Jersey Harbours budget transfer approval

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A decision made 12 April 2010 regarding: Jersey Harbours budget transfer approval - GAAP accounting.

Decision Reference: MD-TR-2010-0060
Decision Summary Title:	Jersey Harbours – Capital to Revenue Budget Transfer.		Date of Decision Summary:	1st April 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:	Economic Development – Jersey Harbours Capital to Revenue Budget Transfer.		Date of Written Report:	1st April 2010
Written Report Author:	Finance Manager, Decision Support		Written Report : Public or Exempt?	Public
Subject: Capital to revenue budget transfer in accordance with GAAP.
Decision(s): The Minister approved the transfer of £400,000 from capital to revenue within Jersey Harbours budget for the purpose of completing capital works.
Reason(s) for Decision: Under Financial Direction 3.6 and the Public Finance (Jersey) Law 2005 the approval of the Minister is required for any variations to heads of expenditure above £100,000.
Resource Implications: The transfer does not affect States net expenditure.
Action required: Finance Manager, Decision Support to inform the Head of Financial Planning the budget transfer has been approved.
Signature:		Position: Senator P F C Ozouf, Minister for Treasury and Resources
Date Signed:		Date of Decision:

Jersey Harbours budget transfer approval - GAAP accounting

ECONOMIC DEVELOPMENT

JERSEY HARBOURS – CAPITAL TO REVENUE BUDGET TRANSFER

1. Purpose of Report

To enable the Minister to approve Jersey Harbours request to transfer capital budget to revenue budget for the purpose of completing maintenance works.

2. Background

All expenditure that does not meet the definition of capital expenditure must be classed as revenue expenditure in order to comply with GAAP.

3. Proposal

Since the approval of the Annual Business Plan 2010, site investigations have revealed the following maintenance works requiring attention:-

a. Scouring problems under Albert and Victoria Piers;

b. Settlement of the deck slabs on New North Quay;

c. Movement of the eastern wall of the La Collette Yacht Basin; and

d. Degradation of the render on the walls of St Helier Marina.

Due to the nature of the works, Harbours have reclassified this as revenue based expenditure. The total cost for all works is estimated to be £400,000 and Harbours wish to transfer that amount from their capital head of expenditure to their revenue head of expenditure. This restatement exercise is relevant only to 2010 and will not affect future capital allocations.

4. Recommendation

That the Minister approves the transfer of £400,000 from Jersey Harbours capital budget to their revenue budget.

5. Reason for Decision

Under Financial Direction 3.6 and the Public Finance (Jersey) Law 2005 the approval of the Minister is required for any variations to heads of expenditure above £100,000.

6. Resource Implications

The transfer does not affect States net expenditure.