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WRITTEN QUESTION TO THE MINISTER FOR TREASURY AND RESOURCES BY DEPUTY J.A.N. LE FONDRÉ OF ST. LAWRENCE
ANSWER TO BE TABLED ON TUESDAY 9th SEPTEMBER 2014
Question
- At the time the draft Budget 2015 was lodged, had the following dividends been agreed in principle by the Boards of the relevant companies -
- Jersey Post - £5,000,000 (2014)
- Jersey Telecom - £3,000,000 (2014)
- Jersey Telecom - £3,000,000 (2015)?
- In the time after lodging the budget was any communication or correspondence received from any of the utility companies challenging the level of dividends to be required?
- As at 9 a.m. on Monday 1st September 2014 do the amounts included in the Budget measures to balance the Consolidated Fund (as identified on page 55 of P129/2014) in respect of dividends from the utility companies (namely Jersey Post and Jersey Telecom) remain unchanged and have they been agreed by the companies?
Answer
- Initial dialogue between JT, Jersey Post and JNWWC and the States was carried out before the draft budget was lodged. For JT and Jersey Post it was in the form of emails and for JNWWC at the AGM and emails. At the time of the draft Budget 2015 being lodged Jersey Telecom and Jersey Post were informed that the Treasury and Resources Minister, on behalf of the States of Jersey, as shareholder, would be requesting the level of dividends included in the draft Budget 2015 report.
- Discussions have been held with the utility companies since the lodging date. Emails, letters, phone calls and meetings have taken place. This has given the Treasury Minister the opportunity to explain the need for the Budget measures and for utilities to explain any consequences or challenges for them.
- Now that the utility companies have had a chance to discuss the requests internally and had the opportunity to put the Minister's proposals to their Boards they have communicated their position back and any changes in the proposed dividends will be explained within the further information to be supplied to members as part of the Treasury and Resources Minister's draft Budget 2015 amendments.