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Budget transfer - GAAP Accounting

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A decision made 20 June 2011 regarding:

Decision Reference:  MD-ESC-2011-0021 

Decision Summary Title:

Capital/Revenue Budget Transfer – Education, Sport and Culture

Date of Decision Summary:

13 June 2011

Decision Summary Author:

Senior Management Accountant

Decision Summary:

Public or Exempt?

Public

Type of Report:

Oral or Written?

Written

Person Giving

Oral Report:

N/A

Written Report

Title:

ESC ICT Capital/Revenue Budget Transfer

Date of Written Report:

25 May 2011

Written Report Author:

Senior Management Accountant

Written Report :

Public or Exempt?

Public

Subject:   Budget Transfer between:

(i)                  ESC Capital votes for ICT Phase II Strategy and ICT Phase III Strategy

(ii)                ESC ICT Phase III Strategy Capital and ESC ICT Phase III Strategy Revenue as a result of moving to GAAP accounting

Decision(s):  The Minister agreed the transfer of:

(i)                  £538,558 from ESC ICT Phase II Strategy Capital vote to ESC ICT Phase III Strategy Capital vote

(ii)                £600,000 from the ESC ICT Phase III Strategy Capital vote to the ESC ICT Phase III Revenue budget.

Reason(s) for Decision:

(i)                  ESC’s ICT Strategy has been part-funded by a central allocation of £500,000 per annum, and partly by an allocation from unspent capital funds within ESC capital votes – which were depleting. Due to ongoing uncertainty surrounding the budget in the final year of Phase II implementation it was decided to develop a new 3 year plan (Phase III) and submit a ‘growth’ bid as a more stable, long-term funding solution. In support of this - the unspent capital balance and outstanding project deliverables were to be transferred from Phase II to III.

(ii)                The budget transfer is the movement between capital and revenue required to align the budgeting treatment of expenditure with the GAAP accounting treatment as implemented by the States of Jersey in 2009. This does not change the total amount of expenditure approved by the States.

Resource Implications:  Nil – transfer between capital/capital and capital/revenue budgets.

Action required:   Assistant Director - Finance to seek Treasury and Resources Ministerial approval for the transfer. Once approval obtained, Assistant Director - Finance to action budget transfers.

Signature:

 

 

Position: Deputy J. Reed, Minister for Education, Sport and Culture

                 

 

Date Signed:

Date of Decision:

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