Budget Transfer: Revenue to Capital (Victoria College Extension)

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A decision made on 2 December 2011:

Decision Reference: MD-ESC-2011-0039
Decision Summary Title:	Revenue to Capital Budget transfers		Date of Decision Summary:	02 December 2011
Decision Summary Author:	John Littlewood Head of Finance		Decision Summary: Public or Exempt?	Public
Type of Report: Oral or Written?	Written		Person Giving Oral Report:	N/A
Written Report Title:	Revenue to Capital Transfers 2011		Date of Written Report:	01 December 2011
Written Report Author:	John Littlewood Head of Finance		Written Report : Public or Exempt?	Public
Subject: For the Minister for Education, Sport and Culture to authorise the transfer of funds from Revenue to Jersey Property Holdings Capital in respect of Victoria College and Victoria College Prep.
Decision(s): The Minister for Education, Sport and Culture approved the transfer of Revenue funds amounting to £324,100 to Jersey Property Holdings (Victoria College Extension) and requested the Minister for Treasury and Resources to accept the transfer.
Reason(s) for Decision: In accordance with Treasury Financial Directions approval is required to transfer £53,100 in relation to a minor capital project undertaken by Victoria College Preparatory School in 2010 and temporarily funded from Victoria College Extension capital vote (held by JPH). In addition, approval is also sought to transfer of £271,000 from Victoria College carry forwards from 2010 to the same capital vote to fund the Board of Governors’ proposed classroom project.
Resource Implications: There are no other financial or manpower resource implications.
Action required: For officers of the Department to request the approval of the Minister for Treasury and Resources to approve the transfer to Jersey Property Holdings in accordance with Financial Direction 3.6.
Signature:		Position: Minister for Education, Sport and Culture
Date Signed: 02.12.11		Date of Decision: 02.12.11

Budget Transfer: Revenue to Capital (Victoria College Extension)

Education, sport & culture MINISTER

revenue TO CAPITAL BUDGET transferS

Purpose of Report

For the Minister for Education, Sport and Culture to approve the following revenue to capital transfers in accordance with the request of the Board of Governors of Victoria College:

£53,100 representing the Preparatory School’s contribution to the capital project undertaken in 2010 to create a memorial garden, classroom and staffroom extension at the Preparatory School.

£271,000 representing the College’s contribution to the proposed development of four new classrooms at the College to replace ageing temporary facilities. Additional funding to be provided by the Victoria College Foundation.

Background

Preparatory Transfer : £53,100

Victoria College Preparatory School undertook a capital project in 2010 to create a memorial garden and extend the staff room and provide enhanced facilities for staff and students. The project was financed in part by Jersey Property Holdings and partly by a temporary transfer from a capital vote held by JPH in respect of Victoria College – Extension. It was agreed at the time that once the project was completed a transfer would be made from the Preparatory School revenue budget to reimburse that capital vote in respect of the project.

The final accounts were paid earlier this year and the balance remaining to be transferred has been confirmed by JPH as £53,100.

College Transfer : £271,000

Victoria College Board of Governors set up a fund raising Foundation (The “Victoria College Foundation” – VCF) to source additional capital funds for building and improvement works in the College. One of their aims has been to replace some outdated temporary classrooms that are becoming increasingly difficult to maintain due to age.

After some time, a way forward has been found which is projected to cost in the region of £1.15 million. The majority of the funding is already available, and a transfer from Victoria College Revenue funds brought forward from 2010 will provide the remaining finance. Victoria College Board of Governors have requested the transfer of £271,000 from Revenue to a head of Capital Expenditure held by JPH to enable the project to progress.

Recommendation

That the Minister for Education, Sport & Culture approves the transfers totalling £324,100 and requests the Minster for Treasury and Resources to accept the transfer of funds to Jersey Property Holdings.