Corporate Services Scrutiny Panel lodges Amendment to Future Hospital Funding Strategy

Wednesday 5 April 16:41

The Corporate Services Scrutiny Panel has lodged an amendment to the Future Hospital Funding Strategy which is due to be debated by the States Assembly on 18th of April.

The Amendment proposes that the new hospital is funded by utilising the Strategic Reserve with a mechanism for recapitalising the Strategic Reserve to be brought forward separately by the Minister for Treasury and Resources for States Assembly approval. The initial calculations by the Panel indicate that the annual sum required would be between £5 million to £7 million per year.

The Panel has undertaken a review of the funding proposals and will be publishing a comprehensive report prior to the debate. As a result of its review, one of the concerns identified by the Panel is that the external borrowing model (i.e a Bond) is sensitive to small changes in assumptions, such as the investment return over the next 40 years or a fall in States revenues.

The Amendment lodged by the Panel gives States Members an option to choose between Treasury’s proposals or to finance the project from internal sources.

Deputy John Le Fondré, Chairman of the Panel, said:

“Following the Panel’s Scrutiny review of the Hospital Funding strategy, we identified that whilst at first glance, borrowing at a time of low interest rates is not unreasonable, this has to be balanced with the reality that we are living in a very unstable economic period.

As such, following the examination of evidence that suggests only a small fluctuation in our current financial position would wipe out the Strategic Reserve or even leave it in deficit, we wished to provide States Members with a realistic alternative funding option.”

Events

  • Marbral Advisory - GDPR Practitioner 09:00 - 17:00 | £1,795

    › read more
  • Marbral Advisory - GDPR Foundation 09:00 - 17:00 | £450

    › read more
  • Marbral Advisory - GDPR Foundation 09:00 - 17:00 | £450

    › read more
  • Marbral Advisory - GDPR Foundation 09:00 - 17:00 | £450

    › read more
  • Marbral Advisory - Requirements Management 16:00 - 18:00 | £120

    › read more
  • Marbral Advisory - Quality Assure Your Requirements 16:00 - 18:00

    › read more
  • Marbral Advisory - Lean Six Sigma Yellow Belt 09:00 - 17:00

    › read more
  • Marbral Advisory - Closure and Benefits Realisation 16.00 - 18.00

    › read more
  • Marbral Advisory - Managing your Stakeholders Managing Your Stakeholders

    › read more
  • IBEX Education - December Events Ibex Education Ltd. 1st Floor Woodford House Peter Street St Helier Jersey JE2 4SP 01534 888283

    › read more

Chamber Knowledgebase

Our frequently asked questions

Chamber News 

All the latest news from Chamber in one monthly PDF

Jersey Airport / Harbours

The latest arrivals and departures, select a link above

The Jersey Chamber of Commerce - Annual Charity of Choice

the benefits of membership

Networking opportunities, including our popular luncheons
Topical seminar programme
Support and guidance on doing business in Jersey


And become one of over 500 member businesses supporting Chamber in its aim of ensuring that local business is at the heart of a thriving and diverse local economy.

Call 01534 724536
› About Chamber


Copyright © Jersey Chamber 2012 - The Jersey Chamber of Commerce welcomes your comments and views. However, the posting of comments is subject to our terms which can be read here. Comments posted by users of this site are not the Chamber's comments nor do they represent the views of the Jersey Chamber of Commerce.

↑ Back to top