Gas Regulator Levies Act, 2002
R 385
Local Government: Municipal Finance Management Act, 2003 (Act No. 56 of 2003)Chapter 8 : Responsibilities of Municipal OfficialsPart 1 : Accounting officers70. Impending shortfalls, overspending and overdrafts |
| (1) | The accounting officer of a municipality must report in writing to the municipal council— |
| (a) | any impending— |
| (i) | shortfalls in budgeted revenue; and |
| (ii) | overspending of the municipality’s budget; and |
| (b) | any steps taken to prevent or rectify such shortfalls or overspending. |
| (2) | If a municipality’s bank account, or if the municipality has more than one bank account, the consolidated balance in those bank accounts, shows a net overdrawn position for a period exceeding a prescribed period, the accounting officer of the municipality must promptly notify the National Treasury in the prescribed format of— |
| (a) | the amount by which the account or accounts are overdrawn; |
| (b) | the reasons for the overdrawn account or accounts; and |
| (c) | the steps taken or to be taken to correct the matter. |
| (3) | When determining the net overdrawn position for purposes of subsection (2), the accounting officer must exclude any amounts reserved or pledged for any specific purpose or encumbered in any other way. |
