13. To agree that progressing the Transforming Education Programme is a priority in this political term and that:
a. The capital elements of the Transforming Education Programme should be phased, with priority given in this term to the construction of The Guernsey Institute and the foundations for the Sixth Form Centre at Les Ozouets Campus and the necessary refurbishment of Les Varendes High School – ‘Phase 1’ (as set out in Appendix 1 (Option 1) to this amendment);
b. ‘Phase 1’ of the Transforming Education Programme should be added to the agreed capital portfolio for the remainder of this term at an indicative cost of up to £88m;
c. The total portfolio value in this term will increase to £428m;
d. The increase in the portfolio value should be funded by:
i. Use of up to £33m from the General Revenue Reserve; and
ii. Borrowing of up to £55m under the authority previously granted to the Policy & Resources Committee; and
e. The States will be able to afford to service the additional borrowing through the substantial increase in the estimate of revenues likely to accrue through implementation of the OECD’s Pillar 2 initiative which provides for a 15% effective tax rate for large multinational enterprises and will be effective from 2025.
