The official version of this document can be found via the PDF button.
The below content has been automatically generated from the original PDF and some formatting may have been lost, therefore it should not be relied upon to extract citations or propose amendments.
1240/5(5428)
WRITTEN QUESTION TO THE MINISTER FOR TREASURY AND RESOURCES BY DEPUTY T.A. VALLOIS OF ST. SAVIOUR
ANSWER TO BE TABLED ON TUESDAY 8th JUNE 2010
Question
"Would the Minister provide the following details –
- h o w manyEconomic Stimulus/Fiscal Package bids have been successful and u n su c cessful and what were they?
- w h at amount of the £44 million has been released from theConsolidatedFundto D e p a rtments and third parties asat31stMay 2010 and what for?
- w h at is the latest economic forecast?
Should funds be exhausted and the forecast bleak, what plans, if any, does the Minister have in fiscal terms, to ensure growth does not deteriorate?"
Answer
How many Economic Stimulus/Fiscal Package bids have been successful and unsuccessful a n d what were they?
Number Value £
Successful bids 40 21,595,968
See table below for details of the successful schemes. Funds committed for the following projects as at 31st May 2010:
Skills & Training | £ | Support for Business | £ |
Advance to Work | 580,200 | EDD initiatives | 500,000 |
Highlands College additional places | 1,270,500 | Support for the Finance Industry | 2,417,000 |
Careers service strengthening | 221,900 | Small firm loan guarantee scheme | 500,000 |
States Apprenticeships | 972,750 |
|
|
TOTAL | 3,045,350 | TOTAL | 3,417,000 |
Civil infrastructure |
| Support for Individuals |
|
Victoria Avenue – phase 2 & 3 | 3,450,452 | Extension of transitional relief | 1,440,000 |
Promenade & cycle track | 337,000 | Support for Citizens Advice Bureau & Mortgage Protocol | 50,300 |
Railway Walk foul sewer upgrade | 485,155 | TOTAL | 1,490,000 |
West Park-Cheapside resurface | 228,000 |
|
|
Queens Road surface water separation | 346,792 | Programme management total | 200,000 |
Rozel rising mains | 550,000 |
|
|
Cheapside Urban Renewal | 400,000 |
|
|
Planning/enabling costs and fees | 613,000 |
|
|
TOTAL | 6,410,399 |
|
|
Construction and maintenance |
| Roof replacement - social housing | 40,239 |
Support for Jersey Hospice | 2,600,000 | Minor refurb works at McKinstry (Rosewood House enabling) | 235,020 |
Le Pouquelaye School | 476,673 | Window/roof replacement – 3 social housing estates | 1,006,616 |
9 backlog maintenance projects – States properties | 1,059,930 | Planning/enabling costs and fees | 625,200 |
Heating installations – 3 social housing estates | 683,712 | TOTAL | 7,032,919 |
Window/door replacement – 4 social housing estates | 305,529 | GRAND TOTAL | 21,595,668 |
| Not awarded amber status | Not awarded green status & funding |
| Number Value £ | Number Value £ |
Unsuccessful bids | 6 7,561,103 | 5 1,113,175 |
|
|
|
In addition, 3 bids given an amber light in the original evaluation were withdrawn by departments, and another awarded a green light is pending withdrawal.
Unsuccessful bids – not awarded amber
• Home Affairs Fire Safety Training
• Policeforce – workforce modernisation
• Property Holdings sponsoring Jersey College for Girls – drama centre extension
• Mont A L' Abbe School phase 2
• Social security - mortgage interest and school fee support
• Jersey Harbours – Gorey Pier remediation
Unsuccessful bids – not awarded green
• Property Holdings – 4 backlog maintenance projects
• Jersey Harbours – remediation of St Aubin Pier
What amount of the £44 million has been released from the Consolidated Fund to D epartments and third parties as at 31st May 2010 and what for?
As shown in the table above, £21,595,968 of the £44m has been released to departments and third parties by way of public ministerial decision.
£ 
Department direct spend
18,952,968 Department grant awards to non-States bodies
2,643,000 21,595,968
w h at is the latest economic forecast?
The last forecast published by the Fiscal Policy Panel (FPP) in their November 2009 update was that the economy would contract by -5% in 2009 and a further -2% in 2010. The most recent forecasts from the Economics Unit are that the outlook is largely unchanged with the economy forecast to contract by - 4% in 2009 and - 2% in 2010. A return to moderate growth is expected in 2011 although there remains significant uncertainty around these forecasts.
Should funds be exhausted and the forecast bleak, what plans, if any, does the Minister have in fiscal terms, to ensure growth does not deteriorate?"
The latest economic data and the central forecasts outlined above present an outlook very much as that previously predicted by the FPP and therefore do not suggest that we need to change the policies we have adopted on their advice. Should the forecasts change in coming months and the outlook become much worse than previously expected the Minister would seek the advice of the FPP as to whether further fiscal action was necessary, to what degree and how it should be funded. Given that we have only so far used the Stabilisation Fund to respond to the economic downturn, States finances are sufficiently sound and flexible to allow a further temporary, timely and targeted stimulus should it be necessary.