FINANCES

Nedlac's core activities are funded by government through the Department of Labour's budget. Nedlac is also entitled to receive monies from private and public bodies other than the state. These funds are then administered in separate bank accounts and accounted for separately in Nedlac's books.

The bulk of the approximately R6,5m budget for the Council is spent on the services provided by the 15-member secretariat. Salaries and administration costs (rent, documentation) amount to 72% of the budget.

Nedlac convened approximately 160 meetings during the year under review. Of these one meeting of the Executive Council and 6 meetings of the Management Committee were held.

During the year under review, expenditure has been incurred in upgrading the technical capacity of the Council's information technology.

Financial Committee

Nedlac's financial affairs are overseen by the Financial Committee, which is composed of representatives of the Nedlac constituencies and is a sub-committee of the Management Committee. This structure meets monthly to ensure that Nedlac's resources are used appropriately in pursuit of the institution's goals.

Operational budgets are prepared annually by the Nedlac secretariat and overseen by the Finance Committee. Budgets are taken to the Management Committee for their recommendation, and to the Executive Council for final approval. Audited financial statements are produced annually, and follow the same route of reporting, before being presented to the Minister of Labour for final approval and submission, with the Annual Report, to Parliament.