To ensure that the capital expenditure is properly planned, valued and executed.
“…Any capital expenditure project which is included in the agreed capital expenditure budget for the year but for which no capital expenditure request has been submitted and approved by 31 December is automatically canceled. Approved projects which have not been completed by 31 December should be included in the “spill over” report and also in the cash flow forecast for the following year….”
– BUDGET PROCEDURE
– APPROVAL PROCEDURE