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Information and public services for the Island of Jersey

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

Financial Services Sector Review: Implementation: Budget Transfers

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A decision made 4 July 2013:

Decision Reference:  MD-TR-2013-0052

Decision Summary Title:

Central Contingency Funding Request for the Implementation of the recommendations of the Financial Services Sector Review

Date of Decision Summary:

27th June 2013

Decision Summary Author:

Projects Director

Decision Summary:

Public or Exempt?

Public

Type of Report:

Oral or Written?

Written

Person Giving

Oral Report:

N/A

Written Report

Title:

Central Contingency Funding Request for the Implementation of the recommendations of the Financial Services Sector Review

Date of Written Report:

27th June 2013

Written Report Author:

Projects Director

Written Report :

Public or Exempt?

Exempt

3.2.1(a)(xiv)

Subject: Financial Services Sector Review implementation – budget transfers and staff

Decision(s): The Treasury and Resources Minister:-

 

  • approved a budget transfer of £250,000 in 2013, £500,000 in 2014 and £500,000 in 2015, from Central Contingency (one off) to CMD for the implementation of the recommendations of the Financial Services Sector Review
  • recommended that the Treasurer of the States approve the resulting increase in the staffing levels of CMD by 3 FTE.
  • agreed that the ongoing funding requirements resulting from this proposal be considered and incorporated into the Medium Term Financial Plan 2016 – 2019.

Reason(s) for decision:  Article 17(2) of the Public Finances (Jersey) Law 2005 states that the Minister for Treasury and Resources is authorised to approve the transfer from contingency expenditure to heads of expenditure of amounts not exceeding, in total, the amount available for contingency expenditure in a financial year.

Resource Implications: Central Contingency (one-off) will decrease by £250,000 in 2013, £500,000 in 2014 and £500,000 in 2015 with the CMD revenue head of expenditure increasing by identical amounts.

Action required: Business Manager to inform the Senior Management Accountant, Corporate Group that this decision has been approved and arrange for the Treasurer of the States to approve the increase in the staffing levels by 3 FTE.

Signature:

 

Position: Deputy E J Noel,

Assistant Minister for Treasury and Resources

 

Date Signed:

Date of Decision:

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