Budget transfer relating to Jersey Harbours loan

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A decision made 1 September 2010 regarding: Budget transfer relating to Jersey Harbours loan.

Decision Reference: MD-TR-2010-0131
Decision Summary Title:	Transfer Between TTS Revenue and Capital Heads of Expenditure for 2010 Jersey Harbours Repayment		Date of Decision Summary:	25/08/2010
Decision Summary Author:	Decision Support Officer		Decision Summary: Public or Exempt?	Public
Type of Report: Oral or Written?	Written		Person Giving Oral Report:	N/A
Written Report Title:	Transfer Between TTS Revenue and Capital Heads of Expenditure for 2010 Jersey Harbours Repayment		Date of Written Report:	25/08/2010
Written Report Author:	Decision Support Officer		Written Report : Public or Exempt?	Public
Subject: Internal budget transfer between revenue and capital heads of expenditure amounting to £450,000 for the 2010 repayment of the Jersey Harbours temporary loan.
Decision(s): The Minister approved a budget transfer of £450,000 from TTS revenue to capital heads of expenditure for the 2010 repayment of the Jersey Harbours temporary loan.
Reason(s) for Decision: Under Financial Direction 3.6 and the Public Finance (Jersey) Law 2005, the approval of the Minister for Treasury and Resources is required for any variations to heads of expenditure above £100,000.
Resource Implications: The department’s capital budget to increase by £450,000 and reduce the value of revenue cash limits by an equivalent amount. This does not change the total amount of expenditure approved by the States.
Action required: Finance Manager, Decision Support to inform the Head of Financial Performance that the transfer has been approved.
Signature:		Position: Senator P.C.F Ozouf, Minister for Treasury and Resources
Date Signed:		Date of Decision:

Budget transfer relating to Jersey Harbours loan

Treasury and Resources

Ministerial Decision Report

TRANSPORT AND TECHNICAL SERVICES

TRANSFER BETWEEN REVENUE AND CAPITAL HEADS OF EXPENDITURE FOR 2010 JERSEY HARBOURS REPAYMENT

1. Purpose of Report

The Minister for Transport and Technical Services has requested the Minister for Treasury and Resources to approve an internal budget transfer between TTS revenue and capital heads of expenditure amounting to £450,000 for the 2010 repayment of the Jersey Harbours temporary loan.

2. Background

The previous Minister for Transport and Technical Services (TTS) approved a business case supporting the transfer of responsibilities for engineering and municipal services from Jersey Harbours to TTS.

In order to facilitate the service transfer it was agreed that building works totalling £1.8 million would be required at La Collette and Bellozanne. The funding was to be taken from existing unspent TTS Capital Votes and paid back from future rental income generated from the letting of the vacated Harbours building. The agreed funding solution was as follows:-

1. Create a new capital head of expenditure in TTS called ‘Harbours Transfer’.

2. Transfer a total of £1.8 million into this new head of expenditure from the following capital votes:

La Collette Phase II £600,000

Sludge Phase 1 Thickener £1,200,000

Total £1,800,000

3. Require Jersey Harbours to make a capital repayment for TTS on 01 January each year for the following amounts:

2008 - £450,000

2009 - £450,000

2010 - £450,000

2011 - £450,000

4. Transfer the capital repayments to the La Collette Phase II and Sludge Phase 1 Thickener over the four year period 2008 – 2011.

3. Current Position

As of 31 December 2009 a total of £900,000 had been repaid by Jersey Harbours. TTS has requested the 2010 repayment from Jersey Harbours and now requests the Minister for Treasury and Resources to approve a budget transfer between TTS revenue and capital heads of expenditure amounting to £450,000.

4. Recommendation

The Minister for Treasury and Resources is recommended to approve a budget transfer of £450,000 from TTS revenue QDA000.443010 to TTS capital QZS020.121010.

5. Reason for Decision

Under Financial Direction 3.6 and the Public Finance (Jersey) Law 2005, the approval of the Minister for Treasury and Resources is required for any variations to heads of expenditure above £100,000.

6. Resource Implications

The department’s capital budget to increase by £450,000 and reduce the value of revenue cash limits by an equivalent amount. This does not change the total amount of expenditure approved by the States.