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Budget Transfer: 2016 Central Market Surplus to Public Markets Maintenance Capital Head of Expenditure

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A decision made 16 January 2017:

Decision Reference:  MD-T-2017-0007

Decision Summary Title:

Budget Transfer -  Central Market Surplus 2016

Date of Decision Summary:

12 January 2017

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 -  Central Market Surplus 2016

Date of Written Report:

12 January 2017

Written Report Author:

Finance Manager

Written Report :

Public or Exempt?

Public

Subject: Transfer of 2016 Central Market budget surplus to the Public Markets Maintenance Capital Head of Expenditure.

 

Decision(s): The Minister approved the transfer of £67,174 from the Department for Infrastructure Revenue Head of Expenditure to the Public Markets Maintenance Capital Head of Expenditure (F0000C2668) in 2016.

 

Reason(s) for Decision: The budget transfer is required to fund improvement works to the Central  and Fish Markets and is in accordance with the long-standing agreement of the former Finance and Economics Committee (Act B7, 18/6/2003 refers).

 

Resource Implications: The Department for Infrastructure Revenue Head of Expenditure to decrease by £67,174 and the Public Markets Maintenance Capital Head of Expenditure (F0000C2668) to increase by £67,174 in 2016.

 

Action required:  The Department for Infrastructure Finance Manager to let Treasury and Resources Business Support team know that the decision has been signed.

 

Signature:

 

 

Position:

Minister for Infrastructure

 

Date Signed:

 

 

Date of Decision (If different from Date Signed):

 

 

Budget transfer 2016 Central Market surplus to Public Markets maintenance capital head of expenditure

 - 1 -

DEPARTMENT FOR INFRASTRUCTURE

 

BUDGET TRANSFER - PUBLIC MARKETS SURPLUS 2016

 

 

  1. Purpose of Report

 

The Minister is asked to approve a budget transfer of the Public Market surplus from Department for Infrastructure Revenue Head of Expenditure to the Public Markets Maintenance Capital Head of Expenditure (F0000C2668) in 2016.

 

 

  1. Background

 

Responsibility for the Indoor Markets was transferred from the former Economic Development Committee to the then Environment and Public Services Committee in 2003. At this time a review of stallholders’ rents was undertaken resulting in a significant uplift.

 

In successive Resource Plans and Business Plans the States approved funding to refurbish the Indoor Markets. It was recognised that although funds had been allocated previously through minor capital funding, the total sum available was insufficient to complete the required works.

 

The Finance and Economics Committee [Act B7, 18/6/2003] agreed to allow the Environment and Public Services Committee to carry forward surplus funds generated by the increased market rents for the express purpose of funding market maintenance.

 

Responsibility for the Indoor Market was subsequently transferred to Property Holdings in 2006.

 

The following surpluses have been generated:

 

  • 2006  £226,200
  • 2007  £144,500
  • 2008  £238,294
  • 2009  £211,562
  • 2010  £89,906
  • 2011  £177,101
  • 2012  £276,266
  • 2013  £139,224
  • 2014  £12,520
  • 2015  £13,187

 

3. Recommendation

The Minister is recommended to approve the transfer of £67,174 from the Department of Infrastructure Revenue Head of Expenditure to the Public Markets Maintenance Capital Head of Expenditure (F0000C2668) in 2016.

 

4. Reason for Decision

The budget transfer is required to fund improvement works to the Central  and Fish Markets and is in accordance with the long-standing agreement of the former Finance and Economics Committee (Act B7, 18/6/2003 refers).

 

 

5.  Resource Implications

The Department for Infrastructure Revenue Head of Expenditure to decrease by £67,174 and the Public Markets Maintenance Capital Head of Expenditure (F0000C2668) to increase by £67,174 in 2016.

 

These transfers do not change the amount of expenditure agreed by the States.

 

 

6. Action required

 

The Department for Infrastructure Finance Manager to let Treasury and Resources Business Support team know that the decision has been signed.

 

 

 

 

Written by:

Finance Manager

Approved by:

Director of Finance

 

 

 

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