NEW BUDGET MODEL: The university budget forms a comprehensive financial tool for achieving our financial and operational objectives by aligning them to resource use, in order to attain our strategic goals.
This year the University has adopted a new hybrid budgeting model that is aimed at transforming the university budgeting process to meet best practice standards, become more responsive to the needs of various units and ensure buy-in from stakeholders. The model which encompasses Incremental Budgeting, Program Budgeting, Performance Budgeting, Cost Center Budgeting and Zero-based Budgeting methods, necessitated training of managers.
Following deliberation at the Management Board, the University Council is expected to approve the 2017/18 budget by the end of June 2017.
FIXED ASSET MANAGEMENT: The finance team is also streamlining fixed asset management procedures within the university as part of an annual asset count, in order to safeguard all university assets and ensuring accurate financial reporting. The 8-week exercise involves verification of existing assets, acquisitions, movement and disposals of assets during the year, should be finalized by the end of June 2017, and
On the same note, and in line with best practice, the university is also in the process of acquiring Asset Management Software, to ensure the eased and accurate updating of asset registers, tracking movements for repair or disposals, acquisitions, breakages and decommissions. The entire system should be in place by the end August.
CAPITAL FINANCING: The University is exploring financing options for construction of additional student on-campus hostels, to cater for the expected 10000 students who will be members of our community by the year 2020. A proposal will then be tendered to the University Council for approval.
EXPRESSION OF INTEREST: Following a print advertisement in local newspapers at the beginning of the year, for expressions of interest in the management of the Coffee Shop space on the ground floor of the Freida Brown Student Center, 2 service providers were shortlisted. Should negotiations be successful, the new vendor will be announced before the end of the semester.