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Financial management and MFMA implementation

15711 Financial management and MFMA implementation Introduction Sound Financial management practices are essential to the long-term sustainability of municipalities. They underpin the process of democratic accountability. Weak or opaque Financial management results in the misdirection and under-utilisation of resources and increases the risk of corruption. The key objective of the Municipal Finance management Act (2003) (MFMA) is to modernise municipal Financial management . Municipal Financial management has four interrelated components: planning and budgeting, revenue and expenditure management , reporting and oversight. Each component contributes to ensuring that expenditure is developmental, effective and efficient and that municipalities are held accountable. The reforms introduced by the MFMA are the cornerstone of the broader reform package for local government outlined in the 1998 White Paper on Local Government.

Sound financial management practices are essential to the long-term sustainability of municipalities. They underpin the process of ... financial statements for audit on time or in some cases at all. The lack ... responsibility to the accounting officer for all funds of the municipality, establishing a senior management team with ...

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