Currency Fund Transfer of 6.5m Surplus to Consolidated Fund

Information about the publication of Ministerial Decisions

A formal published “Ministerial Decision” is required as a record of the decision of a Minister (or an Assistant Minister where they have delegated authority) as they exercise their responsibilities and powers.

Ministers are elected by the States Assembly and have legal responsibilities and powers as “corporation sole” under the States of Jersey Law 2005 by virtue of their office and in their areas of responsibility, including entering into agreements, and under any legislation conferring on them powers.

An accurate record of “Ministerial Decisions” is vital to effective governance, including:

demonstrating that good governance, and clear lines of accountability and authority, are in place around decisions-making – including the reasons and basis on which a decision is made, and the action required to implement a decision
providing a record of decisions and actions that will be available for examination by States Members, and Panels and Committees of the States Assembly; the public, organisations, and the media; and as a historical record and point of reference for the conduct of public affairs

Ministers are individually accountable to the States Assembly, including for the actions of the departments and agencies which discharge their responsibilities.

The Freedom of Information Law (Jersey) Law 2011 is used as a guide when determining what information is be published. While there is a presumption toward publication to support of transparency and accountability, detailed information may not be published if, for example, it would constitute a breach of data protection, or disclosure would prejudice commercial interest.

A decision made 26 September 2014:

Decision Reference: MD-TR-2014-0112
Decision Summary Title:	Transfer of £6.5m surplus from Currency Fund to Consolidated Fund		Date of Decision Summary:	25 September 2014
Decision Summary Author:	Head of Treasury and Investment Management		Decision Summary: Public or Exempt?	Public
Type of Report: Oral or Written?	Written		Person Giving Oral Report:	N/A
Written Report Title:	Transfer of £6.5m surplus from Currency Fund to Consolidated Fund		Date of Written Report:	25 September 2014
Written Report Author:	Head of Treasury and Investment Management		Written Report : Public or Exempt?	Public
Subject: Transfer of £6.5m surplus from the Currency Fund to Consolidated Fund.
Decision(s): The Minister, decided to withdraw £6.5million from the Currency Fund to be transferred to the Consolidated Fund in order to allow funds to be actively applied to benefit the public through expenditure on capital projects.
Reason(s) for Decision: Article 5(3b) of the Public Finance (Jersey) Law 2005 states that: “5. Money must not be withdrawn from the currency fund except – (b) as a transfer to the consolidated fund of all or any part of a surplus in the currency fund as determined by the Minister after making provision for the repayment of currency in issue.” As per the confirmed midyear position, the value of assets in the Currency Fund exceeds the value of the currency in circulation by £7,747,226. This balance is attributable to excess investment returns retained within the Fund. £6,500,000 of these monies are to be transferred to the Consolidated Fund where they can be actively applied to benefit the public through expenditure on capital projects.
Resource Implications: The Currency Fund will fall in value by £6.5m and the value of the Consolidated Fund will increase by an equivalent value.
Action required: Head of Treasury and Investment Management to transfer £6.5m surplus from the Currency Fund to Consolidated Fund.
Signature:		Position: Senator P F C Ozouf, Minister for Treasury and Resources
Date Signed:		Date of Decision: