Revenue to Capital Transfers 2010

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A decision made on 2 December 2010 regarding 2010 budget transfers between Revenue and Capital Heads of Expenditure

Decision Reference: MD-T-2010-0125
Decision Summary Title:	TTS Revenue to Capital Transfers 2010		Date of Decision Summary:	25 November 2010
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:	TTS Revenue to Capital Transfers 2010		Date of Written Report:	25 November 2010
Written Report Author:	Finance Manager		Written Report : Public or Exempt?	Public
Subject: 2010 Budget Transfers between Revenue and Capital Heads of Expenditure for TTS to comply with GAAP accounting.
Decision(s): The Minister approved the 2010 budget transfers between revenue and capital for TTS, representing a net budget transfer of £658,140 from revenue to capital, as detailed in the attached report.
Reason(s) for Decision: The States of Jersey implemented Generally Accepted Accounting Principles (GAAP) in 2009. GAAP accounting requires that all expenditure meeting the GAAP definition of capital expenditure should be treated as such; other expenditure must be accounted for as revenue. These budget transfers are the movements in budgets between revenue and capital required to align the budgeting treatment of expenditure with the GAAP accounting treatment. This does not change the total amount of expenditure approved by the States.
Resource Implications: The effect of the transfer would be to decrease the Department’s 2010 Revenue Cash Limit from £27,609,600 to £26,951,460 a decrease of 2.38%, and increase the value of capital budgets by an equivalent amount. This does not change the total amount of expenditure approved by the States.
Action required: For the Finance Director to seek the approval of the Minister for Treasury and Resources for the transfer. Once approval obtained, the Finance Director to action budget transfers.
Signature:		Position:
Date Signed:		Date of Decision: