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Currency Fund Transfer of 6.5m Surplus to Consolidated Fund

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 26 September 2014:

Decision Reference:  MD-TR-2014-0112

Decision Summary Title:

Transfer of £6.5m surplus from Currency Fund to Consolidated Fund

Date of Decision Summary:

25 September 2014

Decision Summary Author:

Head of Treasury and Investment Management

Decision Summary:

Public or Exempt?

Public

Type of Report:

Oral or Written?

Written

Person Giving

Oral Report:

N/A

Written Report

Title:

Transfer of £6.5m surplus from Currency Fund to Consolidated Fund

Date of Written Report:

25 September 2014

Written Report Author:

Head of Treasury and Investment Management

Written Report :

Public or Exempt?

Public

Subject: Transfer of £6.5m surplus from the Currency Fund to Consolidated Fund.

Decision(s): The Minister, decided to withdraw £6.5million from the Currency Fund to be transferred to the Consolidated Fund in order to allow funds to be actively applied to benefit the public through expenditure on capital projects.

Reason(s) for Decision: Article 5(3b) of the Public Finance (Jersey) Law 2005 states that:

 

“5. Money must not be withdrawn from the currency fund except –

 

(b)  as a transfer to the consolidated fund of all or any part of a surplus in the currency fund as determined by the Minister after making provision for the repayment of currency in issue.”

 

As per the confirmed midyear position, the value of assets in the Currency Fund exceeds the value of the currency in circulation by £7,747,226. This balance is attributable to excess investment returns retained within the Fund. £6,500,000 of these monies are to be transferred to the Consolidated Fund where they can be actively applied to benefit the public through expenditure on capital projects.

Resource Implications: The Currency Fund will fall in value by £6.5m and the value of the Consolidated Fund will increase by an equivalent value.

Action required:  Head of Treasury and Investment Management to transfer £6.5m surplus from the Currency Fund to Consolidated Fund.

Signature:

 

 

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

 

 

Date Signed:

Date of Decision:

 

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