Entire Document - Chris Hani District Municipality

The average credit period on purchases is 30 days from the receipt of the invoice,as determined by the MFMA, except when the liability is disputed. No interest ischarged for the first 30 days from the date of receipt of the invoice. Thereafterinterest is charged in accordance with the credit policies of the various individualcreditors that the municipality deals with. The municipality has policies in place toensure that all payables are paid within the credit timeframe.The municipality did not default on any payment of its Creditors. No terms for paymenthave been re-negotiaited by the municipality.15. UNSPENT CONDITIONAL GRANTS AND RECEIPTS2012 2011RR15.1 Conditional Grants from Government 102 799 613 113 890 747National Government Grants 56 688 311 53 631 507Provincial Government Grants 38 948 853 53 096 791Other Spheres of Government 7 162 449 7 162 449Chapter 4Total Conditional Grants and Receipts 102 799 613 113 890 747The opening balances for Unspent Conditional Grants have been restated to correctlydisclose the VAT claimed on Project Expenditure, previously allocated to UnspentConditional Grants. Refer to Note 38.2 on “Correction of Error” for details of therestatement.The prior year amounts for Unspent Conditional Grants have been restated tocorrectly disclose the VAT claimed on Project Expenditure, previously allocated toUnspent Conditional Grants. Refer to Note 38.2 on “Correction of Error” for detailsof the restatement.Furthermore, the prior year amounts for Unspent Conditional Grants have beenrestated to correctly disclose the liability of the municipality, interest on investedfunds previously being allocated to Unspent Conditional Grants. Refer to Note 38.2on “Correction of Error” for details of the restatement.Furthermore, the prior year amounts for Unspent Conditional Grants have beenrestated to correctly disclose the revenue realised, previously not accrued for. Referto Note 38.2 on “Correction of Error” for details of the restatement.The Unspent Conditional Grants and Receipts are invested in investment accountsuntil utilised.133