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Local Government: Municipal Finance Management Act, 2003 (Act No. 56 of 2003)

Chapter 12 : Financial Reporting and Auditing

125. Other compulsory disclosures

 

(1) The notes to the financial statements of a municipality must include—
(a) a list of all municipal entities under the sole or shared control of the municipality during the financial year and as at the last day of the financial year;
(b) the total amount of contributions to organised local government for the financial year, and the amount of any contributions outstanding as at the end of the financial year; and
(c) the total amounts paid in audit fees, taxes, levies, duties and pension and medical aid contributions, and whether any amounts were outstanding as at the end of the financial year.

 

(2) The notes to the annual financial statements of a municipality or municipal entity must disclose the following information:
(a) In respect of each bank account held by the municipality or entity during the relevant financial year—
(i) the name of the bank where the account is or was held, and the type of account; and
(ii) year opening and year end balances in each of these bank accounts;
(b) a summary of all investments of the municipality or entity as at the end of the financial year;
(c) particulars of any contingent liabilities of the municipality or entity as at the end of the financial year;
(d) particulars of—
(i) any material losses and any material irregular or fruitless and wasteful expenditures, including in the case of a municipality, any material unauthorised expenditure, that occurred during the financial year, and whether these are recoverable;
(ii) any criminal or disciplinary steps taken as a result of such losses or such unauthorised, irregular or fruitless and wasteful expenditures; and
(iii) any material losses recovered or written off;
(e) particulars of non-compliance with this Act; and
(f) any other matters that may be prescribed.