Jersey Innovation Fund: Establishment, Funding, and Operation

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A decision made 15 November 2012:

Decision Reference: MD-TR-2012-0094
Decision Summary Title:	Establishment, Funding and Operation of the Jersey Innovation Fund		Date of Decision Summary:	14th November 2012
Decision Summary Author:	Projects Director, Treasury		Decision Summary: Public or Exempt?	Public
Type of Report: Oral or Written?	Written		Person Giving Oral Report:
Written Report Title:	Establishment, Funding and Operation of the Jersey Innovation Fund.		Date of Written Report:	14th November 2012
Written Report Author:	Projects Director, Treasury		Written Report : Public or Exempt?	Public
Subject: Establishment, Funding and Operation of the Jersey Innovation Fund.
Decision(s): The Minister approved the Report & Proposition requesting the establishment of the Jersey Innovation Fund and requested that it be lodged au Greffe for debate by the States on 29th January 2013.
Reason(s) for Decision: In accordance with Act of the States dated 17th July 2012, which approved the Economic Growth and Diversification Strategy P55/2012 which, inter alia, proposed the establishment of an Innovation Fund. Under Article 3(3)(a) of the Public Finances(Jersey) Law 2005 the States may, on a proposition lodged by the Minister for Treasury and Resources, establish a special fund for specific purposes. The Jersey Innovation Fund is to be created as a special fund. The Economic Affairs Scrutiny Panel have requested that the States debate on the Report and Proposition be delayed from the original planned date of December 11th 2012 to 29th January 2013 in order that it can undertake its review of the proposals.
Resource Implications: The fund is to be established with an initial sum of £5 million, as per proposals contained in the Medium Term Financial Plan 2013 – 2015, funded from part of the proposed redemption of JT Group Limited’s 9% cumulative preference shares. Funds will only be released to the Jersey Innovation Fund if the proposals contained in the MTFP are approved and the Report and Proposition is approved by the States on 29th January 2013. Operational costs associated with the operation of the fund, estimated at this stage, at £100,000 will be met from the Fund. There are no staffing implications arising from the establishment of the Fund.
Action required: The Greffier of the States to be requested to arrange for the attached Report & Proposition to be lodged au Greffe for debate on 29th January 2013.
Signature:		Position: Senator P F C Ozouf, Minister for Treasury and Resources
Date Signed:		Date of Decision:

Jersey Innovation Fund: Establishment, Funding, and Operation

Treasury and Resources

Ministerial Decision Report

ESTABLISHMENT, FUNDING AND OPERATION OF THE JERSEY INNOVATION FUND

Purpose of Report

To seek the Minister for Treasury and Resources approval to lodge the attached Report & Proposition, relating to the establishment, funding and operation of the Jersey Innovation Fund.

Background

The attached Report & Proposition together with the appended Economic Development Department Report, “Jersey Innovation Fund, Operational Terms of Reference – September 2012”, sets out the steps to be taken to establish, fund, manage and operate the Jersey Innovation Fund. These were discussed and approved at the Council of Ministers meeting on 4th October 2012.

This is in accordance with the Act of the States dated 17th July 2012 in which they approved the Economic Growth and Diversification Strategy which, inter alia, proposed the establishment of an Innovation Fund.

Recommendation

The Minister is recommended to lodge the attached Report & Proposition for debate by the States on 29th January 2013.

Reason for Decision

In accordance with Act of the States dated 17th July 2012, which approved the Economic Growth and Diversification Strategy P55/2012 which, inter alia, proposed the establishment of an Innovation Fund.

Under Article 3(3)(a) of the Public Finances(Jersey) Law 2005 the States may, on a proposition lodged by the Minister for Treasury and Resources, establish a special fund for specific purposes. The Jersey Innovation Fund is to be created as a special fund.

The Economic Affairs Scrutiny Panel have asked that the States debate on the Report and Proposition be delayed from the originally planned date of December 11th 2012 to January 29th 2013, in order that they might undertake a review of the proposed Fund and its operation. This request is accepted by the Minister for Treasury and Resources and the Minister for Economic Development.

Resource implications

The fund is to be established with an initial sum of £5 million, as per proposals contained in the Medium Term Financial Plan 2013 – 2015, funded from part of the proposed redemption of JT Group Limited’s 9% cumulative preference shares. These proposals were approved by the States. However, funding will only be released if the Report and Proposition is approved by the States at its meeting on 29th January 2013.

Operational costs associated with the operation of the fund, estimated at this stage, at £100,000 will be met from the Fund.

There are no additional staffing implications arising from the establishment of the Fund.

Report author : Projects Director	Document date : 15/10/2012
Quality Assurance / Review : Head of Financial Management, Accounting and Reporting	File name and path: L:\Treasury\Sections\Corporate Finance\Ministerial Decisions\DSs, WRs and SDs\2012-0091 -\Innovation Fund - MD Report.doc
MD sponsor : Treasurer of the States

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