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Volume 16, Issue 4, Winter 2016
Author Esther GumataSource: IMFO : Official Journal of the Institute of Municipal Finance Officers 16 (Winter 2016)More Less
The South African Weather service has warned us that this year's winter will be the coldest to hit South Africa over the last 4 years. I hope we are all winter ready and keeping warm. I personally do not like this cold season because I feel like this is the season we spend a lot of money. Money for medication for fever and flu symptoms, more warmer clothing needed to survive the outside temperatures. Yes, you've figured it out I'm not much of a spender.
Author Jane MasiteSource: IMFO : Official Journal of the Institute of Municipal Finance Officers 16 (Winter 2016)More Less
As we continue to promote Municipal Finance, Audit, Risk and Performance Management in the Public Sector, in this issue we will be focusing on the most recent event we hosted in Cape Town. The 7th Audit and Risk Indaba and celebrating the youth and women during this quarter. Whilst looking back at the Indaba, we are reminded of the declaration that was taken at the last day of the seminar submitted by the Standing Committee on Audit and Risk. The declaration reminds us of the key factor that the Internal Auditors, Risk Management, Performance Management and Governance practitioners need to apply and practise by (for a detailed declaration, you can visit our website www.imfo.co.za).
Author Ira KotzeSource: IMFO : Official Journal of the Institute of Municipal Finance Officers 16 (Winter 2016)More Less
As we embank into the new quarter. Like mentioned in my previous message, time really does fly, when we all buried in our work mode. Looking at the past three months, we had very successful events with very limited time. I would like to send my gratitude to our sponsors especially our diamond sponsor at our 7th Audit and Risk Indaba and the host city Cape Town.The Indaba was a huge success with delegates across the country attending. IMFO extends sincere and most heartfelt gratitude to all our loyal members and thank you for the continued support throughout the years. We pride ourselves in providing most relevant and good quality workshops, seminars and conference to empower our members.
Author Nobuntu EnkosiSource: IMFO : Official Journal of the Institute of Municipal Finance Officers 16, pp 8 –12 (Winter 2016)More Less
Legal Brief Today reports today - Constitutional: Top court decision on elections tomorrow The Constitutional Court will hand down a judgment tomorrow that will probably determine whether the local government elections can go ahead in August as planned. The court case over contested by-elections in Tlokwe revealed the possibility that the Electoral Commission of SA (IEC) may have - for years - misinterpreted its duty under the Electoral Act to obtain and record the addresses of registered voters, notes a Business Day report. Subsequently the IEC told the Constitutional Court that if the duty in section 16(3) meant it had to obtain and record the addresses of all voters - whenever they were registered - the coming election would not be able to proceed. During the hearing, Justice Mogoeng Mogoeng said the 'bottom line' was that everyone arguing before the court had a duty to help find a way to ensure that elections could go ahead lawfully. He asked counsel whether,if the highest court accepted that it was impractical to require all voters to have addresses for the coming election,an interim remedy could not be crafted. In the same vein, the court could also make an order to ensure that 'come 2019, we have a common voters roll that complies with (section) 16(3), accepting that some people simply do not have addresses'
Author Chaya LakhaniSource: IMFO : Official Journal of the Institute of Municipal Finance Officers 16, pp 16 –17 (Winter 2016)More Less
To bring visibility of complicated arrangements used by planners to ensure the tax efficiencies of transactions, the tax legislation has introduced a mechanism to report certain transactions to SARS, failing which the parties can be heavily penalised. Until a recent amendment dated 3 February 2016, (vol. 608, Government Gazette no. 39650) ("the Public Notice"), the rules relating to reportable arrangements excluded the need for a municipality to report (i.e. no tax benefits enjoyed by a tax exempt entity). Now, in main, the Metropolitan councils (Category A) or larger municipalities will be required to consider the application of "reportable arrangements" set out in sections 34 to 39 and section 212 of the Tax Administration Act, 2011 ("TA Act").
Author Annette Van SchalkwykSource: IMFO : Official Journal of the Institute of Municipal Finance Officers 16, pp 18 –19 (Winter 2016)More Less
Cash Management is one of the critical tasks of the Chief Financial Officer.
If the municipality does not have the right liquidity levels, it may not be able to settle its financial obligations. If the liquidity levels are too high, it maybe indicative of over taxing or underinvestment in service delivery projects.
Source: IMFO : Official Journal of the Institute of Municipal Finance Officers 16, pp 20 –23 (Winter 2016)More Less
In the first quarter of the year Rating Agencies such as Moody's and Fitch released the latest credit ratings for the Tshwane, Joburg and Ekurhuleni Metropolitan Municipalities, IMFO spoke to Mr Lucky Leseane the PEO of SALGA Gauteng, to get a glimpse of what the latest ratings mean for these Municipalities.
Author Peet Du PlessisSource: IMFO : Official Journal of the Institute of Municipal Finance Officers 16, pp 24 –25 (Winter 2016)More Less
This article intends to look at the beginning of Revenue management under the new dispensation of Local Government which started in the 90's. This is a good 20 years of implementation and it will be most appropriate to reflect on the situation today. The White paper on Local Government, which is the Policy document for Local Government, was published on the 9th Mach 1998. In the foreword of the document the then Minister for Provincial Affairs and Constitutional Development, Min. Mr. Mohammed Valli Moosa indicates that under the New Constitution Local Government is a sphere of government in its own right and no longer a function of national or provincial government. These words gave certain status to Local Government, which is not always understood both by National and Provincial Departments and by some Politicians.
Author Tshepo MorabaneSource: IMFO : Official Journal of the Institute of Municipal Finance Officers 16 (Winter 2016)More Less
The nature of a wheel is to meet the ground at all points in revolution; and that would be the case with Institutional activity or at least that seems to be the case with the eventuality of establishing the Student Society under the banner of the Institute of Municipal Finance Officers. Our Institutional history, as an institute, tells us of a time we ran student operation believed to develop young minds and we find the fruits of such operations at the top of the tree, this this then establishes the critical importance of a fertilising ground for young minds within the Institute. The first Student Society was founded, in Natal, on the 1st of October 1928 after Mr E B Scott was elected to the Presidency of the Institute at the inaugural conference of the Institute.Even more significant to the establishment of the structure, the Student Society was made mention in the original documents of the Institute. The Provision was made in the Rules and Regulations of the Management and Conduct of local sections. A fundamental activity of the Society was to provide in that time was the alignment to theoretical training in capacitating future municipal officials, in that sense the rise of Student Societies was closely associated to examinations. In evolution, the nature of conduct and Institutional procedure changes but the core activities remain relevant and thus the need for student representation remains with the Institute today.
Source: IMFO : Official Journal of the Institute of Municipal Finance Officers 16, pp 28 –29 (Winter 2016)More Less
SALGA and IMFO participated in the recent Forum on African Municipal Bonds Conference held in Dakar, Senegal during April 2016. The forum was organized in partnership with Markets of Africa, publisher of the UCLGA's African Cities Magazine. The forum brought together potential issuers African Municipalities and potential buyers including hedge funds, investment banks and private equity companies across the world to reflect on forging strategic partnerships in the continent. The forum shared experiences of the challenges around the development of the Municipal Bond Market in the African continent and was addressed by various speakers ranging from issuers, investors, brokers. Lawyers, rating agencies and regulators and the Mayor of Dakar who also shared their near miss experience in the municipal bond market.
Source: IMFO : Official Journal of the Institute of Municipal Finance Officers 16, pp 30 –35 (Winter 2016)More Less
Source: IMFO : Official Journal of the Institute of Municipal Finance Officers 16 (Winter 2016)More Less
Cape Town - The total vacancy rates at municipalities was more than 13% in 2015, which had a negative impact on local governments' ability to deliver critical services to residents, said Stats SA statistician general Pali Lehohla. Stats SA released in Pretoria on Tuesday the annual non-financial census of municipalities, a survey that reflects selected aspects of service delivery of municipalities.