Budget transfer relating to Central Market capital works

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A decision made 11 January 2010 regarding: Budget transfer relating to Central Market capital works.

Decision Reference: MD-TR-2010-0002
Decision Summary Title:	Budget transfer central market surplus		Date of Decision Summary:	5 January 2010
Decision Summary Author:	Finance Manager, JPH		Decision Summary: Public or Exempt?	Public
Type of Report: Oral or Written?	Written		Person Giving Oral Report:	N/A
Written Report Title:	Budget transfer central market surplus 2009		Date of Written Report:	4 January 2010
Written Report Author:	Assistant Director - Finance & Strategy		Written Report : Public or Exempt?	Public
Subject: Transfer of 2009 Central Market budget surplus to Indoor Market capital works Head of Expenditure
Decision(s): The Minister approved a budget transfer of £211,562 which represents the Central market surplus for 2009, from Property Holdings’ revenue budget to the Central Market capital works budget FXA022
Reason(s) for Decision: The budget transfer is required to fund phase 2 of the Central Market Refurbishment works and is in accordance with the long-standing agreement of the former Finance and Economics Committee (Act B7, 18/6/2003 refers)
Resource Implications: Other than those detailed in the report there are no further financial or manpower Implications
Action required:
Signature:		Position: Senator P C F Ozouf, Minister for Treasury and Resources
Date Signed:		Date of Decision:

Budget transfer relating to Central Market capital works

TREASURY AND RESOURCES MINISTER

budget transfer - indoor market surplus 2009

Purpose of Report
The minister is asked to approve a budget transfer of the Indoor Market surplus from Property Holdings’ revenue budget to a capital Head of Expenditure.

Background
Responsibility for the Indoor Market was transferred from the former Economic Development Committee to the then Environment and Public Services Committee in 2003. At this time a review of stallholders’ rents was undertaken resulting in a significant uplift.
In successive Resource Plans and Business Plans the States has approved funding to refurbish the Indoor Market. It was recognised that although funds were allocated through the minor capital allocation, the total sum available was insufficient to complete the required works.
The Finance and Economics Committee [Act B7, 18/6/2003 refers] agreed to allow the Environment and Public Services Committee to carry forward surplus funds generated by the increased market rents, then estimated at £167,000 per annum, for the express purpose of funding market maintenance.
Responsibility for the Indoor Market was subsequently transferred to Property Holdings in 2006. Surpluses of £226,200, £144,500 and £238,294 were generated in 2006, 2007 and 2008 respectively and transferred to the capital Head of Expenditure FXA022. The equivalent surplus for 2009 is £211,562
The current budget position is set out in Appendix A.

Comments

The refurbishment is in two phases - roof/glazing works and floor surface/services. The roof works commenced in February 2009 and are due to be completed in March 2010.
Discussions are ongoing with the historic buildings officers to determine an appropriate solution for the floor. At present there is no definitive budget estimate for the floor works - an indicative sum of £600,000 is assumed but this may vary considerably depending on the type of flooring required.
It is anticipated that the sum available prior to the 2009 transfer will not be sufficient. Assuming the transfer request is approved, the available budget for phase 2 will be in the order of £650,000. Subject to the necessary approvals and sufficient funding, it is hoped to commence the floor works in 2010.

Recommendation
That the Minister approves a budget transfer of £211,562, which represents the Indoor Market surplus for 2009, from Property Holdings’ revenue budget to capital Head of Expenditure FXA022.

Appendix A

Indoor Market Capital Budget Position - as at 31/12/2009