Transfer of Budget between Heads of Expenditure to settle pre1987 PECRS Debt

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A decision made on 13 June 2014

Decision Reference: MD-H-2014-0035
Decision Summary Title :	DS - Transfer of Budget between Heads of Expenditure to settle pre1987 PECRS Debt		Date of Decision Summary:	12th June 2014
Decision Summary Author:	Finance Director		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 :	WR - Transfer of Budget between Heads of Expenditure to settle pre1987 PECRS Debt		Date of Written Report:	12th June 2014
Written Report Author:	Finance Director		Written Report : Public or Exempt? (State clauses from Code of Practice booklet)	Public
Subject: Transfer of Budget between Heads of Expenditure to settle pre1987 PECRS Debt
Decision(s): The Minister approved the transfer of £1,908,619 from the Housing Capital Rolling Vote to Housing Revenue head of expenditure in order to settle the Pre1987 PECRS debt.
Reason(s) for Decision: In order for to comply with the requirements of Article 8 of the Social Housing (Transfer) (Jersey) Law 2013 and for Andium Homes Limited to be accepted as an admitted body to the Public Employees Contributory Retirement Scheme, the Pre1987 debt must be settled by the 30th June 2014. As there are no funds available in the Housing Revenue Head of Expenditure for this purpose this transfer enables that settlement to be made.
Resource Implications: The Housing Capital Rolling Vote to reduce by £1,908,619 and the Housing Revenue head of expenditure to increase by an identical amount. Under article 18(1)(a) of the Public Finances (Jersey) Law 2005 the Minister for Treasury and Resources can approve transfers of budget between Heads of Expenditure where such a transfer is required to comply with Accounting Standards.
Action required: Finance Director to liaise with the Treasury and Resources Department to obtain the Minister for Treasury and Resources’ approval for a transfer between Heads of Expenditure and then to arrange settlement of the liability.
Signature:		Position: Minister
Date Signed:		Date of Decision (If different from Date Signed):