Economic Stimulus Plan: Allocation of funds for the delivery of the Le Squez development project

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A decision made on 14 June 2010 to approve allocation of funds from the Economic Stimulus Plan for the delivery of the Le Squez development project

Decision Reference: MD-TR-2010-0076
Decision Summary Title:	Fiscal Stimulus Budget Allocation and Approval of Drawings - Housing Department		Date of Decision Summary:	11th June 2010
Decision Summary Author:	Interim Treasurer of the States		Decision Summary: Public or Exempt?	Public
Type of Report: Oral or Written?	Written		Person Giving Oral Report:	N/A
Written Report Title:	Allocation of fiscal stimulus funding and approval of drawings for the Le Squez development, Phase 2a		Date of Written Report:	11th June 2010
Written Report Author:	Acting Fiscal Stimulus Programme Manager		Written Report : Public or Exempt?	Public
Subject: Economic Stimulus Plan: budget allocation to the Housing department for the delivery of the Le Squez development project, Phase 2a, together with approval of the drawings as required under Standing Order 168 Paragraph 1(d).
Decision(s): 1. The Minister approved the allocation of £8,137,962 for the Le Squez Phase 2a project, to be awarded to the Housing department and to be transferred to its budget as soon as possible. This will enable the contract to be let to the contractor which submitted the preferred tender. 2. The Minister further instructed the Construction and Maintenance project group to report on spend of all stimulus monies, and project progress/performance, on a monthly basis in accordance with guidelines set by the Treasury, and return any unspent monies on completion of the projects. 3. In accordance with paragraph 1 (d) of Standing Order 168, the Minister approved the drawings numbered 405/07/P05, Planning Permit PP/2009/0780, Building Permit Number (under Building Bye-laws (Jersey 2007) B/2009/0876/ Property Number 2884/14670, all showing Phase 2 of the proposed development at Le Squez estate to construct 76 units of residential accommodation for letting to social housing tenants.
Reason(s) for Decision: A discretionary fiscal stimulus allocation from the Stabilisation Fund of £44m has already been approved. The project meets the key criteria for fiscal stimulus being timely, targeted and temporary and will benefit local business and individuals. The £8,137,962 allocation to the project will enable the housing department to deliver this project in accordance with its critical path. The Housing Minister has committed his department (as documented in Housing Department Ministerial Decision reference MD-H-2010-0044) to repayment of the full fiscal stimulus funding allocation of £8,137,962 with the proceeds from sales of social (and private) housing in the future as set out in the accompanying report. It is also noted that the repayment to the fiscal stimulus allocation may take place sooner than in 2014 - 2016 because the Treasury and the Housing department have undertaken to work together to identify alternative means of repayment at an earlier date, through a refinancing of the fiscal stimulus “loan”. Under Standing Order 168 (1) (d), it is a requirement for the Minister for Treasury and Resources to approve plans for the construction of buildings where the work is to be funded wholly or partly by money voted by the States.
Resource Implications: No financial resource implications other than those explained above and in the accompanying report. No manpower resource implications.
Action required: Treasury to be informed of decision to release necessary funds to the Housing department’s budget.
Signature:		Position: Senator P F C Ozouf, Minister for Treasury and Resources
Date Signed:		Date of Decision: