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PUBLIC SECTOR BUDGETING AND ACCOUNTING 1. Attached is the 2018 Annual Financial Statements of University of Ghana. For the sake of this assignment, we assume that the financial statements are for the year ended 31 December 2021. Thus the Statement of Financial Performance is for the year ended 31 December 2021; the Statement of Cash Flows is for the year ended 31 December 2021; and the Statement of Financial Position is as at 31 December 2021. 2. The revenue estimates for the University extracted from the Budget Guidelines for the preparation of 2022 Budget are as detailed below: Revenue Category Amount (GHS'000) 1 Government Subvention 480,000 2 Research grants 180,000 3 Bursaries and Financial Aids 6,000 4 Academic Fees 240,000 5 Other students fees 48,000 6 Investment income 24,000 7 Other IGFs 96,000 VOAWN i. ii. iii. The Government subventions are to be released on quarterly basis in January 2022, April 2022, July 2022 and October 2022 The Donations and Grants are expected in April 2022 80% of the academic fees are expected to be received in January 2022 and the remaining 20% are expected at the beginning of the second semester in May 2022 Other students fees, Investment income and Other IGFs are iv. expected to flow evenly (on monthly basis) throughout the year. 3. The expenditure ceilings extracted from the 2022 Budget preparation guidelines show the following: Expenditure Category Amount (GHS'000] 1 Compensation 384,000 2 Goods and Services 228,000 3 Capital Expenditure 200,000 4 Research costs 180,000 5 Bursaries and financial aids 6,000 6 Finance costs 1,200 i. ii. The Compensation and Goods & Services are expected to accrue evenly on monthly basis. The Procurement Plan of the University indicates the following payments in respect of capex: GHS'000 February 2022 20,000 June 2022 120,000 September 2022 50,000 November 2022 10,000 Research costs, Bursaries, and finance costs are expected to accrue evenly on monthly basis. lii 4. Based on the existing Property, plant and equipment (including infrastructure) and the additional acquisitions planned for the year 2022, Depreciation and amortization expenses for 2022 are estimated at GHS30,000,000 and GHS120,000 respectively These are assumed to accrue evenly on monthly basis. 5. There wil no addition or disposal of vestment properties. The University adopts fair valuation model in measurement of Investment properties. It is estimated that the fair value of the University's investment properties as at 31 December 2022 would be about GHS55 million. The fair value changes should be dealt with in line with IPSAS 16 6. The Non-current deposits and Quoted Securities of the University are not expected to experience any movements during 2022. There would be no additional deposits and accrued interests would be withdrawn and utilized as part of the Investment income. 7. The amount due from related parties and Investment in Associate would also not experience any movement in 2022 8. The Current assets items (apart from Cash and Cash equivalents) would not experience any movements in 2022. It is expected that values of inventories purchased and the consumption would coincide, receivables from exchange and non-exchange transactions would approximate recoveries during 2022. 9. Balances of current and non-current liabilities would not experience any significant movements in 2022. 10. The equity items (apart from the Accumulated fund] would not experience any significant movements in 2022. Required a) Prepare Monthly Cash Flow Forecast [in columnar form) for the year ending 31 December 2022 b) Prepare the budgeted statement of financial performance for the L year ending 31 December 2022 c) Prepare the budgeted statement of financial position as at 31 December 2022 You may make any appropriate and relevant assumption, where a specific direction is unavailable. PUBLIC SECTOR BUDGETING AND ACCOUNTING 1. Attached is the 2018 Annual Financial Statements of University of Ghana. For the sake of this assignment, we assume that the financial statements are for the year ended 31 December 2021. Thus the Statement of Financial Performance is for the year ended 31 December 2021; the Statement of Cash Flows is for the year ended 31 December 2021; and the Statement of Financial Position is as at 31 December 2021. 2. The revenue estimates for the University extracted from the Budget Guidelines for the preparation of 2022 Budget are as detailed below: Revenue Category Amount (GHS'000) 1 Government Subvention 480,000 2 Research grants 180,000 3 Bursaries and Financial Aids 6,000 4 Academic Fees 240,000 5 Other students fees 48,000 6 Investment income 24,000 7 Other IGFs 96,000 VOAWN i. ii. iii. The Government subventions are to be released on quarterly basis in January 2022, April 2022, July 2022 and October 2022 The Donations and Grants are expected in April 2022 80% of the academic fees are expected to be received in January 2022 and the remaining 20% are expected at the beginning of the second semester in May 2022 Other students fees, Investment income and Other IGFs are iv. expected to flow evenly (on monthly basis) throughout the year. 3. The expenditure ceilings extracted from the 2022 Budget preparation guidelines show the following: Expenditure Category Amount (GHS'000] 1 Compensation 384,000 2 Goods and Services 228,000 3 Capital Expenditure 200,000 4 Research costs 180,000 5 Bursaries and financial aids 6,000 6 Finance costs 1,200 i. ii. The Compensation and Goods & Services are expected to accrue evenly on monthly basis. The Procurement Plan of the University indicates the following payments in respect of capex: GHS'000 February 2022 20,000 June 2022 120,000 September 2022 50,000 November 2022 10,000 Research costs, Bursaries, and finance costs are expected to accrue evenly on monthly basis. lii 4. Based on the existing Property, plant and equipment (including infrastructure) and the additional acquisitions planned for the year 2022, Depreciation and amortization expenses for 2022 are estimated at GHS30,000,000 and GHS120,000 respectively These are assumed to accrue evenly on monthly basis. 5. There wil no addition or disposal of vestment properties. The University adopts fair valuation model in measurement of Investment properties. It is estimated that the fair value of the University's investment properties as at 31 December 2022 would be about GHS55 million. The fair value changes should be dealt with in line with IPSAS 16 6. The Non-current deposits and Quoted Securities of the University are not expected to experience any movements during 2022. There would be no additional deposits and accrued interests would be withdrawn and utilized as part of the Investment income. 7. The amount due from related parties and Investment in Associate would also not experience any movement in 2022 8. The Current assets items (apart from Cash and Cash equivalents) would not experience any movements in 2022. It is expected that values of inventories purchased and the consumption would coincide, receivables from exchange and non-exchange transactions would approximate recoveries during 2022. 9. Balances of current and non-current liabilities would not experience any significant movements in 2022. 10. The equity items (apart from the Accumulated fund] would not experience any significant movements in 2022. Required a) Prepare Monthly Cash Flow Forecast [in columnar form) for the year ending 31 December 2022 b) Prepare the budgeted statement of financial performance for the L year ending 31 December 2022 c) Prepare the budgeted statement of financial position as at 31 December 2022 You may make any appropriate and relevant assumption, where a specific direction is unavailable