Jersey Airport: Budget transfer capital/revenue

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A decision made 24 January 2011 regarding: Jersey Airport: Budget transfer capital/revenue - GAAP accounting.

Decision Reference: MD-TR-2011-0006
Decision Summary Title:	Jersey Airport Capital to Revenue Budget Transfers for GAAP Accounting		Date of Decision Summary:	17th January 2011
Decision Summary Author:	Head of Decision Support		Decision Summary: Public or Exempt?	Public
Type of Report: Oral or Written?	Written		Person Giving Oral Report:	N/A
Written Report Title:	Jersey Airport Capital to Revenue Budget Transfer for GAAP Accounting		Date of Written Report:	17th January 2011
Written Report Author:	Decision Support Officer		Written Report : Public or Exempt?	Exempt 3.2.1 (a) (xi)
Subject: 2010 budget transfers between Jersey Airport capital and revenue heads of expenditure to align 2010 expenditure with GAAP accounting principles.
Decision(s): The Minister for Treasury and Resources approved a budget transfer of £1,185,208.72 from various Jersey Airport capital heads of expenditure to the Jersey Airport revenue head of expenditure, and a budget transfer of £107,350.00 from the Jersey Airport Trading Fund to the Jersey Airport revenue head of expenditure.
Reason(s) for Decision: The States of Jersey implemented Generally Accepted Accounting Principles (GAAP) in 2009. GAAP accounting requires that only expenditure meeting its definition of capital should be treated as such and that all other expenditure must be accounted for as revenue. These budget transfers are the movement in 2010 between capital and revenue and are required to align the budgeting treatment of 2010 expenditure with GAAP accounting principles. Article 15(1)(a) of the Public Finances (Jersey) Law 2005 states that all or any part of the amount appropriated by a head of expenditure may, with the approval of the Minister for Treasury and Resources, be used for the purposes of another head of expenditure.
Resource Implications: Various Jersey Airport capital heads of expenditure to decrease by a total of £1,185,208.72 and the Jersey Airport revenue head of expenditure to increase by an identical amount. The Jersey Airport Trading Fund to decrease by £107,350.00 and the Jersey Airport revenue head of expenditure to increase by an identical amount. This decision does not change the total amount of expenditure approved by the States for 2010.
Action required: Head of Decision Support to inform the Head of Financial Performance Reporting and the Jersey Airport Finance and Commercial Services Manager that the transfer has been approved.
Signature:		Position: Senator P F C Ozouf, Minister for Treasury and Resources
Date Signed:		Date of Decision: