Kwadukuza IDP 2011 - KZN Development Planning

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8.19 Accounting PoliciesThe following are the main accounting principles adoptedin the preparation of the financial statements:• Basis of presentation:The annual financial statements are prepared on anaccrual basis of accounting and are in accordancewith historical cost convention. The annual financialstatements are prepared in accordance withGenerally Accepted Municipal Accounting Principles(GAMAP) and Generally Recognized AccountingPractice (GRAP).• Presentation Currency:The annual financial statements are presented inSouth African Rand.• Going Concern Assumption:The annual financial statements are prepared on thegoing concern basis.• Property, plant and equipment (PPE):PPE is stated at cost less accumulated depreciationalso taking into account accumulated disposals,transfers of investment properties and infrastructureassets and work still under construction.• Investments:The accounting policies for investment include thefinancial instruments.• Inventories:Periodically, physical stock counts are carried out andany obsolete and redundant items are identified andwritten off under Council authority.• Accounts receivables:They are carried at net realizable value.• Trade creditors:They are stated at their nominal value.• Conditional grants and receipts:They are recognized as revenue and the municipalitymust comply with the terms of the agreement.• Cash and cash equivalents:Includes cash and cash on hand with the registeredbanking institutions• Unauthorized expenditure:An expenditure that has not been budgeted for• Irregular expenditure:An expenditure that is in contravention with therequirements of the Municipal Finance ManagementAct no 56 of 2003, Municipal Systems Act, PublicBearers Act no 20 of 1998 and the supply chainmanagement policy.• Fruitless and wasteful expenditure:An expenditure that was made in vain and wouldhave been avoided had reasonable care had beenexercised.• Comparative information:Annual financial statements are preparedcomparatively taking into account the current yearand the prior year.• Value added tax:VAT is payable on the receipt basis. Only once thepayment is received from the debtors is VAT paid toSouth African Revenue Services (SARS).• Unspent conditional grants:They are reflected on the Statement of FinancialPerformance as a creditor.• Intangible assets:They are recorded at a cost price and amortized overtheir expected useful life.• Revenue recognition:The municipality’s revenue is recognized from thefollowing:• Property rates• Property rates – penalties imposed andcollection charges• Service charges• Rental of facilities and equipment• Interest earned on investments• Interest earned on outstanding debtors• Fines• Licenses and permits• Government grants and subsidies106KwaDukuza Municipality Integrated Development Plan - 2011/16
8.20 Supply Chain Management PolicySection 111 of the Local Government Municipal FinanceManagement Act (MFMA) requires municipalities todevelop and implement the supply chain managementpolicy. The principle objective of the legislation has beento comply with Section 217 of the Constitution, whichamong other things states that when contracting forgoods and services the system must be fair, equitable,transparent, competitive and cost effective. Supply ChainManagement (SCM) generally refers to the managementof activities along the supply chain including the supplier,manufacturer, wholesaler, retailer and consumer. TheMFMA and its relevant regulations also identify processeswhich must be included in a SCM policy. The supply chainmanagement system is applicable for the:• Procurement by KwaDukuza Municipality of all goodsand services works.• Selection of external mechanisms for theprovision of municipal services in circumstancescontemplated in section 83 of the LocalGovernment: Municipal Systems Act.• Disposal of assets or goods no longer required.• Letting or sale of Municipal property.• KwaDukuza Municipality updated and approved itsSupply Chain Management Policy in March 2011.• The Supply Chain Management Policy is reviewedannually to meet the updated regulationsfrom national Treasury and other Governmentlegislations.• Selection of contractors to provide assistance in theprovision of municipal services.Chapter 8107
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6.7. Skills Development 486.8. Yout
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Chapter 1Executive Summary1.1. KwaD
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welfare office or similar state ser
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1.7. Opportunities Offered byKwaDuk
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Municipal Accounting. It must be no
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Chapter 2KwaDukuza Situational Anal
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CHAPTER3Good Governance &Community
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3.5 Co-Operative GovernanceOne of t
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CHAPTER4KwaDukuza EnvironmentalMana
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v) That the use and exploitation of
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Sustainability framework - KwaDukuz
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KDM Waste Management Strategic Goal
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Chapter 5Spatial Consideration5.1.
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5.6. KwaDukuza Infrastructure andSe
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In terms of economic potential, thi
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CHAPTER6Economic Development& Growt
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KwaDukuza LED Strategy focuses on b
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tourist sites in KwaDukuza are Tinl
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6.13. Transformation and Social Tou
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Kwadukuza IDP 2011 - KZN Development Planning

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