Treasury and Resources
Ministerial Decision Report
T&R Corporate Contingency Funding to EDD for Capital Economics Study
- Purpose of Report
To enable the Minister to approve a non-recurring budget transfer in 2013 of £34,450 from the Treasury and Resources (T&R) Corporate Contingency to the Economic Development Department (EDD) revenue head of expenditure for the Capital Economics study, the sum then to be forwarded to Jersey Finance Ltd (JFL) by way of an onward grant.
- Background
Following the presentation of two proposals to JFL on the Value of Jersey to the UK project, Capital Economics were selected as the most appropriate partner to work with.
The feasibility study was undertaken during September 2012 with the brief report and recommendations, including a detailed and costed programme of future research needed to deliver a meaningful study, being received on 28th September 2012. A budget of £25,000 was transferred on the 1st October 2012 by delegated decision (TR-2012-DD090) for the feasibility study.
During the States of Jersey and JFL Partnership meeting on 2nd October 2012, it was decided that the full report would be commissioned. A budget of £104,050 was transferred on 14th December 2012 (TR-2012-DD132) being the balance of the sum required for the full report.
On advice received from the Adviser – International Affairs the Minister for Treasury and Resources decided in January 2013 that additional work should be undertaken by Capital Economics to provide a full data analysis of UK source funds/business. The supplementary report was commissioned at a cost of £34,450.
3. Recommendation
The Minister approves a non-recurring budget transfer in 2013 of £34,450 from the T&R Corporate Contingency to the EDD revenue head of expenditure in order for EDD to be able to award an onward grant to JFL for the additional work undertaken for the Capital Economics project.
- Reason for Decision
Article 2(6) of the Public Finances (Transitional Arrangements) (Jersey) Order 2011 states that all or any part of the amount appropriated by a head of expenditure may, with the approval of the Minister for Treasury and Resources, be used for the purposes of another head of expenditure.
- Resource Implications
T&R Corporate Contingency to decrease by £34,450 in 2013 and the EDD revenue head of expenditure to increase by an identical amount. This decision does not change the total amount of expenditure approved by the States.
Report author : Director of Financial Planning and Performance | Document date : 13/05/2013 |
Quality Assurance / Review : Business Manager | File name and path: L:\Treasury\Sections\Corporate Finance\Ministerial Decisions\DSs, WRs and SDs\2013-0027 - T&R Corporate Contingency to EDD Capital Economics Study\WR - T&R Corporate Contingency to EDD Capital Economics Study.docx |
MD sponsor : Treasurer of the States |