MUNICIPAL FINANCE MANAGEMENT ACT (MFMA): PRELIMINARY MONTHLY FINANCIAL REPORT FOR THE PERIOD ENDED 29 FEBRUARY 2020 (MONTHLY BUDGET STATEMENT)
To comply with section 71 of the MFMA, by providing a monthly statement on the implementation of the budget and the financial state of affairs for the municipality to the Executive Mayor, as legislated.
The strategic objective of this report is to ensure good governance, financial viability and optimal institutional transformation with capacity to execute its mandate.
Section 71 of the MFMA requires that:
The accounting officer of a municipality must by no later than 10 working days after the end of each month submit to the mayor of the municipality, and the relevant National and Provincial Treasury, a statement in the prescribed format on the state of the municipality’s budget reflecting certain details for that month and for the financial year up to the end of that month.
For the reporting period ending 29 February 2020, the ten-working day reporting period expires on the 13 March 2020. National Treasury have indicated that they wish to continue to directly monitor municipalities that have a significant impact on the South African economy. For this purpose, the required electronic reports were progressively lodged with the National Treasury. Material variances will be briefly referred to in this report.