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Budget Transfer: Fund work on height alignment aspect of Jersey Airport - Arrival Building Project

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A decision made 10 November 2011:

Decision Reference:  MD-E-2011-0186 

Decision Summary Title:

2012 Budget Transfer from Trading Fund to Revenue Head of Expenditure for Height Alignment of Arrivals Building Project

 

Date of Decision Summary:

 07 November 2011

Decision Summary Author:

Finance and Commercial Manager

 

Decision Summary:

Public or Exempt?

Public

Type of Report:

Oral or Written?

Oral

Person Giving

Oral Report:

Finance and Commercial Director

 

Written Report

Title:

N/A

Date of Written Report:

N/A

Written Report Author:

N/A

Written Report :

Public or Exempt?

N/A

Subject:

 

A non-recurring budget transfer in 2012 of £1,049,100 from the Trading Fund to the revenue head of expenditure to fund work on the height alignment aspect of the Arrivals Building Project.

 

Decision(s):

 

The Minister to confirm approval to seek a Treasury and Resources Ministerial Decision to draw £1,049,100 from the Trading Fund in 2012 (in addition to approvals in the 2012 Annual Business Plan) in order to continue the height alignment of the Arrivals Building project.  A balance of £40,631 will be required in 2013 and included as part of the Medium Term Financial Plan. 

 

Reason(s) for Decision:  

The height alignment of the Arrivals Building project had been a capital head of expenditure, but transferred to a revenue head of expenditure in order for the airport to comply with UKGAAP.  The respective Ministerial and Treasurer’s Decisions were duly approved (MD-E-2011-0050 / TR-2011-DD34, and MD-E-2011-0100 / TR-2011-DD73 .  However, due to the prolonged nature of the works being carried out to the building, the project will continue into 2012 and a retention will be held until 2013.  In order that the revenue expenditure matches to the timing of the work being undertaken and the subsequent payments due, the airport requires the following budget transfers:

 

2011                £1,089,730 – Transfer unspent revenue back to the Trading Fund from the revenue head of expenditure for the costs of the height alignment of the Arrivals Building

 

2012                £1,049,100 –  Draw from the Trading Fund to the revenue head of expenditure for the 2012 costs of the height alignment of the Arrivals Building

 

2013                     £40,631 – To be added to the 2013 Medium Term Financial Plan

 

This decision does not change the total amount of expenditure previously approved by the States over the period. 

 

Resource Implications:

 

Transfer an unspent revenue in 2011 total £1,089,730 back to the Trading Fund. 

Transfer £1,049,100 from the Trading Fund to the height alignment of the Arrivals Building budget for 2012.  Increase the 2013 Medium Term Business Plan to include the additional £40,631, being a retention held for the same abovementioned project budget.

 

There are no additional resource implications. 

 

Action required:

Accounting Officer to instruct Finance Manager to submit Decision to the Minister for Treasury and Resources. 

 

Signature:

 

 

 

Position:

Assistant Minister - Economic Development

 

Date Signed:

 

 

 

 

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