The States of Jersey seeks to procure a supplier that will deliver Independent Client Financial Advisor services relating to the delivery of the planned future hospital project as follows:
Outline Scope of the Services: the Financial Advisor will be retained to provide advice, guidance and counsel required to deliver financial, commercial and economic elements of the Business Cases and Feasibility Strategy, as one part of the Independent Client Advisor Team (the “ICA Team”). Leadership of the preparation of the Businesses Cases and the Feasibility Study will be by others (within the ICA Team);
Full details can be found within the Pre-Qualification Questionnaire (PQQ).
PLEASE NOTE: The Mandatory Undertaking is attached and must be completed and returned via the Channel Islands Procurement Portal before access to the PQQ can be obtained.
Interested companies will then be invited to complete the PQQ document in accordance with the instructions contained within.
Information and guidance on how to use the Channel Islands Procurement Portal is also attached.
For further information and assistance with expressing an interest and completing the PQQ document using the Channel Islands Procurement Portal please contact Daniel De la Cour on 01534 440217 or email@example.com
Responses will only be accepted via the Channel Islands Procurement Portal.
The deadline for the return of all PQQ responses (including the return of the Mandatory Undertaking document) is 12 February 2014
The T&TS team require specialist support on the financial and technical aspects of a review into Liquid and Solid Waste management on the Island of Jersey.
T&TS must to continue to provide and enhance these essential public services to the Island and manage the finances in a sustainable manner in the long term. This review includes the identification and assessment of options for potential funding sources and new or revised service delivery mechanisms.
It is important for all parties that the aquaculture industry develops in a sustainable and efficient manner. It is therefore inappropriate to allocate any new concessions or expansions to existing concessions until after the development of an ethical and fair system to allocate the remaining eligible space remaining in the intertidal area.
The States of Jersey require an economic strategy to advise the Minister for Economic Development on how best to award aquaculture licences within a closed system of limited resource. Such a strategy should develop a fair and ethical basis for issuing such licences, but also consider how to facilitate new entrants and consider what system of licensing will be in the best interests of the “island as a whole”. A major part of this strategy will be to consider the financial and economic relationship between government and industry, with particular emphasis on cost recovery.
Considering what is in the best interests of the “island as a whole” both economically and ethically, and generating Ministerial recommendations will require a specialist set of economic and financial expertise not currently found within the licensing authority.
The C&AG is responsible for:
Appointing auditors to audit the financial statements of the SoJ and certain other entities;
Reporting to the States Assembly on corporate governance, internal control and value for money. The C&AG discharges this responsibility by preparing and issuing a series of public reports each year on a variety of topics drawing on the expertise of affiliates, the National Audit Office and the firm appointed to audit the accounts of the SoJ.
The Treasurer of the States is currently responsible for the appointment of auditors of the financial statements of the Public Employees Contributory Retirement Scheme (PECRS) and Jersey Teachers Superannuation Fund (JTSF) but legislative change to make the C&AG responsible for the appointment of auditors to both PECRS and JTSF is planned. In the meantime the interim Treasurer of the States has asked the C&AG to appoint auditors to PECRS and JTSF on his behalf.
The objectives of the procurement exercise are:
To secure the provision of high quality external audit of the financial statements of the SoJ and other entities to which the C&AG appoints auditors; and
To secure access to specialist skills and expertise on which the C&AG might choose to draw in discharging her wider responsibilities.
Brief outline of requirement-
To provide the external audit for the States accounts in accordance with: Initially the States of Guernsey accounting policies for the States General Revenue Departments and during the five years of the contract, potentially moving towards International Public Sector Accounting Standards following States approval, and also; International Accounting Standards for the other entities listed.
The main contract shall refer to the States of Guernsey and cover all entities listed under A below. Separate expressions of interest for categories B(i), (ii) and C are welcome along with interest in all categories and can be indicated in Section 9 of this PQQ.
The services are procured with the objective of receiving external audit work in the categories stated below, so as to benefit from an independent external audit opinion on the financial statements in accordance with the declared accounting policies and, where appropriate, comply with the relevant legislation and also to confirm that the Annual Financial Report is consistent with the financial statements.
The independent expert is required to offer written reports and advice covering the tasks highlighted in the specification including financial analysis. The expert is also required to engage fully in discussions held with local pharmacies and other stakeholders. Such outputs are more difficult to quantify, but might comprise workshops, presentations and engagement events as well as ‘closed door’ negotiation sessions.
Costs should anticipate up to 5 fieldwork days including workshop, presentation, negotiation events and meetings.
The expert will be required to draft the pharmacy contract.
This PQQ is to enable GW to obtain expert consultancy services to carry out an efficiency benchmarking assessment, which will include inter alia:
Unit cost analysis to compare GW costs (operational and capital maintenance) in different functional areas (e.g. customer services, water resources, water treatment, water distribution, wastewater collection and wastewater treatment) to those of other water companies in the UK, including other island jurisdictions
Compare GW level of service performance against that of other water companies in the UK, including other island jurisdictions. This would primarily but not necessarily exclusively be based on UK regulatory key performance indicators (KPI), other benchmarking data could be utilised, such as that held by Water UK (GW is an associate member of Water UK).
Econometric modelling to compare actual costs (operational and capital maintenance) with predicted costs in different functional areas when taking into account a range of measures for the operating environment; such as scale (population served, length of mains etc.) or topography (average pumping head) for example. It is expected that this would primarily be based on current or historic methodologies adopted by Ofwat, WICS or the Utility Regulator in Northern Ireland to determine efficiency targets for the water companies they regulate
Allowances should be made within the econometric modelling for costs resulting from ‘special factors,’ which are specific to GW when compared with water companies in the UK and other island jurisdictions
Using outputs from the econometric modelling identify areas for improvement in efficiency (where either materially above or below benchmark) and potential efficiency targets for GW. This should take account of the different funding and regulatory models in the UK water industry and the rate at which efficiency has historically been achieved within this sector
Assess how achieving the proposed efficiency targets could affect the financial performance of GW and how this could be reflected in financial KPIs for the business.
As Guernsey Water is not subject to economic regulation the availability of historic performance data for benchmarking against other UK water companies and island jurisdictions will be a limiting factor, particularly for wastewater cost comparisons. Therefore full econometric modelling may not be possible and instead a combination of this modelling along with benchmarking of unit costs (where operating environments are comparable) is expected to be the most appropriate methodology for carrying out this assessment.
Recommendations should be made for the improvement of data capture to enable more effective service and efficiency benchmarking in the future.
Introduction to Guernsey
The Bailiwick of Guernsey (‘Guernsey’) had a population of 62,732 as at March 2013, Gross Domestic Product (GDP) of £2.2bn, GDP per capita of £34,846 and GDP per worker of £68,586 in 2013. The financial services sector accounted for 37% of total GDP in 2013.
At present, Guernsey has no external debt. In the past, the States of Guernsey has made limited, cautious use of borrowing.
The Government is looking to refinance existing and pipeline, government-guaranteed, debt held by revenue generating, government-related enterprises. In order to meet the refinancing requirements of these loans, the States of Guernsey is looking to raise external debt in the form of a government bond(s) which is likely to be a benchmark sized issuance.
The States of Guernsey’s 2015 Budget was published on Wednesday 8 October 2014 and is to be debated and thereafter, amended / approved by the States of Deliberation on Wednesday 29 October 2014. In addition to the usual subject matters covered in the Budget and for which approval is sought, the Budget also seeks approval for a potential public bond issuance.
Should the issuance of a public bond be approved by the States of Deliberation on Wednesday 29 October 2014, the States of Guernsey through the Department is looking to appoint sole/joint lead manager(s) for a potential bond issuance with the intention to issue its debut public bond by the end of 2014.
In March 2014 the Department appointed Ernst & Young LLP (EY) to act as an Independent Financial Advisor for this Debt Capital Markets financing process, which includes this proposed debt issuance.
For the avoidance of doubt, it must be noted that the States of Guernsey DOES NOT commit to pursuing any transaction of any kind at the conclusion of this capital market preparatory process.