What is the difference between PFMA and MFMA?
The PFMA applies to the national and provincial spheres of government, and the MFMA applies to the local sphere.
What is Section 33 of the MFMA?
a) Section 33 of the MFMA requires a municipality to amongst others, solicit the views and recommendations of the National Treasury and the relevant provincial treasury.
What are the principles of Mfma?
7. Principle and process for delegation under the PFMA and MFMA
- Explain the reasons for delegating.
- Set clear goals and standards.
- Ensure clarity of authority and responsibility.
- Involve subordinates.
- Provide the necessary direction and assistance.
- Provide performance training.
- Provide feedback to the subordinate.
What is the purpose of Mfma?
The MFMA aims to modernise budget, accounting and financial management practices by placing local government finances on a sustainable footing in order to maximise the capacity of municipalities to deliver services to communities.
When was the Mfma established?
The MFMA was introduced in 2003. At that time, the system of local government finance was characterised by practices such as one-year line-item budgeting, which did not support strategic planning and the alignment of budgets with priorities over the medium term.
What are the objectives of Mfma?
The key objective of the Municipal Finance Management Act (2003) (MFMA) is to modernise municipal financial management in South Africa so as to lay a sound financial base for the sustainable delivery of services.
What are the four financial management processes used in municipalities?
Municipal financial management has four interrelated components: planning and budgeting, revenue and expenditure management, reporting and oversight.
Where do municipalities get their money from?
These can be grouped into two broad categories: municipalities can either actively generate their own income (via property taxes, service charges, traffic fines, etc.)1 or, alternatively, other institutions can fund municipal revenue, either via government grants & subsidies (financial transfers from national …
Who is the accounting officer of a municipality?
the municipal manager
Accounting Officer means the municipal manager appointed in terms of Section 60 of the Municipal Finance Management Act. Accounting Officer means the NHS Officer responsible and accountable for funds entrusted to the Trust. The officer shall be responsible for ensuring the proper stewardship of public funds and assets.
How do municipalities get funds?
Income from Municipal Property — Tax paid as rent by the shopkeepers and traders selling goods in the markets. 6. Entertainment Tax — Tax collected from those who provide different kinds of entertainment e.g. cinema halls. They also receive annual financial aids and grants from the state government.
How can municipalities improve their financial management?
The municipality can, at that point:
- Borrow funds from the bank (overdraft)
- Borrow from another sphere of government (a loan or grant)
- Increase the property rates and service charges which people must pay for local services to avoid bankruptcy.
What is the difference between NAC and municipality?
‘town council’) or Notified Area Council (NAC) in India is a settlement in transition from rural to urban and therefore a form of an urban political unit comparable to a municipality. An urban centre with more than 12,000 and less than 40,000 inhabitants is classified as a Nagar Panchayat.
What is the biggest source of income for municipalities?
The major source of income for all municipalities in the country is service charges (42%), which is a combination of water and electricity sales, sewerage and sanitation and refuse removal charges.
What is the difference between accounting officer and account officer?
An accountant is the person who “does the books”. They do the “accounting” for a business. An account officer “manages” the account of a customer, and this involves monitoring the performance of the account and advising the customer on investments to undertake.
Can a CFO Act as a municipal manager?
The CFO is required to act in the interest of the community that the municipality serves by meeting performance standards and service delivery targets. Inherent in the CFO’s role in financial management and as a member of the senior management team is the need for confidentiality and discretion.
What are the main source of income of municipalities?
Its sources of income are taxes on water, houses, markets, entertainment, and vehicles paid by residents of the town and grants from the state government.
What is funded budget of a municipality?
A funded budget is essentially a budget that is funded by a combination of cash derived either from realistically anticipated revenues to be collected in that year and cash backed surpluses of previous years.
What is category B municipality?
(b) Category B: A municipality that shares municipal executive and legislative authority in its area with a category C municipality within whose area it falls. (c) Category C: A municipality that has municipal executive and legislative authority in an area that includes more than one municipality.
Is there a live CE webinar at MFMA?
On Wednesday, December 15th, 12 pm to 1 pm EST, MFMA is presenting a free live CE webinar for architects, specifiers, and facility managers. Click on the title for details and registration. Steve Stalker Is the Face of MFMA – Fall 2021!
Is the MFMA 2022 conference open for registration?
We are thrilled to announce that our MFMA 2022 Conference scheduled for February 24-26, 2022, in Austin, TX, is open for registration! On June 3, 2021, the NCAA approved a change to the women’s 3-point line. MFMA uses Google Translate to provide language translations of its content.
Does MFMA guarantee the accuracy or reliability of this service?
As such, MFMA cannot guarantee or claim responsibility for the accuracy, reliability, or performance of this service nor the limitations provided by this service.
Who is the face of MFMA?
Steve Stalker Is the Face of MFMA – Fall 2021! We are pleased to share our Fall 2021 Face of MFMA, Steve Stalker. Click on the title to read an interview with Steve where he gives us some perspective on his job, organization, daily life, and how he is making an impact on the sports flooring industry.