SADC Financial Regulations Effective 1 April 2013 Regulation  28  –  Funding  of  Expenditure   1. An annual budget shall only be funded from: a) realistically anticipated revenues to be collected; b) cash-backed reserves as approved by Council; and c) borrowed funds 2. Revenue projections in the budget shall be realistic, taking into account: a) projected revenue for the current year based on collection levels to date, and b) actual revenue collected in previous financial years. 3. Donations and grants shall be included in the budget where there are signed financing agreements and only where they can be realistically anticipated to be received during the year. The DBF shall review all signed Financing Agreements to confirm the existence and value of the grants included in the Annual Estimates. Page 43 of 100