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L'înformâtion et les sèrvices publyis pouor I'Île dé Jèrri

General Reserve Funding: 'First Step' Assisted Home Ownership Scheme 2024

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Ministers are elected by the States Assembly and have legal responsibilities and powers as “corporation sole” under the States of Jersey Law 2005 by virtue of their office and in their areas of responsibility, including entering into agreements, and under any legislation conferring on them powers.

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A decision made 28 March 2024:

Decision Reference:  MD-TR-2024-241

Public

Subject: Allocation of reserve funding for ‘first step’ assisted home ownership scheme in 2024

 

Report Title: WR - Allocation of reserve funding for ‘first step’ assisted home ownership scheme in 2024

Public

Decision(s):

The Minister decided to approve the allocation of up to £10,000,000 in 2024, from the General Reserve to the Cabinet Office Head of Expenditure, for the purposes of the “First Step” assisted home ownership scheme.

Reason for Decision(s):

Article 15(3) of the Public Finances (Jersey) Law 2019 states that the approval by the States of a Government Plan authorises the Minister to direct how an approved appropriation for a reserve head of expenditure in the plan may be spent (including on another head of expenditure) in the first financial year covered by the plan.  The current Procedures for Allocations from the Reserve, presented to the States Assembly as R.76/2022, sets out the requirements for allocations from the General Reserve and the Reserve for Central Risk and Inflation Funding. These requirements have been met and the Treasurer now recommends these allocations to the Minister for approval.

Resource Implications: The General Reserve Head of Expenditure will decrease by up to £10,000,000, and the Cabinet Office Head of Expenditure will increase by up to £10,000,000.   This decision does not change the total amount of expenditure approved by the States in the Government Plan 2024-27.

 

Action Required: The Minister’s Private Secretary to advise the Specialist Cost Benefit Analysis – Strategic Finance and the Heads of Finance Business Partnering for the associated Heads of Expenditure that this decision is approved.

Signature:

 

 

Signed By: Minister for Treasury and Resources

Date Signed:

 

 

Date of Decision (If different from Date Signed):

 

 

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