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

Lady Florence Trent Fund: Closure and use of income

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A decision made on 30 November 2015:

Decision Reference: MD-T-2015-0093

Decision Summary Title:

Closure of Lady Florence Trent Fund and use of income

Date of Decision Summary:

25 November 2015

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 :

Closure of Lady Florence Trent Fund and use of income

Date of Written Report:

25 November 2015

Written Report Author:

Finance Manager

Written Report :

Public or Exempt?

Public

Subject:  Closure of the Lady Florence Trent Fund (the “Fund”) and receipt of income being £35,376.76 as at 31 August 2015, plus any additional interest thereon until the date of closure, to fund maintenance and upgrade works at Coronation Park, and associated budget transfers.

Decision(s):  The Minister approved the proposed closure of the Fund, the use of income and the associated budget transfers.

Reason(s) for Decision:  Article 17 (1) of the Public Finances (Transitional Provisions) (No. 2) (Jersey) Regulations 2005 states that money forming part of trust assets shall be managed, handled and accounted for by the Treasurer.

 

Article 5.12 of FD 3.6 allows that “…income of States funded bodies over and above the estimated income notified to the States in the Annual Business Plan may be used automatically for additional expenditure…where any such income and associated additional expenditure match in terms of purpose and/or amount…”.

 

Article 5.1 of FD 3.6 requires that Departments wanting to transfer funds between heads of expenditure must obtain the approval of their minister or of their accounting officer where a scheme of delegation exists.  The creation of an income budget and expenditure budget constitutes a transfer for the purposes of FD 3.6.  This power has been delegated by the Minister under MD-T-2012-0006 up to the limit of £200,000.

 

Article 5.2 of FD 3.6 states that the approval of non-contentious transfers between heads of expenditure up to £1,000,000 is delegated to the Treasurer of the States.

Resource Implications:  As a result of the recommendations listed above, the Fund will decrease by £35,376.76 (plus any additional interest thereon), the TTS revenue head of expenditure will decrease by £35,376.76 (plus any additional interest thereon) and the TTS Replacement Assets (Q00MC10012) capital head of expenditure will increase by an equal amount.

Action required:  The Treasurer is requested to take the necessary steps to effect the closure of the Fund and the associated transfer of funds to TTS.

The Treasurer is also requested to approve the creation of income and expenditure budgets totalling £35,736.76 (plus any additional interest thereon) in the TTS revenue head of expenditure.

The Treasurer is, lastly, requested to approve the transfer of £35,736.76 (plus any additional interest thereon) budget between the TTS revenue head of expenditure and the TTS Replacement Assets (Q00MC10012) capital head of expenditure.

Signature:

 

 

Position:

Minister for Transport and Technical Services

Date Signed:

 

 

Date of Decision (if different from Date Signed):

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