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Information and public services for the Island of Jersey

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

Budget transfer relating to Information Services - GAAP accounting

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A decision made 26 January 2010 regarding: Budget transfer relating to Information Services - GAAP accounting.

Decision Reference:  MD-TR-2009-0019

Decision Summary Title:

Chief Minister’s Department – Transfer of Capital to Revenue

Date of Decision Summary:

22 January 2010

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:

Chief Minister’s Department – Transfer of Capital to Revenue

Date of Written Report:

22 January 2010

Written Report Author:

Finance Manager, Decision Support

Written Report :

Public or Exempt?

Public

Subject:  Transfer of capital to revenue Heads of Expenditure within Chief Minister’s Department.

Decision(s): The Minister for Treasury and Resources approved the Chief Minister’s request to transfer £707,933 of ISD related expenditure from capital to revenue in order for it to be correctly recognised in accordance with GAAP accounting.

Reason(s) for Decision:  To ensure expenditure is correctly recognised in accordance with GAAP accounting.  Financial Direction 3.6 and the Public Finance (Jersey) Law 2005, the approval of the Minister for Treasury and Resources is required for any variations to heads of expenditure above £100,000.

Resource Implications: There are no financial or manpower resource implications other than those noted in the report.

Action required: Finance Manager to inform Finance Director, Treasury and Resources Department and Head of Financial Planning that the capital transfers have been approved.

Signature: 
 
 

Position: Deputy E. J. Noel, Assistant Minister for Treasury and Resources 

Date Signed:

Date of Decision:

Budget transfer relating to Information Services - GAAP accounting

TREASURY AND RESOURCES MINISTER  

Chief minister’s department – transfer of capital to revenue

 

  1. Purpose of Report

The Chief Minister has requested the Minister for Treasury and Resources to approve capital to revenue transfer of £707,933.  Under Financial Direction 3.6 and the Public Finance (Jersey) Law 2005, the approval of the Minister for Treasury and Resources is required for any variations to heads of expenditure above £100,000.  

  1. Background

Information Services, within Chief Minister’s Department, conducted a review in 2009 to identify and separate capital and revenue expenditure consolidated on the capital ledger.  As a result of the review the Department request approval to transfer £707,933 from capital to revenue in order to more accurately reflect the expenditure under GAAP accounting.  A breakdown of the expenditure is as follows:-

 

  1.     Recommendation

For the Minister for Treasury and Resources to approve the Chief Minister’s request to transfer £707,933 from capital to revenue in order to accurately reflect the expenditure under GAAP accounting.   

  1. Reason for Decision

To ensure expenditure is correctly recognised in accordance with the GAAP accounting.  Financial Direction 3.6 and the Public Finance (Jersey) Law 2005, the approval of the Minister for Treasury and Resources is required for any variations to heads of expenditure above £100,000. 

States Treasury Finance Manager Decision Support

22 January, 2010 

 

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