Budget transfer from Central Contingencies to Treasury and Resources Department: Public Employees Contributory Retirement Scheme: Pre-1987 Debt

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[THIS DECISION RESCINDS MD-TR-2017-0126] A decision made on 19 October 2018

Decision Reference: MD-TR-2018-0127
Decision Summary Title:	Contingency Funding for PECRS Pre-1987 Debt repayments		Date of Decision Summary:	16th October 2018
Decision Summary Author:	Head of Decision Support		Decision Summary: Public or Exempt?	Public
Type of Report: Oral or Written?	Written		Person Giving Oral Report:	N/A
Written Report Title:	Contingency Funding for PECRS Pre-1987 Debt repayments		Date of Written Report:	16th October 2018
Written Report Author:	Finance Manager – Treasury and Taxes Office		Written Report : Public or Exempt?	Public
Subject: The allocation of up to £301,600 from Central Contingencies in 2018 to the Treasury and Resources Department for costs associated with the PECRS Pre- 1987 Debt repayments.
Decision(s): The Minister approved the allocation of up to £301,600 in 2018 from Central Contingencies to the Treasury and Resources Department for the costs associated with the PECRS Pre- 1987 Debt repayments.
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 or the insurance fund of amounts not exceeding, in total, the amount available for contingency expenditure in a financial year. The current Contingency Allocation Policy (published as R.112/2018) sets the requirement for all allocations from contingency over £50,000 to be considered by the Investment Appraisal Board, Principal Accountable Officer and States Treasurer prior to submission to the Minister for approval. The Board recommended this request for approval at its meeting of 11th October 2018. The request has also been recommended for approval by the Principal Accountable Officer and States Treasurer. This allocation to Contingency was approved as part of the 2016 year end carry forwards request (MD-TR-2017-0068). The Minister has previously approved a transfer of up to £140,000 from the PECRS Pre-1987 Contingency to the Treasury and Resources Department head of expenditure to fund the budget shortfall identified in 2017 (MD-TR-2017-0126). The department has since confirmed that it was able to meet the 2017 budget shortfall for PECRS Pre-1987 Debt repayments from underspend areas within the Treasury based budget, therefore MD-TR-2017-0126 has never been executed. This Ministerial Decision therefore also rescinds MD-TR-2017-0126.
Resource Implications: The Treasury and Resources Department revenue head of expenditure to increase by up to £301,600 in 2018 and Central Contingencies to decrease by the same amount. This decision does not change the total amount of expenditure approved by the States in the Medium Term Financial Plan 2016 to 2019.
Action required: The Head of Decision Support to advise the Finance Manager and the Finance Director of the Corporate Group that this decision is approved.
Signature:		Position: Deputy Susie Pinel Minister for Treasury and Resources
Date Signed:		Date of Decision: