Budget transfer relating to municipals directorate GAAP accounting

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A decision made 1 October 2010 regarding: Budget transfer relating to municipals directorate GAAP accounting.

Decision Reference: MD-T-2010-0091
Decision Summary Title :	Municipal Directorate Revenue to Capital Transfers 2010		Date of Decision Summary:	21 September 2010
Decision Summary Author:	Senior Management Accountant		Decision Summary: Public or Exempt? (State clauses from Code of Practice booklet)	Public
Type of Report: Oral or Written?	Written		Person Giving Oral Report:	N/A
Written Report Title :	Municipal Directorate Revenue to Capital Transfers 2010		Date of Written Report:	21 September 2010
Written Report Author:	Senior Management Accountant		Written Report : Public or Exempt? (State clauses from Code of Practice booklet)	Public
Subject: 2010 Budget Transfers between Revenue and Capital Heads of Expenditure for the Municipals Directorate as a result of moving to GAAP accounting.
Decision(s): The Minister approved the 2010 budget transfers between revenue and capital for the Municipals Directorate, representing a net budget transfer of £512,000 from revenue to capital, as detailed in the attached report.
Reason(s) for Decision: The States of Jersey implemented Generally Accepted Accounting Principles (GAAP) in 2009. GAAP accounting requires that all expenditure meeting the GAAP definition of capital expenditure should be treated as such; other expenditure must be accounted for as revenue. These budget transfers are the movements in budgets between revenue and capital required to align the budgeting treatment of expenditure with the GAAP accounting treatment. This does not change the total amount of expenditure approved by the States.
Resource Implications: There are no resource implications as a result of this decision.
Action required: The Finance Director to seek approval from the Minister for Treasury and Resources for the transfer. Once approval is obtained, the Finance Director to action budget transfers.
Signature:		Position:
Date Signed:		Date of Decision (If different from Date Signed):