Services provided by Treasury and Resources and specified by statute

SECTOR

STATUTE

KEY DUTIES

HIGH LEVEL SERVICES

Medium Term Financial Plan (MTFP) and Budget

PFL 2005 - Articles 7 to 13

Prepare and lodge for debate and approval by the States the MTFP and the annual budget.

• Financial planning function
• Preparation and lodging of draft MTFP
• Preparation and lodging of draft budget
• Prepare growth expenditure schedule for the budget
• Consider amendments to draft budget and respond through presenting comments or further amendments to original proposals
• Preparation for budget debate to include briefing of States Members, Public and

Media

Taxation Drafts

PFL 2005 – Articles 14 and 15

Arrange changes to the Taxation legislation due to budget proposals.

• Preparation and lodging of taxation draft
• Model impact of Taxation draft if immediate effect is given

Expenditure

PFL 2005 – Articles 16 to 20

Ensure that authorised expenditure is used for the voted purpose.

• Monitor authorised expenditure and report to CMB, COM, Scrutiny and States
• Monitor contingency expenditure
• Authorise contingency expenditure as approved by the Council of Ministers through the Ministerial Decision (MD) process.
• Authorise variations of heads of expenditure through the MD process or Delegated Decision (DD) process
• Report to the States details of any approvals of budget variations at intervals of 6 months
• Monitor income and adjust for variations accordingly
• Prepare propositions for emergency expenditure

Borrowing and lending by the States

PFL 2005 – Articles 21 to 24

Oversee the borrowing and lending arrangements made by the States

Oversee borrowing by the States making sure that any arrangement is compliant with the PFL

Prepare the required documentation for any new borrowing (Minister and Treasurer may be authorised to borrow)

Preparation and lodging of loans schemes (i.e. Starter Home Deposit Scheme)

Execute and monitor loans and loan schemes

Review, prepare and authorise guarantees and indemnities to be given on behalf of the States.

Information gathering

PFL 2005 – Articles 24A and 24B

Oversee information gathering for estimates for States funded bodies to be used in the MTFP and budget, as well as estimates requests from the States Assembly.

Request and collect estimates for States funded bodies to be used in the MTFP and budget.

Provide these estimates to the Council of Ministers to be used in the MTFP and budget.

Provide procedures to be followed for providing these estimates

Refer the estimates to the Comptroller and Auditor General (C&AG) for any comment.

States Trading Operations

PFL 2005 - Articles 25 to 27

Oversee States trading operations through financial control, administration and agreed returns to States. Creation of new States trading operation as approved by the States.

Preparation and lodging of propositions of any disparate or distinct area of operation of the States to become a States trading operation

Monitor States trading operations to confirm that they comply with financial controls.

Prescribe financial controls to be observed by States trading operations by Order

Issue financial directions in respect of the financial control and administration of States trading operations

Review estimated income and expenditure of the trading operation and agree minimum contribution that the trading operation will be required to make to the income of the States.

Duties of the Treasurer

PFL 2005 - Article 28

Treasurer has responsibility to ensure the proper stewardship and administration of the Law and public finances of Jersey.

Operation of Finance Advisory Board and Financial Management and Reporting Group

Decision making processes for the Minister for Treasury and Resources

PFL 2005 - Article 32; and

Public Finances (Accounting Standards) (No. 2) (Jersey) Order 2012

Treasurer to prepare annual financial statements in respect of accounts of the States

Preparation of annual financial statement in respect of the accounts of the States in line with accounting standards prescribed by Order

Preparation and processing of Orders on accounting standards.

PFL 2005 - Article 33

Treasurer to open bank accounts

The Treasurer is required to open, operate and maintain bank accounts approved by the Minister

PFL 2005 - Article 34

Financial directions

The Treasurer creates, consults and issues financial directions to allow for the proper administration of the PFL and of the public finances of Jersey

Chief internal auditor

PFL 2005 - Article 35

Provide internal audit function to the States

Ensure that the finances of the States are regulated, controlled and supervised in accordance with the PFL

Carry out audits of the transactions and internal controls and systems of States funded bodies

Accounting officers

PFL 2005 - Article 38

Duty of Treasurer as accounting officer of department

Collect all monies owed and pay all monies owed by Treasury and other departments as appropriate.

Maintain proper accounts of all Treasury's financial transactions and proper records of those accounts

Accounting officer duties required under financial directions

Corporate Procurement

PFL 2005 – Articles 34 and 38 (2)(f)

Financial Directions are issued by the Treasurer of the States under PFL Article

34. Compliance with Financial Directions is mandatory and not following them may lead to an offence being committed under Part 7 of the Law

Corporate Procurement provides advice, guidance and support to all members of the States of Jersey with delegated authority under these Directions. The aim is to ensure that all procurement activity is

There are a number of Financial Directions that relate to spending public money. Compliance with these Directions is the responsibility of Accounting Officers, budget holders, finance Directors and anyone with authority delegated to them under a Scheme of Delegation.

Accounting Officers are also charged under article 38 (2)(f) to ensure that the resources of the body are used efficiently and effectively.

in accordance with best practice within a framework that is open and transparent.

United Nations Convention Against Corruption – Article 9

The States of Jersey (SOJ) is committed to this Convention in particular Article 9 – Public procurement and management of public finances

Public Sector Pensions

Public Employees (Retirement) (Jersey) Law 1967

Teachers' Superannuation Law 1979

Administration of the Public Employees Contributory Retirement Scheme (PECRS)

Approval for money to be invested

Administration of the Jersey Teachers Superannuation Fund (JTSF) Approval for money to be invested

Collect PECRS contributions and pay pensions

Produce the Scheme accounts and have them audited

Hold assets of the Scheme pending investment

Collect JTSF contributions and pay pensions

Produce the Fund accounts and have them audited

Hold assets of the Fund pending investment

Shared Services

PFL 2005 – Articles 33(2) and 32(4) and 32(5)

Bank promptly Produce accounts

Provide a cashiers and debt collection service to States Departments

Provide a range of shared service functions for the payment of staff and suppliers and collection of income such

that annual accounts can be prepared. Advise Departments on accounting requirements. Co-ordinate and collate Departmental financial returns to produce consolidated Annual Accounts for the States.

Management of Strategic Investments – Jersey Telecom, Jersey Post, JEC, JNWWC and States of Jersey Development Company

PFL 2005 – Articles 68 and 8(2)(d)

If the States Own in the name of the States, shares in a company, the Minister on behalf of the States may exercise rights and responsibilities for any liabilities attached to the Shares

Where the company is an independently audited States body the Minister is responsible to the States for the Financial interests of the States in the Company

Budgeting and MTFP

Vote /Attend AGMs and meetings during the year

Regularly meet with Companies as Shareholder during the year (including preparation of shareholder packs)

Review of business and financial information received.

Creation and modification of Memorandums of Understanding (MOU) to ensure best practice for the Shareholder function.

Development and Maintenance of Shareholder Strategy

Development and Maintenance of Shareholder Dividend Strategies

Ensure compliance with MOUs which are in operation.

Preparation of year end accounting valuations for the States' Statutory accounts.

Collection and receipt of dividends.

Discuss with Economic Development (ED) any issues from their perspective (incl. JCRA).

Discussions on Strategic Plans and Budgets including KPIs – managing shareholder value.

In year discussions on Strategic Plans / Business plans for Gigabit/ Restructuring.

Consultation on Corporate governance issues / Directors and Chairmen's

appointments.

Presentation of Utility and SOJDC Accounts annually to the States.

Ensure Shareholdings have correct names/proxies in place as appropriate.

Ensure all Legislation in up to date and in line with current advances/strategies

Preparation of forecasted income for use in the Budget/MTFP in accordance with the law.

Strategic Investment in Jersey Telecoms (group)

Telecommunications (Jersey) Law 2002 And

Telecommunications (Transfer) (Jersey) Regulations 2002 (this lists the shares issued on transfer)

Exercise the powers of the States in their capacity as holder of securities in a principal company (or in any other capacity regarding a principal company), but not the following powers (which may be exercised only by the States) –

1. the power to dispose of the shares or share rights in a principal company, or create or dispose of security interests over those shares or share rights or otherwise charge those shares or share rights;
2. the power to authorize the issue of shares or share rights in a principal company to any person other than the States;
3. the power to vote on a resolution to wind up a principal company;
4. such other powers as the States have prescribed by Regulations.

The Minister may make loans to the Company with conditions.

The Minister may against the income of the States Guarantee loans to the company within a ceiling.

The same as in "Management of Strategic Investments – Jersey Telecom, Jersey Post, JEC, JNWWC and States of Jersey Development Company", and in addition:-

To support the company in their Strategic Plans when seeking growth opportunities. To provide financial support in various forms /guarantees/ infrastructure investments / loans as and when appropriate

To present propositions to the States for the redemption/issue of shares as and when appropriate.

Liaise with Economic Development on any JCRA principles as and when appropriate.

Ensure all Legislation in up to date and in line with current approaches /strategies

Strategic Investment in Jersey Post (group)

Postal Service (Jersey) Law 2004

Exercise the powers of the States in their capacity as holder of securities in a

The same as in "Management of Strategic Investments – Jersey Telecom, Jersey

And

Postal Services (Transfer) (Jersey) Regulations 2006 (this lists the shares issued on transfer)

principal company (or in any other capacity regarding a principal company), but not the following powers (which may be exercised only by the States) –

1. the power to dispose of the shares or share rights in a principal company, or create or dispose of security interests over those shares or share rights or otherwise charge those shares or share rights;
2. the power to authorize the issue of shares or share rights in a principal company to any person other than the States;
3. the power to vote on a resolution to wind up a principal company;
4. such other powers as the States have prescribed by Regulations.

The Minister may make loans to the Company with conditions.

The Minister may against the income of the States Guarantee loans to the company within a ceiling.

Post, JEC, JNWWC and States of Jersey Development Company", and in addition:-

To support the company in their Strategic Plans when seeking growth opportunities. To provide financial support in various forms /guarantees/ infrastructure investments / loans as and when appropriate

To present propositions to the States for the redemption/issue of shares as and when appropriate.

Liaise with Economic Development on any JCRA principles as and when appropriate.

Ensure all Legislation in up to date and in line with current approaches /strategies

Strategic Investment in Jersey Electricity

Electricity (Jersey) Law 1937

Discussions around the impact of Electricity Tariffs as necessary – on behalf of the States

Discussions around tariffs, in relation to changes in dividends, capital structures, majority shareholder expectation on dividends and long term growth.

Discussions with Economic Development around any operational issues which may impact the States shareholding.

Consideration and discussion of capital expenditures for the company. Provision of support and shared knowledge in this area.

Discussions around balance sheet management/ affordability of dividend payments /business reserves.

Raising of any Ministerial decisions on business/shareholder matters as deemed appropriate to seek approval from the States of Jersey

Ensure all Legislation in up to date.

Strategic Investment in Jersey Water

Water (Jersey) Law 1972

Discussions around the impact of Water rates and charges, as necessary – on behalf of the States

Discussions around rates and charges, in relation to changes in dividends, capital structures, majority shareholder expectation on dividends and long term growth.

Discussions with the Planning and Environment Minister around any operational issues which may impact the States shareholding.

Consideration and discussion of capital expenditures for the company.

Discussions around balance sheet management/ affordability of dividend payments and reserves.

Raising of any Ministerial decisions on business/shareholder matters as deemed appropriate to seek approval from the States of Jersey

Ensure all Legislation in up to date.

States of Jersey Development Company (SOJDC) (formerly WEB)

No laws – but States approved under P.73-2010 the Structure and Governance of the new Company.

The Minister for Treasury and Resources is politically accountable for the operation of the States of Jersey Development Company as identified in section 12 of the Report.

Ensure the activities of SOJDC are reviewed and reported on regularly to the Minister for T&R, who is politically accountable for the operation.

Minister to be a member of the Regeneration Steering Group (RSG) Meeting.

Voting at AGM's (including Directors remuneration) Approval changes to levels of non-Executive Directors remuneration and material changes to Executive Directors remuneration.

Attendance at the RSG meetings and liaison with other departments including Property Holdings.

Review and approval of SOJDC's decisions in compliance with P.73-2010 and the MOU.

Communication with SOJDC on relevant states Decisions

Strategic and Business Plans

Review and approval of SOJDC Strategic and Business Plans.

Ensure all Founding documents are up to date and in line with current approaches /strategies

Agricultural Loan Schemes

Agricultural (Loans and Guarantees) (Jersey) Law 1974

Agricultural (Loans) (Jersey) Regulations 1974

Provision of the accounting function to check repayments of existing and outstanding Agricultural loans.(administration sits with ED)

Approval of the T&R Minister for issuing new loans exceeding £150,000 or where the applicant's outstanding capital debt would exceed this under the Agricultural loans.

Ensure loans are accounted for correctly and together with ED repaid on time and that any arrears are addressed.

Preparation of Monthly/Quarterly and Statutory accounts at year end. Including Liaison with auditors at year end.

Ensure the Minister is advised of any amendments necessary to the legislation.

Review of ongoing security and hypothecs /re-registration for the loans with ED.

Dwelling Houses Loans Fund

Building Loans (Jersey) Law 1950 Public Finances (Jersey) Law 2005

Provision of accounting for the loans and Fund

Note it is the Housing Minister which has the power to approve loans (however requests are made in consultation with the T&R Minister through the Public Finances Law)

Changes to the prescribed rate of Interest in consultation

Investment of Fund's moneys

Ensure the loans are accounted for correctly with the Housing department, including the chasing of arrears. Preparation of Monthly/Quarterly and Statutory accounts at year end. Including Liaison with auditors at year end.

The Housing Minister consults with the T&R Minister when changing the rates of Interest.

Housing consult on the issuance of any new loans (however the Fund has seen little activity recently) Creation/Review/Management of Investment Strategy. Including presentation of revised Strategies to the States.

Investment and Management of Monies

through the Common Investment Fund (CIF) and directly in line with the Investment Strategy

Liaise with Investment Advisers

Preparation of Cash-flow forecasts for Investment Management Purposes.

99 Year Leaseholders Fund

The Fund was incorporated under the Building Loans (Jersey) Law 1950

Public Finances (Jersey) Law 2005

Public Finances (Transitional Provisions) (No. 1) (Jersey) Regulations 2005

Note it is the Housing Minister which has the power to approve loans (however requests are made in consultation with the T&R Minister through the Public Finances Law)

Changes to the prescribed rate of Interest in consultation

Provision of accounting for the loans and Fund

Ensure the loans are accounted for correctly with the Housing department, including the chasing of arrears. Preparation of Monthly/Quarterly and Statutory accounts at year end. Including Liaison with auditors at year end.

The Housing Minister consults with the T&R Minister when changing the rates of Interest.

Housing consult on the issuance of any new loans (however the Fund has seen little activity recently)

Management of cross charges across states departments

Assisted House Purchase Scheme

The Assisted House Purchase Scheme was established by the States of Jersey in 1977 there is no law directly establishing it

Public Finances (Transitional Provisions) (No. 1) (Jersey) Regulations 2005

Provision of accounting for the loans and Fund

Ensure the loans are accounted for correctly with the Housing department, including the chasing of arrears. Preparation of Monthly/Quarterly and Statutory accounts at year end. Including Liaison with auditors at year end. Management of cross charges across states departments

Housing Development Fund

Planning for Homes Report R/C 10/99

Public Finances (Transitional Provisions) (No. 1) (Jersey) Regulations 2005

Creation, Establishment and operation of new schemes under the law and regulations

Provision of accounting for the Fund

Preparation of Fund accounts

Review of the Funds Strategy/propose amendments to the Strategy.

Work with Chief Ministers, Planning and Environment and Housing to design, implement and operate the scheme.

Postal Pension Fund

Postal Services (Jersey) Law 2004

Postal Services (Transfer) (Jersey) Regulations 2006

Provision of accounting for the Fund (outside of the Group)

Investment of Fund's moneys

Preparation of Quarterly and Annual Fund accounts

Investment and Management of Monies Preparation of Cash flow forecasts for

Public Finances (Transitional Provisions) (No. 1) (Jersey) Regulations 2005

Public Finances (Transitional Provisions) (No. 2) (Jersey) Regulations 2005

Seek advice of appropriately qualified persons for Investments

Investment Management Purposes Liaise with Investment Advisers

Various Trust and Bequest Funds (approx.. 200)

PFL 2005 – Article 67

Public Finances (Transitional Provisions) (No. 1) (Jersey) Regulations 2005

Public Finances (Transitional Provisions) (No. 2) (Jersey) Regulations 2005

Management and safeguarding of the Trusts' assets (separately from the Consolidated Fund)

Provision of accounting for the Funds (outside of the Group)

Investment of Fund's moneys

Seek advice of appropriately qualified persons for Investments

Trusts bank accounts Establishment/closure

administrative support for several large funds

Changes in Trustees

Preparation of Quarterly and Annual Fund accounts

Investment and Management of Monies through the Common Investment Fund (CIF) and directly in line with the Investment Strategy

Preparation of Cash flow forecasts for Investment Management Purposes Appointment and retirement of Investment Managers/advisers/ custodians Liaise with Investment Advisers

Manage, handle and account for trusts moneys bank accounts.

Internal Audit carrying out reviews of

Trusts assets

Liaising with other States Departments to Establish or Close these Funds.

Working with departments to ensure the money is spent.

Provision of Administrative support for several large funds – including making fund distributions.

Where appropriate notifying the State of changes in Trustees / seeking their approval based on the Founding documentation.

Strategic Reserve Fund

PFL 2005 – Article 4

Public Finances (Transitional Provisions) (No. 1) (Jersey) Regulations 2005

Public Finances (Transitional Provisions)

Provision of accounting for the Fund Investment of Fund's moneys

Seek advice of appropriately qualified persons for Investments

Preparation of Monthly/Quarterly and Statutory accounts at year end. Including Liaison with auditors at year end. Creation/Review/Management of Investment Strategy. Including presentation of revised Strategies to the

(No. 2) (Jersey) Regulations 2005

Transfers of moneys Withdrawal of moneys

States.

Investment and Management of Monies through the Common Investment Fund (CIF) and directly in line with the Investment Strategy

Appointment and retirement of Investment Managers/advisers/ custodians

Liaise with Investment Advisers

Preparation of Cash flow forecasts for Investment Management Purposes.

Transfer of moneys to/from the Consolidated Fund as approved by the States.

Raising Propositions for withdrawals of moneys for States Approval

Stabilisation Fund

PFL 2005 – Article 4A

Public Finances (Transitional Provisions) (No. 1) (Jersey) Regulations 2005

Public Finances (Transitional Provisions) (No. 2) (Jersey) Regulations 2005

Provision of accounting for the Fund

Investment of Fund's moneys

Seek advice of appropriately qualified persons for Investments

Transfers of moneys from the Consolidated Fund

Withdrawal of moneys

Preparation of Monthly/Quarterly and Statutory accounts at year end. Including Liaison with auditors at year end. Creation/Review/Management of Investment Strategy. Including presentation of revised Strategies to the States.

Investment and Management of Monies through the Common Investment Fund (CIF) and directly in line with the Investment Strategy

Appointment and retirement of Investment Managers/advisers/ custodians as appropriate

Liaise with Investment Advisers

Preparation of Cash flow forecasts for Investment Management Purposes.

Transfer of money's from the Consolidated Fund into the Fund as approved by the States.

Raising Propositions for withdrawals of moneys for States Approval (moneys to be credited to the Consolidated Fund)

Consolidated Fund

PFL 2005 – Article 3

Public Finances (Transitional Provisions) (No. 1) (Jersey) Regulations 2005

Public Finances (Transitional Provisions) (No. 2) (Jersey) Regulations 2005

Provision of accounting for the Fund Investment of Fund's moneys

Seek advice of appropriately qualified persons for Investments

Transfer of moneys in/out from other Funds.

Preparation of Monthly/Quarterly and Statutory accounts at year end. Including Liaison with auditors at year end. Creation/Review/Management of Investment Strategy. Including presentation of revised Strategies to the States.

Investment and Management of Monies through the Common Investment Fund (CIF) and directly in line with the Investment Strategy

Preparation of Cash flow forecasts for Investment Management Purposes.

Appointment and retirement of Investment Managers/advisers/ custodians

Liaise with Investment Advisers

Transfer of moneys in/out from other Funds (Strategic Reserve Fund, Stabilisation Fund, Currency Fund etc.) as approved under the Law.

Currency Fund

PFL 2005 – Article 5

Public Finances (Transitional Provisions) (No. 1) (Jersey) Regulations 2005

Public Finances (Transitional Provisions) (No. 2) (Jersey) Regulations 2005

Currency Notes (Jersey) Law 1959 Decimal Currency (Jersey) Law 1971

Provision of accounting for the Fund Investment of Fund's moneys

Seek advice of appropriately qualified persons for Investments

Transfer of moneys

Ensure sufficient moneys held to meet moneys in circulation

Issuance of Currency

Preparation of Monthly/Quarterly and Statutory accounts at year end. Including Liaison with auditors at year end Creation/Review/Management of Investment Strategy. Including presentation of revised Strategies to the States.

Investment and Management of Monies through the Common Investment Fund (CIF) and directly in line with the Investment Strategy

Preparation of Cash flow forecasts for Investment Management Purposes.

Transfer of moneys to / from the Fund in accordance with the law as approved by the Minister.(via the Consolidated fund)

Monitor balances in circulation to the Fund balances – to ensure sufficient

moneys are backed by the Fund and it is not deficient.

Issuance of Notes in denominations, not exceeding £100 within the limitations of the Law

Issuances of coins in denominations as the Minister shall determine and quantity, weight, design and composition.

Issuance of commemorative coins (this do not have the right to be recalled.)

Ability to make payments in relation to the issuances, in accordance with the laws.

Receipt and exchange of Currency notes at face value.

Power to recall currency notes and Coins (not commemorative) after publication in accordance with the Law.

Power to melt/break metal coins authorised by the Minister.

Ability to issue penalties if bank notes and currency notes are defaced.

Social Security (Reserve) Fund

PFL 2005 – Article 3

Public Finances (Transitional Provisions) (No. 1) (Jersey) Regulations 2005

Public Finances (Transitional Provisions) (No. 2) (Jersey) Regulations 2005

Social Security (Jersey) Law 1974

Provision of accounting for the Fund Investment of Fund's moneys

Seek advice of appropriately qualified persons for Investments

Preparation of Monthly/Quarterly and Statutory accounts at year end. Including Liaison with auditors at year end. Creation/Review/Management of Investment Strategy in consultation with the Minister for Social Security. Including presentation of revised Strategies to the States.

Investment and Management of Monies through the Common Investment Fund (CIF) and directly in line with the Investment Strategy in consultation with the Minister for Social Security.

Appointment and retirement of Investment Managers/advisers/ custodians.

Liaise with Investment Advisers.

Preparation of Cash flow forecasts for Investment Management Purposes in consultation with the Social Security Department.

Discussions on the outcomes of Actuarial Reviews with the Social Security Minister.

Health Insurance Fund

PFL 2005 – Article 3

Public Finances (Transitional Provisions) (No. 1) (Jersey) Regulations 2005

Public Finances (Transitional Provisions) (No. 2) (Jersey) Regulations 2005

Health Insurance (Jersey) Law 1967

Provision of accounting for the Fund Investment of Fund's moneys

Seek advice of appropriately qualified persons for Investments

Preparation of Monthly/Quarterly and Statutory accounts at year end. Including Liaison with auditors at year end. Creation/Review/Management of Investment Strategy in consultation with the Minister for Social Security. Including presentation of revised Strategies to the States.

Investment and Management of Monies through the Common Investment Fund (CIF) and directly in line with the Investment Strategy in consultation with the Minister for Treasury and Resources

Preparation of Cash flow forecasts for Investment Management Purposes in consultation with the Social Security Department.

Discussions on the outcomes of Actuarial Reviews with the Social Security Minister.

Common Investment Fund (CIF)

PFL 2005 – Article 3

Public Finances (Transitional Provisions) (No. 1) (Jersey) Regulations 2005

Public Finances (Transitional Provisions) (No. 2) (Jersey) Regulations 2005

Management of the Fund

Provision of accounting for the Fund and the individual Investment Pools in the Fund

Quarterly Investment Meetings

Seek advice of appropriately qualified persons for Investments

Creation/Review/Management of Investment Strategies for each Investment Pool in consultation with the various participants and Ministers (as appropriate).

Appointment and retirement of Investment Managers/advisers/ custodians.

Liaise with Investment Advisers. Monthly and Annual Statutory

Accounting and Investment Management Reporting.

Quarterly review of all Investments and meeting with Investment Managers.

Borrowing

PFL 2005 – Articles 21 and 22

Public Finances (Transitional Provisions) (No. 2) (Jersey) Regulations 2005

Authority to borrow / arranging borrowing Repayment/return from borrowing Reporting on borrowing

Enter into approved borrowing arrangements

Management of central borrowing, accounting, administration reporting and budgeting (as and when it occurs)

Budgeting and Forecasting

Minister may borrow for short term, if <25% of the prior year income.

The Minister may borrow for up to 10 years £1m in any one transaction, £3m in a year and £10 m in total without going to the States.

Take proposals for borrowing to the States of a larger scale/long term view.

Decide on security /covenants of loans. Appointment of Advisers to assist in developing the best borrowing solution. Appointment of rating agencies (as appropriate.)

Preparation and review of cash flow forecasts, for capital expenditure.

Evaluate that the moneys can be repaid by income from the capital project or generated savings over the period of the borrowing.

Reporting every 6 months on new borrowing to the States.

Review of legislation for borrowing and relevance of limits.

Accounting for borrowing, reporting and administering any borrowing in existence. (as and when it occurs.)

Preparation of forecasted costs for use in the Budget/MTFP in accordance with the law.

Lending

PFL 2005 – Article 23

Public Finances (Transitional Provisions) (No. 2) (Jersey) Regulations 2005

Authority to Lend

Deciding on Terms and conditions of lending

The minister may lend £500k in any one transaction, £3m in a year, £10m in total for no more than 20 years.

Minister to determine terms and conditions of loans – security, interest

Reporting on Lending

Creation, Establishment and operation of new schemes under the law and regulations

Management of central loans, accounting, administration reporting and budgeting. (some have been approved by the States/Previous Committee Structures/ Minister)

Budgeting and Forecasting

rates, covenants, durations.

Take propositions to the States for approval where outside of the Ministers limits.

Work with Chief Ministers to design, implement and run new schemes (e.g. Pilot Starter Home Deposit loan Scheme.) Reporting every 6 months on new borrowing to the States.

Review of legislation for lending and relevance of limits.

Preparation of forecasted income for use in the Budget/MTFP in accordance with

the law.

Accounting for central loans, administration – chasing and collections. Quarterly and Annual reporting of these loans.

Guarantees / Letters of Comfort

PFL 2005 – Article 24

Public Finances (Transitional Provisions) (No. 2) (Jersey) Regulations 2005

Offer Guarantees or Indemnities Reporting on Guarantees/Indemnities Offer letters of Comfort

The Minister may offer Guarantees or Indemnities either directly or seek States Approval.

Raising propositions to the States for their approval of guarantees as appropriate.

Accounting for these at year end.

Reporting every 6 months on new Guarantees/indemnities to the States.

Review of legislation for issuing guarantees and indemnities.

Provision and renewal of letters of comfort (mainly for the Housing Trusts.)

Valuation of the potential exposure for the Housing Trusts for yearend accounting purposes.

Housing Trust Relationships

Individual governing documentation establishing the 4 Housing Trusts

Review any proposals where the Housing and Treasury and Resources Ministers consent is required

Research and Review Housing Trust Proposals which require both the Housing and Treasury and Resources Minister's Consent (mainly around collateral.)

Approvals for any new Housing Trusts

financing arrangements.

Review with housing the governing documentation as and when appropriate.

Insurance

Public Finances (Jersey) Law 2005

Protection of States Assets (no direct clause relates to this)

Provision of insurance across States Departments and other relationships.

Bank Accounts

PFL 2005 – Article 33

Public Finances (Transitional Provisions) (No. 2) (Jersey) Regulations 2005

Opening and closing of bank accounts by the Treasurer

Management of Bank Accounts (various currencies)

Financial management of currency

Bank account relationship management. Appointment/retirement of bankers. Management of authorised signatory listings.

Opening / Closing of Bank accounts. Daily management of cash balances to maximise returns.

Cash-flow forecasting sterling and currency

Financial management of currency exposure on a quarterly basis to the Treasury Advisory Panel. (Implementing decisions – such as placing of hedges to provide protection and manage currency exposure when deemed appropriate)

Ensure professional practices are adhered to and strategic controls in place.

Public Employees Contributory Retirement Scheme (PECRS)

Public Employees (Retirement) (Jersey) Law 1967

Public Employees (Contributory Retirement Scheme) (General) (Jersey) Regulations 1989

Public Employees (Investment of Fund) (Jersey) Act 1972

Public Employees (Contributory Retirement Scheme) (New Members) (Jersey) Regulations 1989

Public Employees (contributory Retirement Scheme) (Jersey) Regulations

Assets of the scheme held by the Treasurer on behalf of the Committee

Investment of moneys (cash and stocks/shares /investments etc.)

Review of Schemes T&Cs

Attendance at committee meetings Annual Accounts

Selection of Committee of Management

Treasurer to collect employees' contributions for investment.

Meet reasonable expenses of administering the scheme and any remuneration as defined under the 1989 regulations.

Placing moneys on deposit.

Approval of the Investment Strategies. Investment of moneys in accordance with the Law and on direction of the Committee. The Minister may determine when an investment shall not be made. Consent for the appointment of Investment Managers/Advisers/ Custodian/ Actuary as proposed by the

Committee.

1967

Review of schemes Terms and Conditions in light of actuarial valuations with the Committee (including admitted bodies).

The Minister may at any time require the Committee of management to direct the actuary to carry out a review and report to the Minister. Should happen a minimum of every 5 years.

Presentation of actuarial reviews to the States.

Pension Payments (separate department in Treasury)

Attendance at Committee meetings on behalf of the Minister for Treasury and Resources (Quarterly.)

Preparation of annual accounts, which are audited. Copies to be provided to the Committee and the Actuary.

Selection of one-half of the employer representatives by the Minister for Treasury and Resources (the rest by Chief Ministers and representative associations)

Recommend the Chairman for the Committee.

The States may empower the Minister to extend the application of the Scheme.

Administration for collating and issuing packs for meetings.

Jersey Teachers' Superannuation Fund (JTSF)

Teachers' Superannuation (Jersey) Law 1979

Teachers' Superannuation (Administration) (Jersey) Order 2007

Teachers' Superannuation (Existing Members) (Jersey) Order 1986

Teachers' Superannuation (New

Assets of the scheme held by the Treasurer on behalf of the Committee

Investment of moneys Attendance at meetings

Annual Accounts

Selection of Management Board

Receipt of moneys from members contributions to the scheme and re- admitted members.

Selection of 2 of the employer representatives for the Management Board by the Minister for Treasury and Resources (the rest by Chief Ministers and Minister for Education, Sports and Culture.)

Management of moneys for investment in

Members) (Jersey) Order 2007.

accordance with the directions of the Management Board.

Recommend the Chairman for the Committee.

Agreement on the appointment of Investment Managers and terms of remuneration by the Management Board and the Minister for Treasury and Resources.

Consent on the appointment of Custodians.

Consult with the Minister for Treasury and Resources for the appointment of an Actuary for the Fund.

Inspection and Review of Investment Manager reports.

Approval of the Investment Strategy.

Receipt of Actuarial Review reports by the treasury and Resources Minister. The Minister lays these before the States.

Preparation of Fund Accounts and to have them audited. The Management Board and Actuary to receive copies.

Attendance at meetings on an observatory basis.

Administration for collating and issuing packs for meetings.

Public Markets (Jersey Property Holdings)

Public Market (Administration) (Jersey) Regulations 1947

General Administration of the Markets

Superintend the general administration of the markets

Cause the gates of the Markets to be opened or closed in accordance with agreed opening hours

Permit a lessee to have access to his shop or stall at reasonable times

Permit any other person to be within the Markets

Ensure that the buildings and all parts of the Markets are in a fit state of repair

Letting of shops and stalls within the Markets

Keep a register of leases granted

JPH support to Accounting Officers

PFL 2005 – Article 38

JPH support to Accounting Officers

JPH supports the requirement for Accounting Officers to provide for the resources of the body to be used efficiently and effectively

JPH support to Persons in Control' to ensure compliance with Health and Safety Legislation

Health and Safety at Work (Jersey) Law: 1989

JPH also provides a support service for the Persons in Control' to ensure that public buildings comply with relevant Health and Safety legislation. JPH ensure that compliance with the following legislative and other best practice requirements are delivered by contractors through its maintenance contracts

Site risk profiling and annual risk assessments

Working examination / inspection of a pressure system (s)

Working/ rest examination / inspection of item(s) with pressure system(s) Examination / inspection for heating water, supply boilers and connected systems

Electrical examination / inspection (Annual Visual)

Management of exposure to asbestos in workplace buildings and structures

Asbestos management - Type 2 surveys and subsequent re-inspections

Annual maintenance and certification of fall arrest system

Annual maintenance and certification of local extract ventilation tenants responsibility

Annual maintenance and certification of safety and access systems

Annual maintenance and certification of traveling ladders

Annual maintenance of pool lift

Annual safety check of gas services by testing it

Annual maintenance of disabled equipment

Portable Appliance Test

Tenants Responsibility (inspection)

Annual maintenance and certification of gym equipment

Management of Exposure to Asbestos in Workplace Buildings and Structures - Approved Code of Practice (AcoP 8)

Management of exposure to asbestos in workplace buildings and structures Asbestos management - Type 2 Surveys and subsequent re-inspections

Lifts (Jersey) Regulations: 1990

Thorough examination / inspection of lift or hoist

Maintenance/ servicing of goods hoists

Maintenance/ servicing of vehicle lifts maintenance

B.S./ EN 13015: 2001 Maintenance for lifts and escalators - Rules for maintenance instructions

Thorough examination / inspection of lift or hoist

Maintenance/ servicing of goods hoists

Maintenance/ servicing of vehicle lifts maintenance

Chains, Ropes and Lifting Gear (Jersey) Regulations: 1980

Thorough examination / inspection of lifting equipment

Electricity at Work (Jersey) Regulations: 1983

Electrical fixed wire testing/ inspection Report of electrical examination (Annual Visual / Inspection)

Portable appliance test tenants responsibility

Lightning protection inspection

HSE Guidance INDG 236: 2004

Portable appliance test tenants responsibility

B.S. 5266 - : 1999

Monthly maintenance and battery discharge tests of emergency lighting

Annual maintenance of emergency lighting generators

B.S./ EN 1176 -: 1997

Annual maintenance of external play equipment

Quarterly maintenance of external play equipment

B.S. 5839 -: 2002

6 Monthly maintenance of fire alarms

B.S. 5306 -:2003

Annual maintenance of fire extinguishers

Cranes and Lifting Appliances (Jersey) Regulations: 1978

Annual maintenance of fork lift trucks Thorough Examination / inspection of Lifting Equipment

LoLER: 1998

Hoists SAFed Testing

Lifts SAFed Testing

Routine safety checks on lift ancillaries

PUWER: 1998

Hoists SAFed Testing

Lifts SAFed Testing

Routine safety checks on lift ancillaries

B.S. 4737 - 4.3: 1998

Annual maintenance of intruder alarm

ACoP L8: 2004

Monthly temperature recording and check on water services - Legionella Water Temp Record

Bi-annual testing of Water Services - Legionella Risk Assessments

B.S. 6651: 1999

Inspection of lightning protection

B.S. 5446 - : 2000

Routine annual maintenance and certification of the smoke detectors

B.S. 5839 - 6:1995

Routine annual maintenance and certification of the smoke detectors

B.S. 5306 Part 2

Routine annual maintenance and certification of the sprinkler installations

Routine annual maintenance and certification of the sprinkler back-up generator installations

LPC Technical Bulletin No. 6

Routine annual maintenance and certification of the sprinkler installations

Routine annual maintenance and certification of the sprinkler back-up generator installations

Routine  maintenance/  servicing  in accordance  with  either  Manufacturer Recommendations  or  Industry  "Best Practice" to prolong useful and economic lifespan.

Access control

Air conditioning BMS control panels CCTV

Disabled equipment

Drainage pumping stations

Drainage systems

Electric doors

External blinds

Flood lighting

Pipework in conjunction with Gas-Fired Boilers, CHP's and Heating Installations

Heating control panels

Irrigation

Night storage heating

Pest control

Seating

Shutters / doors

Swimming pools

Windows

Routine annual maintenance/ servicing to bespoke  DfESC  generic  Specifications for differing building services

Mechanical Services

Income Tax

Income Tax (Jersey) Law 1961

Issue annual tax returns

Administer:

Calculate and issue income tax assessments

• 36,000 Companies
• 72,000 Personal Tax Base
• 4,500 Employers ( for IT IS)

Process appeals against assessments to income tax

Examine and assess tax returns and accounts to determine and calculate an

List appeals against assessments to income tax for hearing by the Commissioners of Appeal

annual liability to tax amounting to revenue of circa;

• Corporate £96m
• Personal £361m

Levy penalties and surcharges for late submission of income tax returns and late payment of income tax

Issue and administer some 50,000 ITIS effective rate notices

Recover arrears of income tax through the Petty Debts and Royal Courts

Assist some 55,000 taxpayers in person at a Help Desk and handle over 100,000 incoming calls.

Administer the Income Tax Instalment

Enter into dialogue and corresponded with

System (ITIS)

the tax profession and general public into

Administer the payment on account regime

liabilities to tax, appeals and disputes, tax rulings and interpretation of tax law and concession and practice.

Process repayments of income tax

Undertake investigation into non-

Administer the income tax provisions relating to the failure to file a tax return or fraudulently or negligently making

compliance and collect back taxes with penalties ( of circa £1.5m / £2m tax per year)

incorrect statements

Tax legal action for recovery of unpaid

Administer the income tax provisions in relation to superannuation funds and pension schemes

taxes though Petty Debts Court and the Royal Court ( circa 360 summonses issued for a value of £4m)

Prepare and present cases for hearing by the Commissioners of Appeal

Review applications for approval of

superannuation funds and pension

schemes and action breeches of conditions

of approval as provided within the

provisions

Income Tax (Prescribed Limit and Rate) (Jersey) Regulations 2004

Application of the income tax prescribed limit and rate provisions to 1(1)(K) resident individuals subject to income tax

Applied in the annual income tax assessments of 1(1)(k) resident individuals

Income Tax (Superannuation Funds) (Jersey) Order 1972

Approval of superannuation funds, alteration of rules, deduction of contributions and repayment of contributions and payment of lump sums

Review applications for approval of superannuation funds and pension schemes and action breeches of conditions of approval as provided within the provisions

Income Tax (Purchased Life Annuities) (Jersey) Order 1959

Determining whether an annuity is a purchased life annuity and, if so, what proportion of the annuity constitutes a capital element.

Review applications for approval of the capital element of the annuity

Income Tax (Actuarial Equivalents) (Jersey) Order 2002

Administrating the provisions relating to the purchase of sufficient securities issued by the UK Government yielding an income having an actuarial equivalent which secures that an individual is entitled to a Minimum Retirement Income not less than the Jersey Old Age Pension

Approval of trusts which provide for a draw down contract

Goods and Services Tax

Goods and Services Tax (Jersey) Law 2007

Register businesses for GST

Determine eligibility for group registration

Ensuring that the liability to register has been met on time.

Cancelling Registration

Granting exemption from registration

Charge GST on the importation of Goods into Jersey

Give directions to ensure a business has a GST representative

If a voluntary registration that the criteria for registration have been met

Vary group registrations

Exercised under the application of the Customs and Excise (Jersey) Law 1999

Obtaining security and also requiring a person to pay on account

Processing GST Returns and Statements and payments

Take action to recover the money as a debt due to the States Of Jersey

Give relief on GST to charities and Overseas Trading companies

List International Service Entities

Impose penalties and surcharges where a GST Return has not been paid or is late

Issue Assessments and surcharges where applicable and direct taxable person to account for GST on goods or on the assessment of goods

Review premises, goods, services records, to ensure that the rules on place, valuation, and time of supply have been met. That exemptions and rates of GST applied correctly. Ensuring that output and input tax correctly calculated

Refund;

GST DIY dwelling scheme,

Public Sector,

Bad Debts,

Overpayments GST

Appeals

Ascertain if offences committed

Goods and Services Tax (Jersey)

Ensure substantiation of amounts of GST

Check where persons have applied the

Regulations 2007

margin scheme for second hand vehicles

Ascertain that treatment of second hand

that the correct procedure has been

goods correct

followed

Relief for charities on expenses

Ensuring GST has been paid and that

Refunds of GST to persons not established in Jersey

goods and services have been used in accordance with the charitable business

Ensuring that the requirements of the

scheme have been met

Goods and Services Tax (International Services Entities) (Jersey) Regulations 2008

Calculate the fee for Listing of ISEs

Ensure the fee has been calculated correctly based on the registered entity and entities and that it is eligible to be listed as an ISE.

Give ISE relief on supplies to them

Ensuring that the conditions relating to refunds have been met

Land Transaction Tax

Taxation (Land Transactions) (Jersey) Law 2009

Tax levy on share transfer transactions involving immoveable property in Jersey

Processing Land Transaction Tax forms and payments and responding to queries

Taxation (Land Transactions) (LTT Statements and Receipts) (Jersey) Order 2009

International Tax

Taxation (Implementation) (Jersey) Law 2004

Enabling legislation to allow the States to make Regulations implementing agreements with, and obligations owed to, the governments of other countries and territories regarding or relating to taxation, and for connected purposes

• Received 140 TIEA requests between 2010 & 2012.

• Requests can lead to detailed and protracted litigation

Taxation (Implementation) (Disclosure Facility) (Jersey) Regulations 2013

Obligates Jersey financial intermediaries to contact clients regarding Memorandum of Understanding between Jersey & UK

Taxation (Agreements with European Union Member States) (Jersey) Regulations 2005

Annually receive and process information and/or retention tax from paying agents to 27 EU member states

Taxation (Double Taxation) (Jersey) Regulations 2010

Framework around which Competent Authority handles and responds to TIEA requests from most countries

Taxation (Exchange of Information with Third Countries) (Jersey) Regulations 2008

Framework around which Competent Authority handles and responds to TIEA requests from most countries

Taxation (United States of America) (Jersey) Regulations 2006

Framework around which Competent Authority handles and responds to TIEA requests from USA.

Countries

Date Signed

Ratified by Jersey

Ratified by other Party

Entry into Force

USA

November 2002

May 2006

November 2002

23 May 2006

Netherlands

June 2007

February 2008

December 2007

1 March 2008

Germany

July 2008

January 2009

July 2009

28 August 2009

Sweden

October 2008

March 2009

November 2009

23 December 2009

Norway

October 2008

March 2009

September 2009

7 October 2009

Iceland

October 2008

March 2009

October 2009

3 December 2009

Finland

October 2008

March 2009

December 2008

3 August 2009

Denmark

October 2008

March 2009

March 2009

6 June 2009

Greenland

October 2008

March 2009

March 2009

6 June 2009

Faroes

October 2008

March 2009

June 2009

21 August 2009

United Kingdom

March 2009

July 2009

November 2009

27 November 2009

France

March 2009

July 2009

July 2010

11 October 2010

Ireland

March 2009

July 2009

April 2010

5 May 2010

Australia

June 2009

November 2009

January 2010

5 January 2010

New Zealand

July 2009

November 2009

September 2010

27 October 2010

Portugal

July 2010

September 2010

March 2011

9 November 2011

People's  Republic of China

October 2010

January 2011

October 2011

10 November 2011

Turkey

November 2010

February 2011

August 2013

11  September 2013

Mexico

November 2010

February 2011

February 2012

22 March 2012

Canada

January 2011

March 2011

December 2011

19 December 2011

Indonesia

April 2011

July 2011

nd

(2 Half 2013)

nd

(2 Half 2013)

Czech Republic

July 2011

November 2011

March 2012

14 March 2012

South Africa

July 2011

November 2011

January 2012

29 February 2012

Argentina

July 2011

September 2011

July 2011

9 December 2011

India

November 2011

April 2012

January 2012

8 May 2012

Japan

December 2011

April 2012

June 2013

30 August 2013

Poland

December 2011

April 2012

August 2012

1 November 2012

Italy

March 2012

May 2012

(1st Half 2014)

(1st Half 2014)

Austria

September 2012

November 2012

March 2013

1 June 2013

Latvia

January 2013

March 2013

nd

(2 Half 2013)

nd

(2 Half 2013)

Brazil

January 2013

March 2013

nd

(2 Half 2013)

nd

(2 Half 2013)

Switzerland

September 2013

January 2014

(1st Half 2014)

(1st Half 2014)

Countries

Date Signed

Ratified Jersey

by

Ratified  by  other Party

Entry into Force

Malta

January 2010

June 2010

February 2010

19 July 2010

Estonia

December 2010

March 2011

December 2011

30 December 2011

Hong Kong China

February 2012

May 2012

June 2013

(July 2013)

Qatar

March 2012

May 2012

November 2012

22 November 2012

Singapore

October 2012

January 2013

May 2013

2 May 2013

Guernsey

January 2013

June 2013

May 2013

9 July 2013

Isle of Man

January 2013

June 2013

May 2013

10 July 2013