29 UNIVERSITY OF JOHANNESBURG FADA operated well within its allocated budget in 2023, with a savings of R915,027.46 against an allocated budget of R9,195,027.46. These figures demonstrate the faculty’s effective management of its financial resources, with substantial savings across various categories. FINANCIAL MANAGEMENT The 2023 financial summary for FADA outlines the allocation and utilization of budgets within personnel remuneration, restricted budget, and operating expenses, all denoted in South African Rand (ZAR) . FINANCIAL OVERVIEW 2023 ALLOCATION EXPENDITURE BALANCE PERSONNEL REMUNERATION Total personnel costs R89,516,965.50 R83,355,819.80 R6,161,145.70 Salaries cost to company R80,825,984.43 R73,814,462.73 Examiners’ & moderators’ salaries R618,658.28 R263,176.59 Tutorial salary expenses R811,631.08 R742,242.79 Overtime salaries R54,635.63 R41,825.50 Ad hoc salary payments R0 R812,083.68 RESTRICTED BUDGET Restricted items budget R1,021,085.90 R824,165.90 R196,920.00 OPERATING EXPENSES Projected operational expenses R9,112,379.49 R6,275,417.73 R2,836,961.76 TOTAL EXPENDITURE OVERVIEW Total budget R99,650,430.89 R90,455,403.43 R9,195,027.46 Operating Expenses Operational expenses were projected at R9,112,379.49 for 2023. The Faculty underspent in this area, with actual costs at R6,275,417.73, a savings of R2,836,961.76. The insights gained from 2023’s financial activities will inform inform future budgeting and financial planning to support the Faculty’s ongoing success and development. Personnel Remuneration The Faculty had allocated R89,516,965.50 for personnel costs in 2023, with actual expenditures totalling R83,355,819.80, indicating a savings of R6,161,145.70. Restricted Budget The Faculty had a restricted budget of R1,021,085.90 for the year, with actual spending recorded at R824,165.90, resulting in a surplus of R196,920.00.
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