EX.CL/Dec.1031(XXXIV) Page 2 10. URGES the Commission to enforce both the existing internal and external oversight and accountability mechanisms to ensure effective and prudent use of resources in accordance with relevant Assembly Decisions; 11. DECIDES: i) To institutionalize a 3 year budget cycle; ii) To base the annual budget ceiling on a three (3) year average execution rate; iii) To strengthen and embed “Monitoring & Evaluation” in the planning and budgetary processes; iv) To reinforce a culture of accountability and result based management; B. 12. ON THE 2019 SUPPLEMENTARY BUDGET ADOPTS the 2019 supplementary budget of $10,686,666 broken down as follows: i) Pan African University (PAU) 2019 Supplementary budget of $5,830,600 to be funded as follows: (a) $2,500,000 funded from the 2018 PAU unspent funds; (b) $2,200,000 funded from the Reserve Fund; and (c) $1,130,600 funded from the re-prioritization of activities following the mid-year performance review in July 2019; and ii) 13. The African Peer Review Mechanism (APRM) transition budget of $4,856,066 in relation to the 1st and 2nd quarter cash flow projection to be funded from the Reserve Fund. DIRECTS the Commission to introduce a Mid-year budget review to ensure better budget performance and avoid supplementary budgets as much as possible; C. ON THE RESERVE FUND 14. AUTHORIZES the creation of the Asset Reserve to be embedded in the Financial Rules and Regulations to represent the Asset component of the Reserve Fund; 15. REQUESTS the Commission to present the report on the asset valuation exercise conducted in 2018 to the 35th Ordinary Session of the Executive Council in July 2019. 34th Ordinary Session of the Executive Council, 7- 8 February 2019, Addis Ababa, Ethiopia