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- Volume 13, Issue 4, Winter 2013
IMFO : Official Journal of the Institute of Municipal Finance Officers - Volume 13, Issue 4, Winter 2013
Volumes & issues
Volume 13, Issue 4, Winter 2013
Source: IMFO : Official Journal of the Institute of Municipal Finance Officers 13 (Winter 2013)More Less
I recently read that the Statistics SA report showed that Municipalities still relied heavily on grants and subsidies for revenue, followed by sales from electricity and gas, and property rates. Other sources such as fines, licences and permits made up less than 10%. The government, in a process driven mainly by the Treasury, wants a tight leash on public spending as it tries to cut the budget deficit over the next three years.
Source: IMFO : Official Journal of the Institute of Municipal Finance Officers 13, pp 4 –5 (Winter 2013)More Less
Sometimes we have this strange expectation that while times are really busy, there will finally be a lull sometime in the future. This certainly has been my expectation - and yet each day there just seems to be more to be done and less time available. I try to encourage those around me with the thought that if there really is still so much to do that really does need to be done and so many demands on our time to do the tasks and activities described in our job descriptions as well as further new tasks being added to our list of responsibilities, there is definitely a need for the jobs we are doing. We can therefore walk in some semblance of confidence that these jobs will remain and we will remain gainfully employed if we keep on doing the work diligently and well. A lot of focus has been spent in the last quarter on the job market and the increase or decrease in jobs available in our country.
Author Patrick Roy MnisiSource: IMFO : Official Journal of the Institute of Municipal Finance Officers 13 (Winter 2013)More Less
This year has truly been an amazing journey filled with hard work and great results. The proudest moment for IMFO thus far, was hosting the Public Protector Advocate Thuli Modonsela when she addressed the delegates at the IMFO Audit & Risk INDABA. The INDABA was held in Somerset West at The Lord Charles Hotel, more than 400 delegates took part. During this Indaba, practitioners did not only share knowledge and benefited from various practical presentations but they also had an opportunity to learn about the role of the Public Protector as well as how such a role can affect local government.
Source: IMFO : Official Journal of the Institute of Municipal Finance Officers 13, pp 7 –9 (Winter 2013)More Less
The Institute of Municipal Finance Officers (IMFO) hosted its 4th annual Audit & Risk Indaba for Management in Municipalities at the Lord Charles Hotel in Somerset West on the 08th till 10th April 2013. The Indaba focused on the following issues:
- strengthening of internal controls
- effective oversight role by auditors, MPAC and other oversight bodies
- audit of performance information
- ethical behaviour & conduct
- and fraud prevention measures in municipalities.
Source: IMFO : Official Journal of the Institute of Municipal Finance Officers 13, pp 10 –11 (Winter 2013)More Less
IMFO submitted comments on the Municipal Tariff Guidelines, benchmarks and proposed timelines for municipal tariff approval processes for the 2012/2014 financial years. The comments were submitted to NERSA on 14 December 2012. Despite comments from various quarters, the Minister of Finance issued a statement in the Government Gazette (Government Gazette 36599 of 24 June 2013, Notice 644) that, if the National Energy Regulator of South Africa promulgates the electricity tariff determination for municipalities and municipal entities on or before 30 June 2013, the determination may specify 1 July 2013 as the effective date of the tariff! It therefore appears that all comments were submitted in vain.
Author Yusuf AboojeeSource: IMFO : Official Journal of the Institute of Municipal Finance Officers 13, pp 12 –13 (Winter 2013)More Less
According to recently released June 2013 National Treasury Report, the debt owed to South African municipalities is currently sitting at approximately R84.2 billion, up from the debt owed in August 2012 of R77.6 billion. This increase in debt has led municipalities becoming less sustainable through escalating uncollectible debt, which affects the revenue of municipalities and therefore their ability to deliver services to its constituents.
Author J.P. NortjeSource: IMFO : Official Journal of the Institute of Municipal Finance Officers 13, pp 16 –17 (Winter 2013)More Less
With the introduction of the Tax Administration Act in October 2012, SARS became more stringent with taxpayers, with penalties and additional taxes being raised in cases of non-compliance, etc. This Act to date, as discussed in the last National Tax seminar, seems to be in favour of SARS, as there are still numerous concerns pertaining to how long it takes for SARS to finalise audits, the skill and knowledge of certain SARS auditors, supporting documentation being lost when handed over to SARS and assessments being raised without any notice or time to object thereto.
Author Peet Du PlessisSource: IMFO : Official Journal of the Institute of Municipal Finance Officers 13 (Winter 2013)More Less
In the previous article I have looked at some of the legislation and implications regarding the latter topic and in this article I will continue to discuss the legislation and how it can be used to assist municipalities to improve on their revenue collection. The next section in the Municipal Systems Act (Act No 32 of 2000) is section 118. The heading of this section refers to "Restraint on transfer of property", and when we look at the interpretation of statutes we know that headings do not form part of the legislation but merely categorise the different sections into meaningful chapters and sub-chapters.
Author Janet ChanningSource: IMFO : Official Journal of the Institute of Municipal Finance Officers 13 (Winter 2013)More Less
Author Jeanine PoggioliniSource: IMFO : Official Journal of the Institute of Municipal Finance Officers 13 (Winter 2013)More Less
Accounting Standards are often applied purely for the sake of compliance with regulatory requirements. It is thus not always appreciated that these Accounting Standards are developed to ensure that specific information is provided to users of the financial statements about various aspects of an entity's finances and operations. This information also constitutes a vital input into service delivery and other assessments and enables users, who comprise those that provide resources to an entity as well as those that benefit from its services, to exercise accountability and make sound decisions.
Author William AttwellSource: IMFO : Official Journal of the Institute of Municipal Finance Officers 13, pp 22 –23 (Winter 2013)More Less
There are three features that will characterise the world's fastest-growing class of consumers: they will be Chinese; they will be increasingly sophisticated; and they are, more than ever, likely to live in one of the country's second, third and fourth-tier cities. According to a recent report by professional services firm KPMG, China already has a middle class of between 250 to 300 million people. Those considered affluent (that is, with annual household disposable incomes of $20 000 and up) will increase from 120 million to 280 million by 2020, accounting for a third of all consumption. That's the same as adding an extra Japan.
Source: IMFO : Official Journal of the Institute of Municipal Finance Officers 13, pp 24 –29 (Winter 2013)More Less
Increase in respect of social grants
Effective date for electricity tariff determination for municipalities and municipal entities
Appointment of the local government sector education and training authority (LGSETA) administrator
New and changed standards
National measurement standards - Measurement units and measurement Standards Act, act no. 18 of 2006
Division of Revenue Act, act 2 of 2013
Draft bills to take note of
Ipsas conceptual framework to be ready in 2014
For municipal entities: an overview of who would fall into the category of "prescribed officer" in terms of the companies act and the implications of this
Source: IMFO : Official Journal of the Institute of Municipal Finance Officers 13, pp 32 –35 (Winter 2013)More Less
Municipalities learn to manage waste - SALGA promotes knowledge sharing
Government departments applauded for their commitment - budget votes strongly aligned with strategy of NDP
The Global Reporting Initiative - sustainability reporting policies: today's best practice, tomorrow's trends