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BUDGET (2009 / 10 - 2011 / 12)

BUDGET (2009 / 10 - 2011 / 12). Revenue. Insurance Accounting - Annual Financial Statements. Fair presentation of financial statements The Housing Consumers Protection Measures Act (Act No. 95 of 1998). The Public Finance Management Act (Act No. 1 of 1999).

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BUDGET (2009 / 10 - 2011 / 12)

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  1. BUDGET (2009 / 10 - 2011 / 12)

  2. Revenue

  3. Insurance Accounting - Annual Financial Statements • Fair presentation of financial statements • The Housing Consumers Protection Measures Act (Act No. 95 of 1998). • The Public Finance Management Act (Act No. 1 of 1999). • Standards of Generally Accepted Accounting Practice; and • South African Statements of Generally Accepted Accounting Practice. • International Financial Reporting Standard (IFRS 4)

  4. Conventional Accounting – Management Reporting • Fair presentation of financial statements • The Housing Consumers Protection Measures Act (Act No. 95 of 1998). • The Public Finance Management Act (Act No. 1 of 1999). • Standards of Generally Accepted Accounting Practice; and • South African Statements of Generally Accepted Accounting Practice.

  5. Technical Liabilities

  6. Revenue Assumptions Non-Subsidy

  7. Enrolment Distribution Non-Subsidy

  8. Budget Revenue 2010/11

  9. Revenue Variance R’ Million

  10. Revenue Assumptions Subsidy Housing

  11. Enrolment Distribution Subsidy Housing

  12. Revenue Subsidy

  13. Revenue Variance R’ Million

  14. Revenue VarianceR’ Million

  15. Revenue Trend

  16. Expenditure

  17. Operation Expenditure Assumptions • Accreditation Costs • Based on number of new applications and number of annual renewals. • Full credit check done on all new applications. • Full credit check done on 50% of renewals. • Cost per check R 350.00- • Inspection fees • Enrolment value # Inspections Assumed • Less than R500 k 4 4 • R500k – R1 mill 5 5 • R1 mill – R2 mill 6 6 • > R2 mill 8 6

  18. Inspection Non Subsidy Assumptions

  19. Inspection Subsidy Assumptions

  20. Major Expenditure Variances R’ Million

  21. Major Expenditure VariancesR’ Million

  22. Fixed Expenditure Emerging Contractor Training

  23. Strategic Additional Income and Expenditure

  24. Expenditure

  25. Summary Income Statement R’ Million

  26. Capital Budget R’ Million • Computer Equipment R 7,5 Million • Furniture R 2,7 Million • Equipment R 1,2 Million • Innovation Hub R 5,0 Million • Motor Vehicles R 3,9 Million Total: R 20,3 Million

  27. Summary Balance Sheet R’ Million

  28. Cash Flow

  29. Cash Inflows / Outflows Excluding R25 Million recall in March 2009

  30. Actuarial

  31. Actuarial Provisions

  32. Enrolment Fee Adequacy Based on apportionment of budgeted expenses for 2009/10 as well as volumes of new enrolments, it is our opinion that the enrolment fees charged shall NOT be adequate for expenses and claims for both non-subsidy and subsidy houses. The utilisation of the enrolment fee by initial expenses per enrolment is very high, attributable to assumed lower number of enrolments (2008/09 enrolments) than prior years as well as sticky expenses not responding to lower new business volumes.

  33. Enrolment Fee Adequacy

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