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Fiscal Stimulus Plan: Budget Allocation

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.

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A decision made (30.07.2009) to approve a budget allocation from the Fiscal Stimulus Plan.

Decision Reference:  MD-TR-2009-0133

Decision Summary Title:

Discretionary Fiscal Stimulus – Economic Development Budget Allocation

Date of Decision Summary:

29th July 2009

Decision Summary Author:

Treasurer of the States

Decision Summary:

Public or Exempt?

Public

Type of Report:

Oral or Written?

Written

Person Giving

Oral Report:

N/A

Written Report

Title:

Allocation of fiscal stimulus funding to support for business project group

Date of Written Report:

29th July 2009

Written Report Author:

Interim Programme Manager, Discretionary Fiscal Stimulus

Written Report :

Public or Exempt?

Public

Subject:

Economic Stimulus Plan: budget allocation to the Economic Development Department (“EDD”) in relation to projects to be undertaken by the support for business project team.

Decision(s):

The Minister approved the allocation of £500,000 to Economic Development, to be transferred to the department budget as soon as possible and allocated to revenue expenditure as set out in the accompanying report. 

He further instructed the support for business project group to report on spend of all stimulus monies, and project progress/performance, on a monthly basis in accordance with guidelines set by the Treasury.

Reason(s) for Decision:

A discretionary fiscal stimulus allocation from the Stabilisation Fund of £44m has already been approved. The £500,000 approved funding will enable the support for business project group to immediately initiate and/or expand their activities to support local business through the economic downturn.

Resource Implications:

No resource implications other than those already approved at the States’ debate (P55/2009) on 19th May 2009.

Action required:

Treasury to be informed of decision to release necessary funds to the EDD budget.  

Signature: 
 
 

Position: Senator P F C Ozouf, Minister for Treasury and Resources 

                 

Date Signed:

Date of Decision:

Fiscal Stimulus Plan: Budget Allocation

 

Allocation of Fiscal Stimulus Funding to the Support for Business Project Group

 

Report summarizing recommendations of the Fiscal Stimulus Steering Group

29th July 2009

 

Background

 

The Economic Development Department (“EDD”) has, in accordance with Treasury guidelines, formed a Project Team which is responsible for the delivery of a range of initiatives to enhance support for businesses operating on the island during the downturn, which. Those initiatives were included in the Treasury and Resources Minister’s provisional programme of fiscal stimulus projects, and include:

 

·         Business “incubator” - a short term and flexible office solution for fledgling businesses

·         Business angels network

·         Enterprise grants

·         Expansion of networking activities and “business-to-business” events

·         Extension of Hospitality sector training scheme

·         Inward investment and overseas promotion

·         Export development

·         Rural economy initiatives

 

These projects are either new activities, or extensions of existing programmes, intended to be rolled out immediately in order to provide support and assistance to Jersey businesses.

 

Fiscal Stimulus Steering Group Recommendation

 

At a meeting of the Fiscal Stimulus Steering Group on 24th July 2009, various documents submitted by EDD in accordance with the programme governance structure, including target outcomes, methods for monitoring and financial projections, were discussed.

 

Further to those discussions the Fiscal Stimulus Steering Group recommend to the Treasury and Resources Minister that £500,000 relating to spend in 2009 and early 2010 is allocated to Economic Development to enable the initiatives to proceed (or be expanded). The allocation should be made to revenue budgets as set out below:

 

Year

Budget Allocation

£

Ending 31 December 2009

384,340

Ending 31 December 2010

115,660

TOTAL

500,000

 

 

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