- A-Z Publications
- IMFO : Official Journal of the Institute of Municipal Finance Officers
- Previous Issues
- Volume 11, Issue 2, Summer 2010
IMFO : Official Journal of the Institute of Municipal Finance Officers - Volume 11, Issue 2, Summer 2010
Volumes & issues
Volume 11, Issue 2, Summer 2010
Author Ocean MakalimaSource: IMFO : Official Journal of the Institute of Municipal Finance Officers 11 (Summer 2010)More Less
The phrase that comes to mind at the moment is, "Time flies when you having fun!" - not to say that it drags when you are not! This year has gone by so fast! All IMFO seminars, workshops and the annual conference were a great success. This would all not be possible if it weren't for the support of the IMFO members and stakeholders.
Author Chris NagoorooSource: IMFO : Official Journal of the Institute of Municipal Finance Officers 11 (Summer 2010)More Less
As Incoming President of the Institute, it gives me great pleasure to share a few thoughts on the proposed way forward for the ensuing two years. I consider it a privilege and honour to have been elected by the members and pledge to advance the ideals and objectives of the Institute.
Author Patrick Roy MnisiSource: IMFO : Official Journal of the Institute of Municipal Finance Officers 11 (Summer 2010)More Less
It is that time of the year again that sees most of us busy counting down to Christmas and do all sorts of things in preparation for the festive season. I will not spend a lot of space writing about this time of the year and its activities as that is for commercial magazines. Other than the Soccer World Cup Tournament the year 2010 has been undoubtedly a great one for our country in so many respects.
Author Danie De LangeSource: IMFO : Official Journal of the Institute of Municipal Finance Officers 11, pp 6 –20 (Summer 2010)More Less
In terms of section 83 of the MFMA, the Chief Financial Officer and other financial officials of a municipality must meet the prescribed financial management competency levels. The Minister of Finance has in terms of section 168 of the MFMA published regulations (Government Gazette 29967, 15 June 2007) on minimum competency level requirements for Chief Financial Officers. These developments have impacted significantly on the profession of Municipal Finance Officers and the role of the Institute.
Author Mike Van Der WaltSource: IMFO : Official Journal of the Institute of Municipal Finance Officers 11, pp 8 –9 (Summer 2010)More Less
The past six years have been a daunting period for municipalities in South Africa. It saw, amongst others, the implementation of the Municipal Finance Management Act (Act No. 56 of 2003) as well as the Standards of Generally Recognised Accounting Practice (GRAP). On 14 July 2009 the Minister for Cooperative Governance and Traditional Affairs furthermore introduced the launch of Operation Clean Audit 2014. The strategic vision and objective of the project are that by 2014 all 283 municipalities will have achieved clean audits on their financial statements and that by 2011 all municipalities must have dealt with or cleaned disclaimers and adverse opinions. It also aims that by 2009/10 all accounting officers must sign performance contracts on audit management (internal and external audits), integrated risk management, function of audit committees and internal audit units
Author P. NaidooSource: IMFO : Official Journal of the Institute of Municipal Finance Officers 11, pp 10 –14 (Summer 2010)More Less
Capital expenditure refers to any expenditure incurred in or incidental to the acquisition or improvement of land, buildings, engineering structures and machinery and equipment. The expenditure normally confers a lasting benefit and results in the acquisition of, or extends the life period of, a fixed asset. Capital expenditure includes spending on vehicles, office furniture and equipment, but excludes minor items that are generally regarded as being expendable even though in some instances their useful lives may extend beyond one year. Military expenditure (e.g. ships and aircraft) are now treated as fixed assets consistent with the UN System of National Accounts 2008 and the 2001 IMF's government Financial Statistics. Previously, these weapons were treated as current assets (UN System of National Accounts 1993).
Author Thabelo SialaSource: IMFO : Official Journal of the Institute of Municipal Finance Officers 11, pp 16 –17 (Summer 2010)More Less
It is now more than three years since the Municipal Regulation on Minimum Competency Levels of 15 June 2007 was promulgated. Most municipalities have made significant progress while others have made little or no progress at all. It has also been established that those who attended the CPMD programme and have completed all the modules, are still faced with the challenge to "top up" the missing unit standards as this programme did not cover all the unit standards as per regulation.
Author J.P. NortjeSource: IMFO : Official Journal of the Institute of Municipal Finance Officers 11 (Summer 2010)More Less
At this time of the year most municipalities have had their financial audits by the Auditor-General concluded and are hoping for a clean audit report. However, of the total of 283 municipalities in South Africa, 247 submitted audit reports for the 2008/09 financial year. Out of this total, only four municipalities received clean audits. One reason for receiving a qualified report is that the balance in the municipalities' VAT control accounts does not tie up with what is submitted to SARS on the monthly VAT201 forms. Municipalities have to ensure that proper reconciliations are done between the amounts submitted to SARS and those reflected on the system. The VAT Asset / Liability at year end in the annual financial statements should balance with amounts actually received or owed to SARS.
Are you a female working in Local Government Finance? If so, we are working for YOU! : in and around IMFOSource: IMFO : Official Journal of the Institute of Municipal Finance Officers 11 (Summer 2010)More Less
Author Elliot Mshiyeni SogoniSource: IMFO : Official Journal of the Institute of Municipal Finance Officers 11, pp 21 –27 (Summer 2010)More Less
After the 1994 elections, South Africa adopted a new Constitution in 1996. This also saw the creation of the nine provinces as they are known today which replaced the major four provinces and self-governing/independent states that existed prior to 1994. The Constitution allocates specific responsibilities to each of the three spheres. These are divided between exclusive and concurrent responsibilities for national and provincial spheres of government. Chapter 13 of the Constitution focuses on finances of the Republic. Importantly, Section 213 establishes the National Revenue Fund (NRF) into which all revenue received by the Republic is deposited.
Author Yunus CarrimSource: IMFO : Official Journal of the Institute of Municipal Finance Officers 11, pp 28 –31 (Summer 2010)More Less
Allow me, in the first place, to say how pleased and honoured I am to be here. I convey, too, the very good wishes of Minister Sicelo Shiceka. Both of us want to stress that we think IMFO is a very important partner of ours, and we hope that you will have a very successful and rewarding Conference.
Source: IMFO : Official Journal of the Institute of Municipal Finance Officers 11 (Summer 2010)More Less
Source: IMFO : Official Journal of the Institute of Municipal Finance Officers 11, pp 42 –44 (Summer 2010)More Less
The Public Sector Finance students did it again. 180 students from the faculty attended a student seminar at Kwaggasrus from 1-3 November 2010. The aim of the seminar, was to prepare students for the "world of work" .Various stakeholders were invited to present papers relating to work place issues at the seminar. Students also learnt different soft skills during a field trip. The focus was placed on the following soft skills that are indispensable in the world of work i.e.; timeliness, handling of conflict, respect for colleagues and friends, leadership, communication and listening skills were also covered.
Source: IMFO : Official Journal of the Institute of Municipal Finance Officers 11, pp 45 –47 (Summer 2010)More Less