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Fiscal Stimulus: budget allocation to Chief Minister's Department and Economic Development Department for various projects to support the finance industry

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A decision made 19 February 2010 regarding: Fiscal Stimulus: budget allocation to Chief Minister's Department and Economic Development Department for various projects to support the finance industry.

Decision Reference:  MD-TR-2010-0032

Decision Summary Title:

Fiscal Stimulus Budget Allocation – Chief Minister’s Department and Economic Development Department

Date of Decision Summary:

11 February 2010

Decision Summary Author:

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:

Fiscal stimulus funding to the Chief Minister’s Department and the Economic Development Department for initiatives to support the finance industry

Date of Written Report:

11 February 2010

Written Report Author:

Acting Fiscal Stimulus Programme Manager

Written Report :

Public or Exempt?

Public

Subject: Economic Stimulus Plan: budget allocation to the Chief Minister’s Department and the Economic Development Department for the delivery of the various projects to support the finance industry

Decision(s):  The Minister approved the allocation of £1,550,000 to the Chief Minister’s Department and £867,000 to the Economic Development Department which will be transferred to the departments’ 2010 revenue budgets as soon as possible. This will enable the programme of works to support the finance industry through the economic downturn to proceed.   

He further instructed the Finance Industry Support 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 project.

Reason(s) for Decision:  A discretionary fiscal stimulus allocation from the Stabilisation Fund of £44m has already been approved. The finance industry support programme meets the key criteria for fiscal stimulus being timely, targeted and temporary and will benefit local business and individuals. The total allocation of £2,417,000 to the project will enable the workstreams to proceed in accordance with the critical path of the programme.

Resource Implications: No financial or resource implications other than those explained in the accompanying report.

Action required: Treasury to be informed of decision to release necessary funds to the Chief Minister’s Department and Economic Development Department budgets.

Signature: 
 

Position: Senator P F C Ozouf, Minister for Treasury and Resources

                 

Date Signed:

Date of Decision:

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