ZET - JamaicaGazette.com
Jamaica Government News and Information
Ministries, Departments and Agencies

Page 190

Public Bodies Ministry of Education, Youth and Information

(Other) Commission">Overseas Examination Commission

_____________________________________________________________________________________________

Public Bodies, FY 2016/17 Page 186 Ministry of Finance and the Public Service

Commission">Overseas Examination Commission Introduction

The Overseas Examinations Commission (OEC) was established by an Act of Parliament in 2005, and is the only organization mandated by the Government of Jamaica to administer external examinations. The Commission partners with the Ministry of Education, Youth and Information (MOEYI) and external examining bodies on a number of key initiatives as they relate to the administration of local and external examinations. OEC’s financial year covers the period September to August and is consistent with the academic year. Operational and Financial Overview The OEC continues to be guided by its Strategic Plan 2015 – 2018 which is informed by the Education Transformation agenda for the improvement of student performance. Consequently the OEC will focus on four (4) major strategies during the academic year:

• Institutional marketing with emphasis on relationships and partnerships with key stakeholders with the focus on Caribbean Examination Council (CXC) and the MOE. The OEC will collaborate with the MOE to promote and market various examinations through technical, vocational and industry subjects.

• Infrastructure development for improved operational efficiency toward the facilitation of new/expanded training opportunities. Therefore OEC’s joint partnership with HEART Trust/NTA in the development of the Machado Complex will continue. Additionally the OEC will pursue infrastructure development at the Western Office in Montego Bay.

• Sustaining its operations the Commission through diversification of its business practices thereby enhancing its relevance and competitiveness.

Human Resource Development and Customer Service with emphasis on selection, training and quality standards. The OEC has also implemented a Performance Management Appraisal System.

In pursuing the infrastructural development, the OEC estimates capital expenditure of $338.48

million. The Commission estimates net profit of $226.08 million [2014/15: $286.54 million].

The planned staff complement is 31(2014/15: 27).

...
June 12, 2021


Page 191

Public Bodies Ministry of Education, Youth and Information

(Other) Overseas Examination Commission

_____________________________________________________________________________________________

Public Bodies, FY 2016/17 Page 187 Ministry of Finance and the Public Service

Income Statement $m

Audited

2013/14

Audited

2014/15

Projected

2015/16

Income

Fees 350.76 371.47 423.86

Ministry of Education - Subvention 7.58 1.41 -

Income on deposits 97.62 98.08 78.55

Foreign exchange gain 42.61 40.09 -

Professional fees 14.51 12.53 15.55

Miscellaneous income 7.18 39.60 15.01

Total income 520.26 563.18 532.97

Expenditure

Personnel emoluments 143.26 153.33 162.80

Supplies and materials 8.02 5.36 3.03

Rental of buildings & property 7.20 1.85 9.47

Public utility services 20.57 18.16 19.50

Traveling & subsistence 6.86 7.86 12.58

Repairs & Maintenance 4.42 1.27 8.84

Depreciation 7.08 9.27 9.31

Other expenses 76.71 70.05 81.36

Total Expenditure 274.12 267.15 306.89

Operating Surplus 246.14 296.03 226.08

...
June 12, 2021


Page 192

Public Bodies Ministry of Education, Youth and Information

(Other) Overseas Examination Commission

_____________________________________________________________________________________________

Public Bodies, FY 2016/17 Page 188 Ministry of Finance and the Public Service

$m

Audited Original Audited Projected

2013/14 2014/15 2014/15 2015/16

Statement A Flow of Funds

1 Current Revenue 520.26 503.61 563.18 532.97

2 Current Expenses (274.12) (287.81) (267.15) (306.89)

3 Current Balance 246.14 215.80 296.03 226.08

4 Adjustments 59.26 14.04 160.36 9.31

Change in Accounts - - - -

Receivable/Payable 52.18 - 151.09 -

Items not requiring outlay of cash: - - - -

Depreciation 7.08 14.04 9.27 9.31

Other Non-Cash Items - - - -

Prior Year Adjustment - - - -

5 Operating Balance 305.40 229.84 456.39 235.39

6 Capital Account (63.67) (184.05) (33.37) (338.48)

Revenue - - - -

Expenditure (66.04) (184.05) (33.37) (338.48)

Investment - - - -

Change in Inventory 2.37 - - -

7 Transfers from Government - - - -

Loans - - - -

Equity - - - -

On-Lending - - - -

Other - - - -

8 Transfers to Government (12.31) (107.31) (264.80) (11.30)

Dividend (12.31) (7.31) (14.80) (11.30)

Loan Repayments - - - -

Corporate Taxes - - - -

Other - (100.00) (250.00) -

9 OVERALL BALANCE (5+6+7+8) 229.42 (61.52) 158.22 (114.39)

10 FINANCING (10a+11+15) (229.42) 61.52 (158.22) 114.39

10a Total - - - -

Capital Revenue - - - -

Loans - - - -

Equity - - - -

On-Lending - - - -

Loan Repayments - - - -

11 Total Foreign (12+13+14) - - - -

12 Government Guaranteed Loans - - - -

Disbursement - - - -

Amortization - - - -

13 Direct Loans - - - -

Long Term: - - - -

Disbursement - - - -

Amortisation - - - -

Short Term: - - - -

Change in Trade Credits - - - -

14 Change in Deposits Abroad - - - -

15 Total Domestic (16+17+18) (229.42) 61.52 (158.22) 114.39

16 Banking System 3.76 (134.84) 8.82 (142.51)

Loans (Change) - - - -

Current AccountsOverdraft (Change) - - - -

Deposits (Change) 3.76 (134.84) 8.82 (142.51)

17 Non-Banks (Change) - 7.31 - -

18 Other (Change) (233.18) 189.05 (167.04) 256.90

...
June 12, 2021


Page 193

Public Bodies Ministry of Education, Youth and Information

(Other) Overseas Examination Commission

_____________________________________________________________________________________________

Public Bodies, FY 2016/17 Page 189 Ministry of Finance and the Public Service

$m Details of Revenue and Expenditure

Audited Original Audited Projected

CURRENT REVENUE 2013/14 2014/15 2014/15 2015/16

Fees 350.76 380.64 371.47 423.86

Income on deposits 97.62 95.01 98.08 78.55

Foreign exchange gain 42.61 - 40.09 -

Professional fees 14.51 13.90 12.53 15.55

Miscellaneous income 7.18 6.76 39.60 15.01

MOE Subvention 7.58 7.30 1.41 -

TOTAL 520.26 503.61 563.18 532.97

CURRENT EXPENSES

Compensation

A. Directors, Executive & Senior Managers 143.26 151.46 153.33 162.80

- Salaries 143.26 151.46 153.33 162.80

- Pension Fund Contributions - - - -

- Housing Allowance - - - -

- Utility Allowance - - - -

- All Others - - - -

B. Supervisory, Clerical & Production - - - -

- Wages - - - -

- Pension Fund Contributions - - - -

- Housing Allowance - - - -

- Utility Allowance - - - -

- All Others - - - -

Utilities(Electricity, Water & Telephones) 20.57 24.04 18.16 19.50

Repairs & Maintenance 4.42 9.82 1.27 8.84

Rental Expenses 7.20 7.44 1.85 9.47

Insurance - - - -

Travelling & subsistence 6.86 7.04 7.86 12.58

Supplies and Materials 8.02 3.02 5.36 3.03

Other 76.71 70.95 70.05 81.36

Professional Examination Expenses - - - -

Depreciation 7.08 14.04 9.27 9.31

Workshop Expenses - - - -

TOTAL 274.12 287.81 267.15 306.89

CAPITAL EXPENDITURE

PROJECTS:

Building Improvements-Machado Complex - - - 283.00

Building Improvements- Western Office - - - 5.00

Other Building 0.29 141.02 30.76 33.24

Furniture & Equipment 11.99 43.03 2.61 17.24

Land 53.76 - - -

TOTAL 66.04 184.05 33.37 338.48

...
June 12, 2021


Page 194

Public Bodies Ministry of Education, Youth and Information

(Other) Overseas Examination Commission

_____________________________________________________________________________________________

Public Bodies, FY 2016/17 Page 190 Ministry of Finance and the Public Service

Balance Sheet $m

Audited Audited Projected 2013/14 2014/15 2015/16

NON-CURRENT ASSETS

Property, Plant and Equipment 291.23 315.33 644.50

Intangible Assets 74.59 124.49 -

365.82 439.82 644.50

CURRENT ASSETS

Cash and cash equivalents 16.97 8.15 150.66

Investments 1,277.26 1,394.40 1,261.99

Accounts Receivable 383.43 196.39 199.20

1,677.66 1,598.94 1,611.85

TOTAL ASSETS 2,043.48 2,038.76 2,256.35

CURRENT LIABILITIES

Distribution to MOFP - - 11.30

Accounts Payable 345.87 309.92 301.43

345.87 309.92 312.73

Accumulated Surplus 1,939.30 2,235.33 2,461.41

Financial Distribution to MOF (241.69) (506.49) (517.79)

Total Liabilities & Accumulated Surplus 2,043.48 2,038.76 2,256.35

...
June 12, 2021


SEARCH