Page 58 - Parliament Budget Office Annual Report 2022-2023

3. FINANCIAL MANAGEMENT
3.1 Financial Information
To fulfill its legislative mandate, the Parliamentary Budget Office required to receive transfers of funds from Parliament baseline. The 2022/23 FY budget allocated enabled the Office to carry-out its legislative mandate and give effect to operational efficiency and effectiveness. However, due to lack of budget allocation as per the Act requirements, the Office is yet to fulfill in complete mandates.
In terms of subsection 15(11) of the Money Bills Act, the Director is required to submit a rolling three-year budget for inclusion in Parliament’s main budget and a report on the use of the funds allocated. In terms of the Money Bills Act, the Office must annually receive a transfer of funds from Parliament’s budget baseline to carry out its duties and functions. The reports on the use of the allocated funds are submitted on monthly and quarterly bases to the Parliament Financial Management Office (FMO). The budget reports, performance reports, annual report constitute the overall accountability reports submitted to Parliament. This section of this annual report provides an account on the use of the funds allocated for the 2022/23 FY.
This annual report, the financial information section, is prepared to comply with the provisions of subsection 15(11) of the Money Bills Act. The FMO prepares the audited financial statements for Parliament, including PBO activities. The audited financial statements as prepared by the FMO serves as the financial report of Parliament as a whole. The expenditure report for the year-ended 31 March 2023 in Table 8 provides an account of all the aggregate category of expenses incurred showing of expenses incurred by the PBO since the 2014/15 FY.
A gross annual budget amounting to R18 403 330 across the three main expenditure categories was allocated to the Parliamentary Budget Office for the 2022/23 FY. The budget comprised of compensation of employees (COE): R17 118 330 and the goods & services: R1 285 000 and no allocation for capital expenditure (CAPEX). An annual eighty-eight percent aggregate spending rate across the three main expenditure categories materialised.
The actual spending incurred across the three main expenditure categories are reflected in the Financial Table 8. The table provides an easy-to-read comparison/account of the budget allocated to the PBO for each financial year, and actual expenditure against the main expenditure items.
Parliamentary Budget Office | Parliament of the Republic of South Africa
54