ReSPA Premises, Podgorica, Montenegro

The 45th Budget Committee Meeting at ReSPA brought together members from Bosnia and Herzegovina, North Macedonia, Montenegro, Serbia, and the ReSPA Secretariat team, to discuss various finance-related issues.

Director HANDJISKA-TRENDAFILOVA emphasized the importance of the Budget Committee’s guidance and discussions, highlighting their role in “enhancing ReSPA’s effectiveness and impact as a regional partner”.

At the meeting, the Budget Committee reviewed the draft IFRS and Core verification reports issued by the independent auditor KPMG Belgrade. Considering that the reports presented a clean audit opinion with a true and fair presentation of ReSPA`s financial position, performance, and cash flows, the Members proposed that ReSPA`s Governing Board adopt these reports.

Considering the current liquidity of the Core budget, they also endorsed the temporary use of Working Capital funds to support the implementation of activities connected with the project that ReSPA is implementing together with the Italian Ministry of Foreign Affairs. Furthermore, the Members noted the ongoing plan of activities and related outputs concerning the EC Grant No. 5 and the current utilisation rate, the info provided on the BACID III project and its non-cost extension until the end of 2024, and the report on National Contributions for 2024.