2009 Budget Transfers between Capital and Revenue Heads of Expenditure as a result of moving to GAAP accounting.

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A decision made (20/03/2009) regarding: 2009 Budget Transfers between Capital and Revenue Heads of Expenditure as a result of moving to GAAP accounting.

Decision Reference: MD-C-2009-0022
Decision Summary Title:	Capital/Revenue Budget Transfer – Economic Development Department		Date of Decision Summary:	11/03/09
Decision Summary Author:	Loretta Outhwaite Finance Director		Decision Summary: Public or Exempt?	Public
Type of Report: Oral or Written?	11th March 2009		Person Giving Oral Report:	N/A
Written Report Title:	Transfer of budgets		Date of Written Report:	11/03/2009
Written Report Author:	Loretta Outhwaite Finance Director		Written Report : Public or Exempt?	Public
Subject: 2009 Budget Transfers between Capital and Revenue Heads of Expenditure as a result of moving to GAAP accounting
Decision(s): The Minister approved 2009 budget transfers between capital and revenue, representing a net budget transfer of £4,755,911 from capital to revenue, as detailed in the attached report.
Reason(s) for Decision: The States of Jersey is implementing Generally Accepted Accounting Principles (GAAP) in 2009. GAAP accounting requires that only expenditure meeting the GAAP definition of capital expenditure should be treated as such. All other expenditure must be accounted for as revenue. This budget transfer is the movements in budgets between capital and revenue 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: None.
Action required: Departmental Finance Director to seek Treasury and Resources Ministerial Approval for the transfer. Once approval obtained, Departmental Finance Director to action budget transfers.
Signature:		Position: Senator Terry Le Sueur, Chief Minister
Date Signed: 20 March 2009		Date of Decision: