008 - Amendments.

Decision Reference: MD-TR-2007-0131
Decision Summary Title:	Comments to Budget 2008 Amendments		Date of Decision Summary:	29th November 2007
Decision Summary Author:	Chris Haws - Head of Financial Planning		Decision Summary: Public or Exempt?	Public
Type of Report: Oral or Written?	Written		Person Giving Oral Report:	N/A
Written Report Title:	Comments to Budget 2008 Amendments		Date of Written Report:	29th November 2007
Written Report Author:	Chris Haws - Head of Financial Planning		Written Report : Public or Exempt?	Public
Subject: Minister of Treasury and Resources’ comments to the three Amendments to the Budget 2008 (P164/2007).
Decision(s): The Minister approved Comments on the three Amendments to the Budget 2008 (P164/2007) and asked that they be sent to the States Greffe to be presented immediately.
Reason(s) for Decision: Comments of the Minister of Treasury and Resources to be presented to the States to inform the debate on the three Amendments to the Budget 2008 (P164/2007)
Resource Implications: N/A
Action required: Head of Financial Planning to send comments to the Publications Editor at the Greffe to be lodged “au Greffe” immediately.
Signature:		Position: Senator Terry Le Sueur, Minister for Treasury and Resources
Date Signed: 30th November 2007		Date of Decision : 30th November 2007

Comments to Budget 2008 Amendments.

BUDGET 2008 (P.164/2007): THIRD AMENDMENT – COMMENT

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COMMENT

The Minister for Treasury and Resources has proposed as part of the Budget 2008 a transfer of £25 million to the Stabilisation Fund. This transfer was based broadly on the probable surplus in 2007 from the latest financial forecast of £38 million, less the transfer to the Strategic Reserve of £10 million. In reaching the proposal the Minister also considered the balance on the Consolidated Fund at the end of 2007 and the prospects for 2008 and beyond.

The balance at the end of 2007 is forecast to be £78 million and taking into account the proposed transfer of £25 million in 2008 this would leave a balance of just over £50 million for 2008.

In terms of the prospects for 2008 there is currently significant uncertainty in global markets as a result of the “credit crunch” and further the impact on the Island economy and particularly States tax revenues is unknown. The Minister would therefore recommend that a balance of at least £50 million is retained on the Consolidated Fund based on the potential deficits in 2010 and beyond and would also recommend that surpluses are only transferred to the Stabilisation Fund once they are realised or at least fairly certain.

The Minister would therefore recommend that further transfers to the Stabilisation Fund are considered once the 2008 financial position is more certain.

MINISTER FOR TREASURY AND RESOURCES