Proposed Estimates 2023-24

NON-BANK FINANCIAL INSTITUTIONS REGULATORY AUTHORITY- BUDGET 2023/2024 BUDGET ESTIMATES FOR THE FINANCIAL YEAR 2023/24 PARTICULARS PROPOSED BUDGET FYE 2024 Government grants 15,550,000 Supervisory levies 94,014,820 Total revenue 109,564,820 Other operating income Other Income 363,600 Licence Registrations & Renewals 1,384,950 Total other operating income 1,748,550 TOTAL REVENUE 111,313,370 Movement in credit loss allowances 1,880,296 Staff costs 74,322,556 Consultancy costs Consultancy costs 7,496,167 Investigations/Inspections 392,900 TOTAL CONSULTANCY COSTS 7,889,067 Administrative expenses Advertising 600,618.00 Audit fees 124,545.00 Administrative expenses 205,200.00 Bank charges 50,400.00 Depreciation 4,953,569.00 Amortisation of RBSS and ERP 143,200.00 Insurance 705,381.00 Motor vehicle expenses 31,200.00 Office expenses 183,300.00 Printing and stationery 612,000.00 Recruitment expenses 661,600.00 Telephone and fax 821,843.00 Travel costs 3,048,989.00 Staff welfare costs 721,000.00 Utilities 717,840.00 TOTAL ADMINISTRATIVE EXPENSES 13,580,685 Other operating expenses Board costs 1,042,650 Branding and communications 1,152,600 Cleaning 315,149 Internet 1,301,235 Legal expenses 1,500,000 Repairs and maintenance 445,200 Software fees 4,767,209 Security 204,120 Subscriptions 1,259,207 Training 2,474,343 TOTAL OTHER OPERATING EXPENSES 14,461,713 TOTAL OPERATING EXPENSES 112,134,317 Operating Surplus/ (Deficit) (820,947) Finance income 1,259,877 Finance costs (410,259) Surplus/ (Deficit) 28,671