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Information and public services for the Island of Jersey

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

Jersey Airport 2011 Capital to Revenue GAAP Budget Transfer

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A decision made on 4 April 2011:

Decision Reference:  MD-E-2011-0050

Decision Summary Title :

DS ~ Jersey Airport 2011 Capital to Revenue GAAP Budget Transfer.

Date of Decision Summary:

28th March 2011

Decision Summary Author:

 

 

D.Mitchell, Finance & Commercial Services Manager

Decision Summary:

Public or Exempt?

(State clauses from Code of Practice booklet)

 

Public

Type of Report:

Oral or Written?

 

Written

Person Giving

Oral Report:

 

Written Report

Title :

Jersey Airport 2011 Capital to Revenue GAAP Budget Transfer

Date of Written Report:

28th March 2011

Written Report Author:

 

D.Mitchell, Finance & Commercial Services Manager

Written Report :

Public or Exempt?

(State clauses from Code of Practice booklet)

 

Exemption 3.2.1(a)(xi)

Subject:

2011 Budget Transfers between Capital and Revenue Heads of Expenditure as a result of the requirement to comply with GAAP accounting

Decision(s):

The Minister approved a budget transfer of £1,291,402.88 from the Jersey Airport Arrivals Demolition Top 2 floors, Air Traffic Control Centre and Arrivals/Pier/Forecourt capital heads of expenditure to Jersey Airport revenue head of expenditure.

Reason(s) for Decision:

GAAP accounting requires that only expenditure meeting the GAAP definition of capital expenditure should be treated as such.  All other expenditure must be accounted for as revenue. These budget transfers are the movements in budgets between capital and revenue required to align the budgeting treatment of expenditure with the GAAP accounting treatment.

Resource Implications:

The Jersey Airport Arrivals Demolition Top 2 flrs, Air Traffic Control Centre and Arrivals/Pier/Forecourt capital heads of expenditure to decrease by £1,291,402.88 and the Jersey Airport revenue head of expenditure to increase by an identical amount.  This decision does not change the total amount of expenditure previously approved by the States.

Action required:

Departmental Finance Director to seek the Treasurer of the States’ Approval for the transfers.  Once approval obtained, Departmental Finance Director to action budget transfers.

Signature:

 

 

Position: Senator Paul Routier, Assistant Minister for Economic Development

 

 

Date Signed:

Date of Decision(If different from Date Signed):

 

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