annual report 2010 - 2011 - Intsika Yethu Municipality

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Intsika Yethu Municipality Annual Financial Statements for the year ended 30 June 2011 Accounting Officers Report The accounting officer submits his report for the year ended 30 June 2011. 1. Incorporation The municipality was incorporated on 05 December 2000 and obtained its certificate to commence business on the same day. 2. Review of activities Main business and operations The municipality is engaged in municipality and operates principally in South Africa. The operating results and state of affairs of the municipality are fully set out in the attached annual financial statements and do not in our opinion require any further comment. 3. Going concern We draw attention to the fact that at 30 June 2011, the municipality had accumulated surplus of R 66 452 225 and that the municipality's total liabilities exceed its assets by R 36 074 102. The annual financial statements have been prepared on the basis of accounting policies applicable to a going concern. This basis presumes that funds will be available to finance future operations and that the realisation of assets and settlement of liabilities, contingent obligations and commitments will occur in the ordinary course of business. 4. Subsequent events The accounting officer is not aware of any matter or circumstance arising since the end of the financial year. 5. Accounting policies The annual financial statements prepared in accordance with the South African Statements of Generally Accepted Accounting Practice (GAAP), including any interpretations of such Statements issued by the Accounting Practices Board, and in accordance with the prescribed Standards of Generally Recognised Accounting Practices (GRAP) issued by the Accounting Standards Board as the prescribed framework by National Treasury. 6. The accounting officer of the municipality during the year and to the date of this report is as follows: Name Mr Zamuxolo Shasha Nationality South African 7. Corporate governance General The Municipality is committed to business integrity, transparency and professionalism in all its activities. As part of this commitment, the Municipality supports the highest standards of corporate governance and the ongoing development of best practice. The municipality confirms and acknowledges its responsibility to total compliance with the Code of Corporate Practices and Conduct ("the Code") laid out in the King Report on Corporate Governance for South Africa 2002. The Municipality discuss the responsibilities of management in this respect, at Councillors meetings and monitor the municipality's compliance with the code on a three monthly basis. The salient features of the municipality's adoption of the Code is outlined below: 9
Intsika Yethu Municipality Annual Financial Statements for the year ended 30 June 2011 Accounting Officers Report Audit and risk committee In terms of section 166 of the Municipal Finance Management Act, each municipal entity must have an audit committee, subject to subsection (6). An audit committee is an independent advisory body which must: (a) advise the municipal council, the political office-bearers, the accounting officer and the management staff of the municipality, or the board of directors, the accounting officer and the management staff of the municipal entity. (b) review the annual financial statements to provide the council of the municipality or, in the case of a municipal entity, the council of the parent municipality and the board of directors of the entity, with an authoritative and credible view of the financial position of the municipality or municipal entity, its efficiency and effectiveness and its overall level of compliance with this Act, the annual Division of Revenue Act and any other applicable legislation. Internal audit The municipality has partailly outsourced its internal audit function to PriceWaterhouseCoopers (PWC) to assist the Municipal in-house internal audit team. This is in compliance with the Municipal Finance Management Act, 2003. 8. Bankers First National Bank Account No. 62022331003 Branch Name: Cofimvaba 9. Auditors Auditor General of South Africa will continue in office for the next financial period. 10
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INTSIKA YETHU LOCAL MUNICIPALITY |
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FOREWORD BY THE MUNICIPAL MANAGER I
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Lokishini - C 3 Mtwaku - B Mtwaku -
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MEMBERS OF EXECUTIVE COMMITTEE Hon
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4. Trends on total personnel expend
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Chapter TWO Basic Service delivery
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• Implementation of current legis
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CHAPTER THREE MUNICIPAL LOCAL ECONO
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The key issues relating to IYM spat
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Intensify Enterprise support and bu
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In order to come out with spatial d
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• Strategic Development Zones •
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However, this study has identified
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Number Property Application Applica
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Basic service delivery area 30 June
Page 36 and 37: Reporting Level Detail Total Cost -
Page 38 and 39: ROLE PLAYERS Roles RESPONSIBILITIES
Page 40 and 41: 1.27 SPATIAL PLANNING PREPARATION A
Page 42 and 43: A vast number of cases are identifi
Page 44 and 45: Intsika Yethu Municipality STATEMEN
Page 46 and 47: Intsika Yethu Municipality STATEMEN
Page 48 and 49: Intsika Yethu Municipality SUMMARY
Page 50 and 51: Application of all of the above GRA
Page 52 and 53: 3 INTANGIBLE ASSETS 3.1 INITIAL REC
Page 54 and 55: Due to the fact that the municipali
Page 56 and 57: 5.3.1 INVESTMENTS Investments, whic
Page 58 and 59: Operating leases are those leases t
Page 60 and 61: 13.2 DEFINED CONTRIBUTION PLANS A d
Page 62 and 63: Intsika Yethu Municipality NOTES TO
Page 64 and 65: 3 TRADE RECEIVABLES FROM EXCHANGE T
Page 66 and 67: Intsika Yethu Municipality NOTES TO
Page 76 and 77: Planning by Reviewed Performed by F
Page 78 and 79: Intsika Yethu Municipality Annual F
Page 84 and 85: Report of the Auditor General To th
Page 118 and 119: Development Bank of South Africa 3
Page 120 and 121: Computers - software & programming
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Page 124 and 125: Intsika Yethu Municipality Appendix
Page 130 and 131: Reason for delay/withholdi ng of fu
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NOTES
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Intsika Yethu Municipality Privave
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annual report 2010 - 2011 - Intsika Yethu Municipality

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