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Capital Reserve and Inflation Treatment for Capital Projects.

A formal published “Ministerial Decision” is required as a record of the decision of a Minister (or an Assistant Minister where they have delegated authority) as they exercise their responsibilities and powers.

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.

An accurate record of “Ministerial Decisions” is vital to effective governance, including:

  • demonstrating that good governance, and clear lines of accountability and authority, are in place around decisions-making – including the reasons and basis on which a decision is made, and the action required to implement a decision

  • providing a record of decisions and actions that will be available for examination by States Members, and Panels and Committees of the States Assembly; the public, organisations, and the media; and as a historical record and point of reference for the conduct of public affairs

Ministers are individually accountable to the States Assembly, including for the actions of the departments and agencies which discharge their responsibilities.

The Freedom of Information Law (Jersey) Law 2011 is used as a guide when determining what information is be published. While there is a presumption toward publication to support of transparency and accountability, detailed information may not be published if, for example, it would constitute a breach of data protection, or disclosure would prejudice commercial interest.

A decision made (24/11/2008) regarding: Capital Reserve and Inflation Treatment for Capital Projects.

Decision Reference: MD-TR-2008-0126

Decision Summary Title:

WINDING UP OF CAPITAL RESERVE INFLATION ELEMENT

Date of Decision Summary:

13 November 2008

Decision Summary Author:

Ray Foster

Assistant Director Finance and Strategy

Decision Summary:

Public or Exempt?

Public

Type of Report:

Oral or Written?

Written

Person Giving

Oral Report:

n/a

Written Report

Title:

WINDING UP OF CAPITAL RESERVE INFLATION ELEMENT

Date of Written Report:

13 November 2008

Written Report Author:

Ray Foster

Assistant Director Finance and Strategy

Written Report :

Public or Exempt?

Public

Subject:  Capital Reserve and Inflation Treatment for Capital projects

Decision(s):

The Minister:

  1. approved the winding up of the Capital Reserve (inflation element)
  2. approved budget transfers to specific capital projects as detailed in Appendix A to the attached report.
  3. approved the transfer of the residual budget balance of £4.03 million to the Risk Reserve.

Reason(s) for Decision:

  1. Maintaining a Capital Reserve (inflation element) is not compatible with Resource Budgeting.
  2. The budget allocations are required to complete the projects within the approved budget sums plus agreed inflation.
  3. It would be prudent to increase the level of funding in the risk reserve.

Resource Implications:

As set out in the report.                

Action required:  

Officers of the Treasury action the budget transfers as set out in Appendix A to the report.

Signature: 
 

Position: Senator T A Le Sueur, Minister for Treasury and Resources

Date Signed:

24 November 2008

Date of Decision:

24 November 2008

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