THE FAZ has recorded a staggering K3.4 billion surplus, translating into a 50 per cent growth in revenue.
Treasurer Boniface Mwamelo said during the association’s annual general meeting (AGM) at the Mulungushi International Conference Centre in Lusaka on Saturday that the unprecedented feat was achieved mainly because the association had controlled its expenditure levels.
Meanwhile, FAZ affiliates have urged the association’s executive to clarify certain parts of the constitution to avoid misunderstandings in the administration of football.
In a vote of thanks, Nchanga Rangers committee member Emmanuel Simbeye said some happenings prior to Saturday’s AGM could have been avoided if certain clauses in the constitution were clearly stated and appealed to FAZ to consider affiliates’ observations in the current charter during the review of the constitution scheduled for next month.
And in the financial report ending December 2009, Mwamelo said the FAZ bank account currently had K1.4 billion compared to a meagre K16 million at the same time in 2008.
“This has never happened before. This is largely due to the fiscal discipline the association has exercised during our last financial year,” he said in a speech that was often interjected by occasional cheers of approval from the councillors.
Mwamelo explained that FAZ got its income from FIFA, CAF and Government grants, a share of television rights from the inaugural African Nations Championship (CHAN), sale of television rights to Sport 5 channel, games revenue and advertising.
FAZ also got income from Zambia’s participation in the Confederation of East and Central African Football Associations (CECAFA) championship, but was yet to receive the prize money for emerging second in the Council of Southern African Football Associations (COSAFA) challenge from the Zimbabwean government who were the sole sponsors and hosts of the event.
Mwamelo said during the year under review, the FAZ fixed assets rose to K6.8 billion from K4.4 billion mainly due to the vehicles that were recently procured while the liabilities stand at K7.3 billion.
He said the K257 million overdraft that the association had been servicing had since been cleared and that FAZ had managed to reduce its accumulated losses to K5.3 billion.
Mwamelo said the FAZ expenditure had not changed from K11.3 billion that was spent in 2008 from where K2.6 billion was spent on the national team’s preparations for the Africa and World Cup qualifiers and subsequently the AFCON finals in Angola.
The treasurer predicted that 2010 would be a tough year and that FAZ would need to maintain its revenue estimates through the highest levels of fiscal discipline as well as a reduced spending.
Mwamelo said this year the association had financial obligations like the 2012 AFCON qualifiers, the under-23 qualifying race for the All-Africa Games and Olympics and the under-20 and under-17 continental qualifiers.
He said K2.7 billion was set aside for salaries for secretariat staff and that the amount was a reduction from last year because during that period FAZ was servicing retirement packages for some staff.
Also included in the 2010 budget is K500 million for capacity building and furnishing of the FAZ technical centre in Lusaka.
FAZ retained Barclays Bank as the association’s bank and Thewo & Company as auditors.
[Times of Zambia]
This is good news. I hope that now FAZ ll stop running to government when fulfilling national team obligations. It ll be interesting to see what the next few months ll bring
Paper profit arising from foreign exchange gain?
Indeed this could just be paper profit.Am sure they have not even paid their debts or accounted for them,am sure within the next few days we should hear one former Team Coach or former Assistant demanding to be paid their accrued salary and allowance arrears!
Let Great Kalu do the work!! Iam behind you.Shame that boy Augustine Mukoka for reporting falsehoods.
Viva ba Kalu,show them how to run football matters
here we go again a small thing makes you people start praising kalu as if he has achieved much. only on the pitch not in administration:-?
could someone confirm or dismiss reports reaching us that Kalusha’s younger brother Chizaya has been convicted of rape in the UK and sentenced to 8 yrs ?
r.a.p.e-=”……… ………………….
NUMBER 1st THING TO DO IS PAY YOUR DEBTS!
NUMBER 1st THING TO DO IS PAY YOUR DEBTS BEFORE CREDITORS GET THE PROFITS ANYWAY!
NUMBER 2ND THING TO DO IS PAY YOUR DEBTSAGAIN BEFORE CREDITORS GET THE PROFITS ANYWAY!
You guys should just shut up! FAZ never makes profits now it is making the profits you are quick to poke your stupid barbs at Kalusha. He is proving himself. When the national team managed the second round of the Nations cup which it has failed for the previous 10 years you still wanted to pull the man down. Some people envy other people so much they always want to shoot them down. Lusha my brother dont listen to these monsters like JIGGA continue doing your good work for Zambia like you ‘ve always done.