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Jersey Harbours - Use of Trading Fund and the Creation of a New Capital Head of Expenditure

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A decision made on 11 April 2011:

Decision Reference:  MD-E-2011-0043 

Decision Summary Title:

DS - Jersey Harbours - Use of Trading Fund and the Creation of a New Capital Head of Expenditure

Date of Decision Summary:

25th  March 2011

Decision Summary Author:

Technical Services

Director

Decision Summary:

Public or Exempt?

Public

Type of Report:

Oral or Written?

Written

Person Giving

Oral Report:

N/A

Written Report

Title:

WR - Jersey Harbours - Use of Trading Fund and the Creation of a New Capital Head of Expenditure

Date of Written Report:

15th February 2011

Written Report Author:

Technical Services

Director

Written Report :

Public or Exempt?

Exempt 3.2.1 (a) (x)

Subject: Budget transfer from the Jersey Harbours Trading Fund into a new Jersey Harbours capital head of expenditure.

Decision(s): The Assistant Minister for Economic Development approved the use in 2011 of £590,000 from the Jersey Harbours Trading Fund for a new Jersey Harbours capital head of expenditure.

 

The Assistant Minister agreed to request the approval of Minister for Treasury and Resources for this use of the Jersey Harbours Trading Fund in accordance with Regulations issued under the Public Finances (Jersey) Law 2005.

Reason(s) for Decision:  Regulation 22 (2)(b) of the Public Finances (Transitional Provisions) (No. 2) (Jersey) Regulations 2005 states that Money standing to the credit of the trading fund of a States trading operation may also be used, with the approval of the Minister [for Treasury and Resources], for a capital project of the trading operation if – the project arises from a contingency that could not have been reasonably foreseen at the time the estimates of the States trading operation were submitted to the Minister in accordance with Article 8 of the 2005 Law for inclusion as part of an annual business plan.

 

Regulation 22 (3) of the Public Finances (Transitional Provisions) (No. 2) (Jersey) Regulations 2005 states that money standing to the credit of the trading fund of a States trading operation may also be used, with approval of the Minister [for Treasury and Resources], for a purpose other than one approved as part of an annual business plan if expenditure for the purpose is necessary or expedient to advance the business of the trading operation.

Resource Implications: The balance of the Jersey Harbours Trading Fund to decrease by £590,000 in 2011 and a new Jersey Harbours capital head of expenditure to increase by an identical amount.

Action required: The Director of Finance & Business Resources to advise the Head of Decision Support, Treasury and Resources Department that this decision has been signed

Signature:

 

Position:

Assistant Minister – Economic Development

 

 

Date Signed:

Date of Decision:  

 

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