intsika yethu local municipality - Provincial Spatial Development plan

of which are aimed at ensuring that sound financial planning occurs, especially around investmentchoices and reserve creation to safe guard against ageing infrastructure; the Funding and Reserves policyis directly influenced through the outcomes of the annualised conditional assessment on all infrastructuralassets.It is envisaged that strict adherence to policy framework will continue to be applied in order to protect theresource of the community, and ensure the continued viability of the Municipality.8.4.3 Asset Movement SystemAt the time of commissioning a GRAP compliant Asset Register, an asset tracking system using bar‐codeddiscs and scanners was put in place. With the completion of the Asset Register, the asset tracking system isnow fully operational.The system allow for regular audits of all assets to be completed in a shorter time frame and thereforeallowing for more regular updates of the register.8.5 Financial Management StrategiesThe purpose of this strategy is to ensure that the Financial Systems in place at IYLM are of such quality toallow for the generation of accurate and timely reporting at all times.The Strategy has culminated in the institution being able to effectively make informed decisions aroundservice delivery, identify financial risks and impeding financial problems, through having an acuteunderstanding of the financial affairs of the Municipality, through a simplified qualitative analysis beingprovided based on the in year reports focusing on budgeted performance( revenue, expenditure, capital);impact of the trading activity on the financial position and cashflows within the Organisation, this is incompliance with international standards on in year reporting.8.5.1 Budget and Finance ReformA considerable amount of time and effort has been expended on ensuring that IYLM has the capacity todeliver on the finance and budget reporting requirements as prescribed by National Treasury. Theinstitution has reaffirmed its commitment to the development of capacity to service local governmentinterest within financial management and administration and as such has invested huge amount towardsthis program over the 2012/2013- 2014/2015 MTREF.The process is being overseen by a Finance Standing committee and significant progress has been made insome areas. Specific tasks being performed are:Employment of interns and short term contract workers;Reconciliation of assets;Training;Supply Chain Management;Liability Management;Revenue Management; andFinancial Systems Reporting.189