Mid-Term Budget Performance Assessment Report (ended 31 December 2024) – MFMA Sec 72
MUNICIPAL FINANCE MANAGEMENT ACT (MFMA): BUDGET AND PERFORMANCE ASSESSMENT REPORT IN TERMS OF THE MFMA, SECTION 72 (1) (a), FOR THE SIX (6) MONTHS ENDED 31 DECEMBER 2024
Section 72(1) of the MFMA and Section 28 of Government Gazette Notice 32141 dated 17 April 2009, regarding the “Local Government: Municipal Finance Management Act of 2003 and Municipal Budget and Reporting Regulations” necessitate that specific financial particulars be reported on and in a prescribed format, hence this report to meet legislative compliance.
The city council approved a surplus budget in its council meeting that took place on the 31 st of May 2024 for the period 1 July 2024 to 30 June 2027, thus including the two outer years of the Medium-Term Revenue and Expenditure Framework. The approved budget was benchmarked by National Treasury and was found to be funded, relevant and in compliance with the requires as stipulated in MFMA Chapter 4 as well as in accordance with the Annual Budget Submission Returns Forms as issued year on year. As at the reporting date for mid-term, the city remain under national intervention in terms of Section 139(7) of the Constitution of the Republic of South Africa of 1996, read with MFMA Section 150 since April 2022. A financial recovery was developed and is in implementation from 1 September 2023 with the assistance from National Treasury, CoGTA and other stakeholders. Quarterly meetings are held where progress is reviewed and critical areas agreed on for the next quarter.