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Budget Transfer: Capital to Revenue (Sport Strategy - Fit for the Future)

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A decision made on 8 December 2014:

Decision Reference: MD-ESC-2014-0032

Decision Summary Title:

Budget transfer from capital to revenue covering the Sport Strategy “Fit For The Future 2014-2018”

Date of Decision Summary:

10th November 2014

Decision Summary Author:

Finance Manager

Decision Summary:

Public or Exempt?

Public

Type of Report:

Oral or Written?

Written

Person Giving

Oral Report:

N/A

Written Report

Title:

Budget transfer from capital to revenue covering the Sport Strategy “Fit For The Future 2014-2018”

Date of Written Report:

10th November 2014

Written Report Author:

Finance Manager

Written Report :

Public or Exempt?

Public

Subject: Budget transfer from capital to revenue covering the Sport Strategy “Fit For The Future 2014-2018”.   

Decision(s): The Minister for Education, Sport and Culture approved a budget transfer of £50,000 in 2014 from the Sports Strategy infrastructure (E00BT14010) capital head of expenditure to ESC revenue head of expenditure. 

Reason(s) for Decision: The Capital Programme 2014-2015 provided funding of £3,000,000 (£1,550,000 in 2014 and £1,450,000 in 2015) to support the Sport Strategy “Fit For The Future 2014-2018”. The strategy was launched on 14 October 2013 and required funding to deliver on all aspects of the new strategy, including preparation for the 2015 NatWest Island Games and capital projects including a new artificial pitch at Springfield, upgrade to Les Quennevais cycle track, improvements at Crabbe shooting ranges and improvements of school, club and community facilities.     

 

Under Generally Accepted Accounting Principles (GAAP) expenditure that meets the definition of capital expenditure only can be capitalised. This budget transfer is the movement in budget between capital and revenue required to align the budgeting treatment of expenditure with the accounting treatment, in order to comply with GAAP.

 

Article 18(1)(a) of the Public Finances (Jersey) Law 2005 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 transferred from a capital head of expenditure to a revenue head of expenditure, or vice versa, in order to comply with generally accepted accounting principles or an Order made under Article 32.

 

Delegation 1.2 delegates authority for non-contentious transfers between heads of expenditure with no financial limit where the transfer is solely to ensure that financial transactions are accurately reflected in the States’ Accounts in accordance with GAAP or an Order made under Article 32 of the Law.

Resource Implications: The ESC revenue head of expenditure will increase by £50,000 in 2014 and the Sports Strategy infrastructure (E00BT14010) capital head of expenditure will decrease by an identical amount in 2014. This decision does not change the total amount of expenditure approved by the States for 2014.

Action required: The Minister for ESC to seek approval of the Minister for Treasury and Resources for this transfer, in accordance with Financial Direction 3.6.

Signature:

Position: Deputy Rod Bryans, Minister for Education, Sport and Culture        

      

Date Signed:

Date of Decision:

 

Budget Transfer: Capital to Revenue (Sport Strategy - Fit for the Future)

Education, Sport and Culture  

Ministerial Decision Report

 

 

 

Budget transfer from capital to revenue covering the Sport Strategy “Fit For The Future 2014-2018”

 

  1. Purpose of Report

 

To enable the Minister for Education, Sport and Culture (ESC) to request that the Minister for Treasury and Resources (T&R) approve a budget transfer of £50,000 in 2014 from the Sports Strategy infrastructure (E00BT14010) capital head of expenditure to ESC revenue head of expenditure to cover the Sport Strategy “Fit For The Future 2014-2018”.  

 

  1. Background

 

The Capital Programme 2014-2015 provided funding of £3,000,000 (£1,550,000 in 2014 and £1,450,000 in 2015) to support the Sport Strategy “Fit For The Future 2014-2018”. The strategy was launched on 14 October 2013 and required funding to deliver on all aspects of the new strategy, including preparation for the 2015 NatWest Island Games and capital projects including a new artificial pitch at Springfield, upgrade to Les Quennevais cycle track, improvements at Crabbe shooting ranges and improvements of school, club and community facilities.     

 

The Sport Strategy “Fit For The Future 2014-2016” focusses on four key areas:

 

  1. Organisation
  • to give sport a stronger voice in Jersey and a new strategic direction

 

  1. Getting active, staying active
  • to help more Islanders take up physical activity
  • to encourage children to take up sport at an early age
  • to ensure all young people have opportunities to engage in positive activity
  • to ensure all young people become competent swimmers and are safe in the water and sea

 

  1. Spaces and places
  • to ensure all facilities are the highest possible standard
  • to actively promote the development of new facilities
  • to increase participation levels by providing new artificial pitches

 

  1. Personal bests
  • to help Jersey’s top athletes achieve their best possible performance in local, national and international competitions
  • to increase sports tourism and events
  • to have an all-Island overview of how to improve performance and participation
  • to help sports clubs improve and work together

 

  1. Recommendation

 

The Minister for ESC is recommended to request that the Minister for T&R approve a budget transfer of £50,000 in 2014 from the Sports Strategy infrastructure (E00BT14010) capital head of expenditure to ESC revenue head of expenditure to cover the Sport Strategy “Fit For The Future 2014-2018”.  

 

 

  1. Reasons for Decision

 

Sport strategy spending plans contain a mixture of capital and revenue expenditure and in total require a transfer from the ESC capital head of expenditure to revenue head of expenditure of £50,000 in 2014 to fund planned revenue expenditure.

 

Under Generally Accepted Accounting Principles (GAAP) expenditure that meets the definition of capital expenditure only can be capitalised. This budget transfer is the movement in budget between capital and revenue required to align the budgeting treatment of expenditure with the accounting treatment, in order to comply with GAAP.

 

Article 18(1)(a) of the Public Finances (Jersey) Law 2005 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 transferred from a capital head of expenditure to a revenue head of expenditure, or vice versa, in order to comply with generally accepted accounting principles or an Order made under Article 32.

 

Delegation 1.2 delegates authority for non-contentious transfers between heads of expenditure with no financial limit where the transfer is solely to ensure that financial transactions are accurately reflected in the States’ Accounts in accordance with GAAP or an Order made under Article 32 of the Law.

 

  1. Resource Implications

 

The ESC revenue head of expenditure will increase by £50,000 in 2014 and the Sports Strategy infrastructure (E00BT14010) capital head of expenditure will decrease by an identical amount in 2014. This decision does not change the total amount of expenditure approved by the States for 2014.

 

Report author: Finance Manager

Document date : 10th November 2014

Quality Assurance / Review:

File name and path:

 

 

 

 

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