The first edition of Municipal
finance and accounting was published in 2007, and was the first
comprehensive text on the principles and best practice of municipal finance and
accounting to appear since Dr Jack Cowden’s 1968 treatment of more or less the same
subject matter.
The first edition was revised
in 2011, the main changes being the inclusion of considerable additional
material on the legislative framework governing municipalities, an extensive
revision of the chapter on municipal budgets in order to incorporate the
approaches introduced by the 2009 regulations on budgets and reporting
requirements, and various amendments to chapters 3 and 4 to reflect the advent
of further GRAP standards and changes in important local government statutes.
The example of the annual financial statements contained in Chapter 5 was
entirely redone to accord with the requirements of GRAP, and the chapter itself
amended to include summaries of most of the prescribed GRAP standards.
The many changes in municipal
finance that occurred since 2011 have now necessitated a second revision. All
new enacted legislation and amendments to existing legislation have been
included, as well as important impending legislation and new regulations,
particularly those issued in terms of the Municipal Systems Act and Municipal
Finance Management Act. Important MFMA circulars are also covered, as are other
significant guidelines issued by the National Treasury. Various other matters
of importance in relation to the financial administration and governance of
municipalities are also dealt
with, including municipal public accounts committees (MPACs), new approaches to
grants, the supply chain management reporting framework and several significant
court cases. An updated version of the annual financial statements has also
been prepared.
As with the original edition,
this revised version deals holistically with all the key features of municipal
finance and accountancy, with emphasis on the principles of sound financial
governance in municipalities. It is designed for use in tertiary education and
also for regular consultation by accounting officers, financial and
non-financial officials and councillors in the performance of their duties.
Municipal finance and accounting should be useful to anyone involved with, or
interested in, the financial administration and governance of municipalities.
Chapter
1 Legislative framework for local government
Section 1 Historical background
Section 2 Applicable legislation
Section 3 Types of municipality
Section 4 Powers and functions of
municipalities
Section 5 Governance in the financial administration
of municipalities: compliance with statutory requirements
Section 6 Integrated development planning
Chapter
2 Standard operational cycle in financial administration of municipalities
Section 1 The annual budget
Section 2 The service delivery and budget implementation
plan
Section 3 The annual financial statements
Section 4 The annual report
Section 5 The council’s oversight report
Chapter
3 Financial management
Section 1 Revenue management: administration of
debtors
Section 2 Financial management information systems
Section 3 Financial reporting
Section 4 Raising and administration of loans: debt
and debt administration
Section 5 Cash management and investments
Section 6 Performance management
Section 7 Supply chain management in local government
Section 8 Management of fixed assets
Section 9 Value-added tax
Section 10 Financial risk management in municipalities
Section 11 Payroll administration
Section 12 Financial misconduct
Chapter
4 Roles of other organs of state and entities in the financial administration of
municipalities
Section 1 Reporting obligations
Section 2 Regulatory powers
Section 3 Advisory responsibilities
Section 4 General matters
Section 5 Oversight powers and duties
Section 6 Interventionist powers and duties
Section 7 Grants and financial allocations to municipalities
Chapter
5 Annual financial statements and related matters
Section 1 Introduction
Section 2 Accounting standards
Section 3 Annual financial statements
Section 4 Standard chart of accounts
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