The Zimbabwe Manpower Development Fund (ZIMDEF) closed the year 2016 with a deficit of $386 678 compared to a surplus of $6.5 million recorded in the previous year on lower revenue coupled with higher operating costs.
ZIMDEF, which falls under the Ministry of Higher and Tertiary Education, Science and Technology Development, earns its money from collecting a one percent training levy from companies operating in Zimbabwe.
The money is meant to finance manpower development schemes in connection with vocational education and the training and employment of apprentices in particular industries.
ZIMDEF’s audited financial statements for the year ended December 31, 2016, showed that it recorded total income amounting to $41.4 million in 2016 compared to $48.8 million received in the previous year.
The fund’s total expenditure stood at $41.8 million in 2016 compared to $42.4 million in the prior year on lower administration costs.
Administration expenses declined by 17 percent to $11.3 million from $13.7 million previously.
However, operating costs increased to $30.4 million in the period from $28.7 million recorded in the previous year.
Cash and cash equivalents at the end of the year stood at $3.7 million compared to $5.2 million at the close of the previous year.
Total assets increased to $75.9 million in 2016 from $73.1 million in the prior year.
Current liabilities more than double to $5.8 million from $2.6 million previously.- The Source