States Treasury and Exchequer
Ministerial Decision Report
TRANSFERS BETWEEN CAR PARK TRADING FUND CAPITAL HEADS OF EXPENDITURE
- Purpose of Report
To enable the Minister to approve the transfer of £2,015,064 from the Ann Court Car Park Capital Head of Expenditure (Q0000C7000) to the Car Park Maintenance & Refurbishment Capital Head of Expenditure (QYCBP10017), and a transfer of £687,946 from the Automated Charging System Capital Head of Expenditure (QYCBP11023) to the Car Park Maintenance and Refurbishment Capital Head of Expenditure (QYCBP10017),
- Background
DfI have an ongoing maintenance programme for the Island’s multi storey car parks which sees cyclical maintenance carried out on structure and inside of the carparks. However, the external facades, stairs and lifts are now in a poor state of repair and need to be brought up to modern day standards. A feasibility study has been completed which provides a modernisation programme for all the multi-storey car parks with work staged to suit available budgets. Maintenance of the car parks is funded via the Car Park Trading Account and the modernisation programme will be funded in the same manner.
The purpose of this Ministerial Decision is to transfer funds from Ann Court Car Park and Automated Charging System Capital Heads of Expenditure in the Trading Account to the Car Park Maintenance and Refurbishment head of expenditure (also in the Car Park Trading Account) to consolidated funding to allow the first phases of the modernisation programme to progress.
This transfer will leave £6.7 million in the Ann Court Cark Park budget which is sufficient to cover the cost of the car park construction as part of the Ann Court development which is being led by Andium Homes.
3. Recommendation
The Minister is recommended to approve the transfer of £2,015,064 from the Ann Court Car Park Capital Head of Expenditure (Q0000C7000) to the Car Park Maintenance & Refurbishment Capital Head of Expenditure (QYCBP10017), and a transfer of £687,946 from the Automated Charging System Capital Head of Expenditure (QYCBP11023) to the Car Par Maintenance and Refurbishment Capital Head of Expenditure (QYCBP10017),
4. Reason for Decision
Regulation 22(2) of the Public Finances (Transitional Provisions) (No.2) (Jersey) Regulations 2005 provides that ‘money standing to the credit of the trading fund of a States trading operation may also be used, with the approval of the Minister for Treasury and Resources, for a capital project if –
(a) the amount approved by the States for the project as part of the annual business plan has proved to be insufficient;
Regulation 22 (3) of the Public Finances (Transitional Provisions) (No 2) (Jersey) Regulations 2005 provides that ‘Money standing to the credit of the trading fund of a States trading operation may also be used, with approval of the Minister, for a purpose other than one approved as part of an annual business plan if expenditure for the purpose is necessary or expedient to advance the business of the trading operation.
5. Resource Implications
The Ann Court Car Park Capital Head of Expenditure (Q0000C7000) to decrease by £2,015,064, the Automated Charging System Capital Head of Expenditure (QYCBP11023) to decrease by £687,946, and the Car Park Maintenance & Refurbishment Capital Head of Expenditure (QYCBP10017) to increase by £2,703,010.
This decision does not change the total amount of expenditure approved by the States for 2017-2019 in the Medium Term Financial Plan.
Report author : Finance Manager – Department for Infrastructure | Document date 17th October 2018 |
Quality Assurance / Review : Head of Decision Support | File name and path: L:\Treasury\Sections\Corporate Finance\Ministerial Decisions\DS, WR and SD\2018-0128 - Transfers between Car Park Trading Fund Capital Heads of Expenditure |
MD sponsor: Director of Financial Planning and Performance |