Entire Document - Chris Hani District Municipality

VAT is paid over to SARS.No interest is payable to SARS if the VAT is paid over timeously, but interest for latepayments is charged according to SARS policies. The municipality has financial riskpolicies in place to ensure that payments are affected before the due date.BANK, CASH AND CASH EQUIVALENTSCHRIS HANI DISTRICT MUNICIPALITY ANNUAL REPORT 2011 / 2012Bank, Cash and Cash Equivalents 297 954 043 383 190 713Total Bank, Cash and Cash Equivalents 297 954 043 383 190 713- -Bank, Cash and Cash Equivalents has been restated to correctly disclose the cashheld by the municipality for Petty Cash for services transferred to Health Services.Refer to Note 38.3 on “Correction of Error” for details of the restatement.For the purposes of the Statement of Financial Position and the Cash Flow Statement,Bank, Cash and Cash Equivalents include Cash-on-Hand, Cash in Banks andInvestments in Money Market Instruments, net of outstanding Bank Overdrafts.7.1 Current Investment DepositsCall Deposits 67 729 647 115 786 209Total Current Investment Deposits 67 729 647 115 786 209Call Deposits are investments with a maturity period of less than 3 months and earninterest rates varying from 5,50 % to 5,80 % (2011: 4,20% to 4,50%) per annum.Deposits of R67 729 647 (2011: R115 786 209) are attributable to Unspent ConditionalGrants.7.2 Bank AccountsCash in Bank 230 222 196 267 402 304Total Bank Accounts 230 222 196 267 402 304The Municipality has the following bank accounts:Primary Bank AccountFirst National Bank - Cathcart Road Branch, Queenstown -Account Number 620 0251 0693:Cash book balance at beginning of year 267 402 304 230 039 619Cash book balance at end of year 230 222 196 267 402 304120