Andium Homes Limited: Budget Transfer from Consolidated Fund

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A decision made 1 September 2014:

Decision Reference: MD-TR-2014-0091
Decision Summary Title:	Andium Homes Limited – Revenue Budget Cash Transfer		Date of Decision Summary:	27 August 2014
Decision Summary Author:	Projects Director		Decision Summary: Public or Exempt?	Public
Type of Report: Oral or Written?	Written		Person Giving Oral Report:	N/A
Written Report Title:	Andium Homes Limited – Revenue Budget Cash Transfer		Date of Written Report:	27 August 2014
Written Report Author:	Projects Director		Written Report : Public or Exempt?	Public
Subject: Andium Homes Limited – Revenue Budget Cash Transfer as at 1st July 2014.
Decision(s) The Minister for Treasury and Resources approved the transfer of £3,584,600.14 from the Consolidated Fund to Andium Homes Limited in accordance with Regulation 4(4) of the Social Housing (Transfer) (Jersey) Regulations 2014. This is in respect of Revenue Budgets.
Reason(s) for decision: This decision is in accordance with Regulation 4(4) of the Social Housing (Transfer) (Jersey) Regulations 2014. The States approved on the 4th June 2014, under P.58/2014 the Social Housing (Transfer) (Jersey) Regulations 2014.
Resource Implications: The sum of £3,584,600.14 will be transferred from the Consolidated Fund to the bank account of Andium Homes Limited.
Action required: The Treasurer of the States to authorise the transfer of the funds to Andium Homes Limited. The Projects Director to advise the Finance Director of Andium Homes Limited of this decision and to also advise of the date on which the funds will be transferred.
Signature:		Position: Senator P.F.C. Ozouf, Minister for Treasury and Resources
Date Signed:		Date of Decision:

Andium Homes Limited: Budget Transfer from Consolidated Fund

Treasury and Resources

Ministerial Decision Report

Andium Homes Limited – Revenue Budget Cash Transfer

Purpose of Report

To provide background information in support of the request for the Minister for Treasury and Resources, to transfer £3,584,600.14 to Andium Homes Limited, being the Revenue Budgets Cash Transfer as at 1st July 2014.

Background and Reason for Decision

The States of Jersey adopted on 16th May 2013 P.33/2013: The Reform of Social Housing and approved the incorporation of States owned Housing as a Company Limited by Guarantee wholly owned by the States. The States further adopted the Social Housing (Transfer) (Jersey) Law 2013 to, amongst other things, transfer the functions of, and the assets and liabilities administered by, the Housing Department into a company incorporated for this purpose, limited by guarantee, and wholly owned by the States. On the 4th June 2014 the States adopted P.58/2014: Social Housing (Transfer) (Jersey) Regulations 2014 which effected the transfers from the Housing Department to Andium Homes Limited.

Regulation 4(4) of the Social Housing (Transfer) (Jersey) Regulations 2014 states,

“Any funds held in the consolidated fund immediately before the transfer date, being the balance of which the Minister for Housing was entitled to withdraw up to the budget limit set for the Housing Department for the year ending 31st December 2014, shall be transferred to the company on the transfer date.”

The management accounts, in respect of revenue budgets for the period, have now been produced and Andium Homes Limited has formally requested the transfer of £3,584,600.14 to their bank account. (Please see copy of attached letter from the Finance Director of Andium Homes Limited dated 18th August 2014). This amount has now been verified and agreed by the Treasury and Resources Department.

Recommendation

The Minister for Treasury and Resources is recommended to approve the transfer of £3,584,600.14 from the Consolidated Fund to Andium Homes Limited in accordance with Regulation 4(4) of the Social Housing (Transfer) (Jersey) Regulations 2014. This is in respect of the Revenue Budgets.

Resource Implications

The sum of £3,584,600.14 will be transferred from the Consolidated Fund to the bank account of Andium Homes Limited.

Report author : Projects Director	Document date : 27th August 2014
Quality Assurance / Review : Business Manager	File name and path: L:\Treasury\Sections\Corporate Finance\Ministerial Decisions\DSs, WRs and SDs\2014-0091 - Andium Homes - Revenue Budget Transfer\WR - Andium Homes - Revenue Budget Transfer.doc