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Enhancing Financial Performance: Strategies and Insights from the 2012 Recovery Plan

This presentation, delivered at the Finance Forum on November 9, 2012, provides an overview of the financial recovery plan implemented from 2010 to 2012. It discusses key topics such as rationalization of courses, financial reforms, and the enforcement of budgetary controls to achieve compliance with IFRS. Emphasizing strategic leadership, it addresses the importance of technology, fiscal discipline, and investment growth. The presentation culminates in an outline of future financial governance and strategic goals to foster excellence within the University.

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Enhancing Financial Performance: Strategies and Insights from the 2012 Recovery Plan

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Presentation Transcript

  1. Finance Forum Presentation Finance Section 9th November 2012

  2. 1.) Financial Plan Overview SP 2010-12: Recovery Plan Past Present • 2012 • 1.) Rationalization • New SMT structure • 4 – 3 faculties • Reviews & Restructure • Rationalize courses & programmes • 2.) Financial reforms • Revamped Scheme of • Financial Delegations • Enforce Financial Policies • Stronger budgetary controls • IFRS compliance • Value for money • procurement processes • Income Growth • Significant increase in Aid Funds • Control in expenditures • Exceed operating • surplus targets • Increase investments • in capex • Positive net cash flows 2

  3. Impact on Operating Surplus: 2007 - 2012 FP targets Recovery Plan Actual 3

  4. Impact on Net Cash Flows: 2006 - 2012 Recovery Plan 4

  5. Budget 2013

  6. Finance Review 2011 • Review commissioned by the University; • All support sections under formal review. 6

  7. Key Themes of the Review • The need for the section to support and contribute to the strategic objectives of the University; • Excessive emphasis on control and was hurting the University; • Must take advantage of technology. 8

  8. Key Responses to the Review • Welcome the positive comments in its contributions to the turn around in financial performance for the University; • Agree to focus on providing strategic leadership; • Agree on reducing excessive levels of controls and encourage devolution with appropriate level of trust and accountability; • Many of the delays are outside of Finance but understands our role in follow ups and providing training for key processes; • No fit for all size solution. 9

  9. Vision - to be a strategic enabler for the University and leader in best financial practice in the region.

  10. Re-align structure to support new direction

  11. Governance of USP Finances

  12. Progress and Plans

  13. Our Path to Excellence A glimpse of Finance Section by end of 2015

  14. Thank you again for Listening

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