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L'înformâtion et les sèrvices publyis pouor I'Île dé Jèrri

Fiscal Stimulus Fund: Winding-up

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A decision made 13 December 2022:

Decision Reference:  MD-TR-2022-786

Public

Subject: Winding up of the Fiscal Stimulus Fund

 

Report Title: Winding up of the Fiscal Stimulus Fund

Public

Decision(s):

The Minister decided to approve the winding up of the Fiscal Stimulus Fund in line with the Fund’s terms of reference as set out in P.128/2020, with the remaining liability balance to be transferred to the Consolidated Fund.

Reason for Decision(s):

Under Article 6 (2) of the Public Finances (Jersey) Law 2019; When establishing a fund under this Article, the States must specify the purpose of the fund, the fund’s terms and the circumstances in which the fund may be wound up.  The Fiscal Stimulus Fund, P.128/2020 specified that -  2.4  The Fiscal Stimulus Fund will be maintained until such a time as;  (a) the Minister for Treasury & Resources makes a Ministerial Decision to wind up the Fund no later than 31 December 2022.   (b) Any residual funds remaining in the Fiscal Stimulus Fund will be paid to the Consolidated Fund.

Resource Implications: The remaining liability balance of £19.2 million in the Fiscal Stimulus Fund will be transferred to the Consolidated Fund, reducing the balance in the Consolidated Fund by the same amount.   The liability is expected to be repaid by the end of 2022, as set out in the proposed Government Plan 2023 – 2026.

 

Action Required: The Head of Financial Governance to advise the Director, Treasury and Investment Management, that this decision has been approved. That Director to ensure the Fund is wound up by 31st December 2022.

Signature:

 

 

Signed By: Minister for Treasury and Resources

Date Signed:

 

 

Date of Decision (If different from Date Signed):

 

 

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