Special purpose funds

States Fund

Purpose

Approval process

Consolidated Fund

The Consolidated Fund is the main States Fund.

It can be classed as the States' current account as it is the Fund through which the majority of States income is received and out of which the majority of States expenditure is paid.

The States Assembly approves annual income and expenditure from the Fund via the Government Plan under the provisions of the Public Finances (Jersey) Law 2019.

Strategic Reserve Fund

(also informally referred to as the "Rainy Day" Fund

The Strategic Reserve is embedded as a permanent Reserve Fund in the Public Finances (Jersey) Law 2019 and is akin to the States "longer term savings account".

The policy for the Reserve agreed by the States is that it should only be used:

• in exceptional circumstances to insulate the Island's economy from severe structural decline (such as the sudden collapse of a major Island industry) or from major natural disaster (P.133/2006 refers);

• if necessary, for the purposes of providing up to £100 million for a Bank Depositors Compensation Scheme (P.84/2009).

The States Assembly approves withdrawals from and transfers into the Strategic Reserve Fund. This approval is given as part of the debate on a Government Plan or via a Report and Proposition lodged by the Minister for Treasury and Resources.

Money withdrawn from the Reserve has to be transferred into another States Fund.

Stabilisation Fund

The Stabilisation Fund is established under the Public Finances (Jersey) Law 2019. The States policy for the Stabilisation Fund is that money held in the Fund is there to assist in making Jersey's fiscal policy more countercyclical in order to create a more stable economic environment.

The Fund receives cash allocations in more buoyant economic conditions and withdrawals are made at times of anticipated economic downturn (P.133/2006).

The States Assembly approves withdrawals from and transfers into the Stabilisation Fund. This approval is given as part of the debate on a Government Plan or via a Report and Proposition lodged by the Minister for Treasury and Resources.

Money withdrawn from the Fund has to be transferred into another States fund.

States Fund

Purpose

Approval process

Currency Fund

This Fund is established under the Currency Notes (Jersey) Law 1959 for the purpose of providing financial backing for the States of Jersey's local currency (including notes and coins).

The Fund holds assets that match the value of Jersey currency notes and coinage in circulation, such that the holder of Jersey currency could be repaid on request. The Fund also meets the costs of administering, producing and issuing Jersey's own notes and coins.

The Minister for Treasury and Resources can approve a transfer –

• from the Currency Fund to the

Consolidated Fund if there is a surplus in the Currency Fund after provision has been made for currency in issue.

• from the Consolidated Fund to the Currency Fund if the amount in the Currency Fund is insufficient to meet the repayment of currency in issue.

Insurance Fund

Established under the terms of the Public Finances (Jersey) Law 2019, the Fund facilitates the provision and administration of mutual insurance arrangements for States bodies and other bodies who participate in the States insurance arrangements.

Further details on the Fund are available in R.111/2019.

The States Assembly approves withdrawals from and transfers into the Insurance Fund as part of the debate on a Government Plan. The Minister for Treasury and Resources can transfer amounts from the Insurance Fund to the Consolidated Fund if the former Fund has a surplus over and above that required to meet insurance needs.

Jersey Car Parking Trading Fund

Fund set up for Jersey Car Parking (which has responsibility for the administration, management, financing, development and maintenance of public car parking places that are within the remit of the Minister for Infrastructure) out of which capital and other similar cost are met.

The States Assembly approves expenditure from and transfers into the Fund via the Government Plan.

Jersey Fleet Management Trading Fund

Fund set up for Jersey Fleet Management (which has responsibility for the acquisition, maintenance, servicing, fuelling and garaging and disposal of vehicles and mobile plant on behalf of the States of Jersey) out of which capital and other similar costs are met.

The States Assembly approves expenditure from and transfers into the Fund via the Government Plan.

Agricultural Loans Fund

Fund established under the Agriculture (Loans and Guarantees) (Jersey) Regulations 1974. The Fund's purpose is to provide loans to individuals engaged in work of an agricultural nature in Jersey for the purpose of furthering their agricultural business. Approval of new loans to farmers has been suspended.

The States Assembly approves transfers from/to this Fund as part of the Government Plan approval process.

Tourism Development Fund

Established under P.170/2001 to replace the Tourism Investment Fund, this Fund supports grants to the tourism industry in order to improve Jersey's competitiveness and sustain the industry as an important pillar of the economy.

The States Assembly approves transfers from/to this Fund as part of the Government Plan approval process.

Channel Islands Lottery (Jersey) Fund

This Fund is established under the Gambling (Channel Islands Lottery) (Jersey) Regulations 1975, with its purpose to receive the income and meet expenses associated with Jersey's share of holding public lotteries in the Channel Islands (draws can be held in Jersey or Guernsey). Withdrawals from the Fund can be made for such purposes of public benefit as the States decide on a report and proposition from the Minister for Economic Development.

The States Assembly can approve withdrawals from this Fund at any time on a Report and Proposition from the Minister for Economic Development.

Jersey Innovation Fund

The Fund is established under P.124/2012 to enable investments in private and public sector projects to be made to drive greater innovation in Jersey and improve competitive advantage. Responsibility for approving these investments lies with the Minister for Economic Development.

Transfers from/to this Fund can be made as part of the Government Plan approval process.

Housing Development Fund

The Fund is established under P.74/99 and P.84/99, and enables the provision of financial support to assist in meeting the Island's requirements for the development of social rented and first-time buyer homes by providing development and interest subsidies. Responsibility for approving the financial support lies with the Minister for Treasury and Resources.

Transfers from/to this Fund can be made as part of the Government Plan approval process.

Dwelling Houses Loans Fund

Fund established under the Building Loans (Jersey) Law 1950 to enable residentially qualified first time buyers to purchase their first home.

The States are able to agree transfers from this Fund on a Report and Proposition.

Assisted House Purchase Scheme

Fund established in 1977 the purpose of which is to aid the recruitment of staff from the UK, by facilitating the purchase of suitable properties by the States on behalf of the employee. New loans are no longer approved,

Transfers from/to this Fund can be made as part of the Government Plan approval process.

99 year leaseholders account

Established under the powers of the Building Loans (Jersey) Law 1950. The Fund enabled loans to be made to individuals offering leaseholder property as security at the time that there was no share transfer or flying freehold legislation.

Transfers from/to this Fund can be made as part of the Government Plan approval process.

Criminal Offences Confiscation Fund

This Fund is established under the Proceeds of Crime (Jersey) Law 1999. Following a conviction, property adjudged to represent the benefit or proceeds of crime is remitted to the Criminal Offences Confiscations Fund; if a third party is found not guilty, property is returned.

Funds can be withdrawn to meet the costs of measures that are, in the opinion of the Minister

for Treasury and Resources related to preventing/supressing or otherwise dealing with criminal conduct.

Money can be withdrawn from this Fund by the Minister for Treasury and Resources (who should consult with the Attorney General and any other person the Minister considers appropriate).

Civil Assets Recovery Fund

This Fund (CARF) is established under the Civil

Asset Recovery (International Co-operation) (Jersey) Law 2007 and is managed by the Minister for Treasury and Resources. This Fund holds amounts confiscated by the Viscount if a civil asset recovery order has been registered in the Royal Court or funds gained through an asset sharing agreement.

At the end of each financial year any money in the CARF which is not required to meet Jersey's obligations under any asset sharing agreement or costs in discharging functions under the main legislation should be paid into the Consolidated Fund.

Ecology Fund

The Fund was established in 1991 from insurance monies from the Amoco Cadiz oil tanker disaster of 1978 with the purpose of supporting local environmental projects. The Fund is invested by Treasury and Exchequer to generate an income that can be used in whole or in part to support these environmental policies.

This Fund is administered by the Planning and Environment Department under the oversight of 5 Trustees appointed by the States on the recommendation of the Planning Minister.

Jersey Reclaim Fund

The Fund was established in 2018 under the Dormant Bank Accounts (Jersey) Law 2017 and receives money related to dormant bank accounts as defined in that Law. Dormant bank accounts are classified as those where no instructions have been received from the customer for a period of at least 15 years. Funds (loans or grants) are available for charitable and other related purposes in the local community, including meeting the costs of the Commissioner for Charities.

An Order is required to bring into effect certain provisions of the Law. The Order from the Chief Minister

(must have consulted with the Minister for Treasury and Resources) sets the policies and procedures whether to make any distribution from the Fund.

Hospital Construction Fund

This Fund was established by the States Assembly in 2018 to facilitate the construction and fitting out and associated costs of the preferred scheme for the Jersey General Hospital Project. The States decision to reverse the approval of this project means that this Fund should be wound up in 2020 once the final costs of the preferred scheme have been paid.

Only costs and payments approved by the States for the preferred Jersey General Hospital are met through this Fund.

Climate Emergency Fund

The Fund was established in 2020 as part of the Government Plan debate. The purpose of the Fund is to support initiatives that respond

Transfers from/to this Fund can be approved by the States Assembly as

to the climate emergency, as declared in P.27/2019, and initiatives that reduce carbon emissions and other pollutants, in line with adopted future plans or strategies for, inter alia, energy use and management, carbon reduction, sustainable transport approved by the States Assembly.

part of the annual Government Plan approval process.