Municipal Budget Process 6 Mfma Municipality Budget Timelines And Deadlines Municipal Budgeting, youtube mp3 indir
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Municipal Budget Process | 6 MFMA Municipality Budget Timelines and Deadlines #municipal #budgeting
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Public Administration 101 - Municipal Budget Process in terms of the #MFMA Municipal Finance Management Act
The management of public monies is an exercise that affects the lives of everyone in the country. It is for this reason that communities need to engage with the budget process, so that communities can understand how their money is being spent.
The municipal budget process is required by the Constitution to adhere to the principles of transparency, accountability and good governance.
In terms of transparency; municipalities are required to make accurate financial information available to communities so that they can participate in the budget decision-making process.
In terms of accountability, means that the individual or the institution is responsible for the management of public funds and must account for their actions and decisions
In terms of good governance, means that the budget process must follow and adhere to the correct procedures as set out in the Municipal Finance Management Act.
Every municipal budget is made up of two sides: an operating and a capital side.
Each of the two sides has its own sources of revenue, (which is where the money is coming from) and its own types of expenditure (what money is being spent on).
Operating budgets are used for the day-to-day spending of municipalities, including general expenses, salaries and wages, and repairs and maintenance.
The capital budget is spent on municipal assets and infrastructure, including land, buildings, roads and so forth.
Municipalities each come up with their own individual budget calendars each year, and may slightly change the dates from year to year.
However, at a minimum, the law requires them to meet the deadlines and standards contained in the Municipal Finance Management Act.
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In terms of Municipal Finance Management Act, the budgeting process must comply the following key milestones:
- By 31 August of each year, the Mayor must present Council with a time schedule for the preparation of the budget.
- Between August and November of each year, the Municipality works to review the Integrated Development Plan (#IDP) and municipal policies, and to prepare the budget.
- By 31 March, the draft annual budget must be tabled to the Council. The draft annual budget includes: anticipated revenue, and projected expenditure for the next financial year, plus the two following years. According to the MFMA, the draft annual budget must be credible, and must include forecasts of future revenue which are realistic.
- By 1 June, the Council must take a vote on whether it approves the draft budget. Should the Council not approve the budget, the Municipal Manager must rework the budget and table a revised version to Council within one week.
- The municipal budget must be approved by 30 June. This must be done before the start of the municipal financial year on 1 July. The municipality must publish the approved budget on the municipal website within 5 days of approval.
- Council must also approve the Service Delivery Budget Implementation Plan within 28 days of the approval of the budget. The Service Delivery Budget Implementation Plan (also referred to as the #SDBIP) is a detailed plan that accompanies the municipal budget; and has guidelines, and measurable targets for achieving the service delivery goals identified in the IDP.
- Performance agreements for top managers at the municipality must be concluded within one month of the start of the financial year. Meaning by 1 August. These top managers are also referred to as Section 57 Managers. The performance agreements must be made public within 14 days after approval of the SDBIP
0:00 Introduction
0:22 Municipal Budget Principles
1:12 OPEX vs CAPEX Budget
1:52 Municipal Budget Timelines
4:38 Like and Subscribe
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Disclaimer:
This publication and the information included in it are not intended to serve as a substitute for consultation with a professional. Specific issues, concerns and conditions always require the advice of an appropriate professional advisor. The use of the contained information is at the user's own discretion.