the Fees and other charges payable by insurers and Intermediaries (i.e. 1% and 0.5%
fees levy as income to SLICOM) and estimated annual ceiling and allocations (grants
from government or any other sources) from the budget bureaux.The preparation of budget estimates is a three year integrated (recurrent &
development), broad based performance rolling budget, based on a well-established
realistic strategic plan of SLICOM. Budget estimate for the Current year will be firm
while those of the subsequent years are only indicatives.As spelt out in the MTEF guidelines, the budget process focuses on Strategic plan and
output performance by SLICOM rather than solely on inputs (expenditures).The strategic plan incorporates (for the MTEF period)
(i) Mission Statement
(ii) Objectives or Goals
(iii) Activities
(iv) Output/Outcomes
The activities and Output/outcomes must be SMART .i.e. Specific, Measurable (can be
Monitored), Achievable, Realistic, and Time bound and should be prioritized, subject to
available resources. The Strategic plan, MTEF Budget, the budgeted Cash flow all form
the Pro-forma Plan, followed by financial overview explaining all assumptions,
comparisons and estimates.SLICOM budget process (preparation and execution) is co-ordinated by a Budget
committee that looks at the strategic plan and budget proposals for the MTEF period. Its
role goes beyond budget preparation and includes resolving budgetary problems
encountered during implementation.The budget Committee comprises of the Commissioner of Insurance (Chairman of the
Committee), Technical Manager, Finance Manager and the Secretary Administration
Manager.❖ CAPITAL STRUCTURE AND COST OF CAPITAL