The underspending of R218 million resulted from expenditure budget of R990 million against the actual expenditure of R773 million and National Treasury approved the request.
- The R218 million was committed at year-end. Seda submitted the motivation to the National Treasury to retain these surplus funds. The explanation provided was based on the calculation that informed the surplus. The formula to calculate the surplus is based on the available cash (on the bank accounts) at year-end together with the amount due to Seda (account receivables), less the amount owed by Seda to suppliers (account payables) and lastly less commitments already made.
- The National Treasury approved Seda’s request, an amount of R294 million is available to be added on the expenditure budget of 2021/22.
MS STELLA TEMBISA NDABENI-ABRAHAMS, MP MINISTER OF SMALL BUSINESS DEVELOPMENT
1
DSBD response to NA2782–NW3300E