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Budget Transfer: Victoria College: Capital Works - Minor

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A decision made 17 October 2013:

Decision Reference: MD-ESC-2013-0019

Decision Summary Title:

Budget Transfer from Revenue to Capital to comply with GAAP for minor capital works at Victoria College

Date of Decision Summary:

10th October 2013

Decision Summary Author:

Finance Manager

Decision Summary:

Public or Exempt?

Public

Type of Report:

Oral or Written?

Written

Person Giving

Oral Report:

N/A

Written Report

Title:

Budget Transfer from Revenue to Capital to comply with GAAP for minor capital works at Victoria College

Date of Written Report:

10th October 2013

Written Report Author:

Finance Manager

Written Report :

Public or Exempt?

Public

Subject: Non-recurring budget transfer in 2013 from revenue to capital for minor capital works at Victoria College.   

Decision(s): The Minister for Education, Sport and Culture (ESC) approved a non-recurring budget transfer in 2013 of £130,000 from ESC revenue head of expenditure to ESC minor capital head of expenditure.

Reason(s) for Decision: Under Generally Accepted Accounting Principles (GAAP) expenditure that meets the definition of capital expenditure must be capitalised. This budget transfer is the movement in budget between capital and revenue required to align the budgeting treatment of expenditure with the accounting treatment, in order to comply with GAAP.

 

Article 18(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 transferred from a revenue head of expenditure to a capital head of expenditure, or vice versa, in order to comply with generally accepted accounting principles or an Order made under Article 32.  Delegation 1.2 delegates authority for non-contentious transfers between heads of expenditure with no financial limit where the transfer is solely to ensure that financial transactions are accurately reflected in the States’ Accounts in accordance with GAAP or an Order made under Article 32 of the Law.

Resource Implications: The ESC revenue head of expenditure to decrease by £130,000 in 2013 and the ESC minor capital head of expenditure to increase by an identical amount. This decision does not change the total amount of expenditure approved by the States.

Action required: For officers of the Department to request the approval of the Treasurer of the States to the transfer.

Signature:

 

 

Position:

Deputy Patrick Ryan

Minister for Education, Sport and Culture    

Date Signed:

Date of Decision:  

Budget Transfer: Victoria College: Capital Works - Minor

 - 1 -

education, sport and culture

 

 

 

Budget Transfer from Revenue to Capital to comply with GAAP for minor capital works at Victoria College

 

 

  1. Purpose of Report

 

For the Minister for Education, Sport and Culture (ESC) to approve a non-recurring budget transfer in 2013 of £130,000 from ESC revenue head of expenditure to the ESC minor capital head of expenditure for minor capital works at Victoria College. This budget transfer is required in order to comply with Generally Accepted Accounting Principles (GAAP).

 

 

  1. Background

 

Victoria College is responsible for minor works to buildings and has a 10 year strategy which requires some investment in the fabric and maintenance of buildings to provide the best education for the pupils. As part of this, the Governors have requested that the school prioritises a small amount of budget for these works. An example is the refurbishment of the great hall. Victoria College is one of the States’ most iconic buildings and at the heart of the original part of the building and central to the original design is the great hall which also provides the only exam and assembly space on the school site.

 

 

  1. Recommendation

 

The Minister for ESC is recommended to approve a non-recurring budget transfer in 2013 of £130,000 from ESC revenue head of expenditure to ESC minor capital head of expenditure.

 

 

  1. Reason for Decision

 

Under Generally Accepted Accounting Principles (GAAP) expenditure that meets the definition of capital expenditure must be capitalised. This budget transfer is the movement in budget between capital and revenue required to align the budgeting treatment of expenditure with the accounting treatment, in order to comply with GAAP.

 

Article 18(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 transferred from a revenue head of expenditure to a capital head of expenditure, or vice versa, in order to comply with generally accepted accounting principles or an Order made under Article 32.  Delegation 1.2 delegates authority for non-contentious transfers between heads of expenditure with no financial limit where the transfer is solely to ensure that financial transactions are accurately reflected in the States’ Accounts in accordance with GAAP or an Order made under Article 32 of the Law.

 

 

  1. Resource Implications

 

The ESC revenue head of expenditure to decrease by £130,000 in 2013 and the ESC minor capital head of expenditure to increase by an identical amount.  This decision does not change the total amount of expenditure approved by the States.

 

 

 

Report author : Finance Manager

Document date : 10th October 2013

Quality Assurance / Review :

File name and path:

 

 

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