ACFI 2011/12.indd - Gauteng Provincial Treasury

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GAUTENG PROVINCIAL DEPARTMENTSCombined Cash Flow Statementas at 31 March 2012CASH FLOWS FROM OPERATING ACTIVITIESRECEIPTS DISCLOSED BY THE PROVINCIAL REVENUE FUNDEquitable ShareConditional GrantsProvincial Taxes & Revenue in terms of Section 12(3) of the PFMADepartmental Revenue collectedNon-operating incomeSurrenders from departmentsOther Income2011/2012Notes R’00070,802,20450,967,61514,680,170103,610,458-1,534,2219,7302010/2011R’00065,658,57545,869,09013,596,54110,0372,887,7651,016,0992,271,8117,232RECEIPTS DISCLOSED BY PROVINCIAL DEPARTMENTSAnnual appropriated funds receivedStatutory appropriated funds receivedDepartmental revenue receivedAid assistance received5.172,558,35668,876,82758,8863,618,4834,16065,503,87662,602,91555,4872,840,2585,216PAYMENTS DISCLOSED BY THE PROVINCIAL REVENUE FUNDAnnual appropriationStatutory appropriationConditional GrantsOwn Funds AppropriatedExpenditure in terms of an Act of ParliamentNon-operating expenditureOther69,459,94850,907,69158,88615,133,5522,835,584--524,23565,174,28945,813,60555,48513,596,5412,963,4461,415,09342,4951,287,624Net (increase)/decrease in working capitalSurrendered to Revenue FundSurrendered to RDP Fund/DonorCurrent paymentsPayments for fi nancial assetsTransfers and subsidies paidNet cash flow available from operating activities21(612,683)(4,908,853)(3,484)(50,010,086)(102,913)(13,964,173)4,298,42032,627(4,057,669)(3,477)(45,061,616)(74,603)(12,961,808)3,861,616CASH FLOWS FROM INVESTING ACTIVITIESPayments for capital assetsProceeds from sale of capital assets(Increase)/decrease in investmentsNet cash flows from investing activities(2,675,846)15255,000(2,620,694)(2,034,945)62-(2,034,883)CASH FLOWS FROM FINANCING ACTIVITIESIncrease/(decrease) in net assetsIncrease/(decrease) in borrowingsNet cash flows from financing activities(54,530)(53,784)(108,314)(9,805)978,800968,995Net increase/(decrease) in cash and cash equivalents1,569,4122,795,728Cash and cash equivalents at beginning of period370,909(2,424,819)Cash and cash equivalent at end of period21.11,940,321370,909Combined Financial Information Annual Report 2011/12 | Gauteng Provincial Government25
GAUTENG PROVINCIAL DEPARTMENTSStatement of Accounting Policies & Related Mattersfor the year ended 31 March 20121. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESThe fi nancial statements have been prepared in accordance with thefollowing policies, which have been applied consistently in all materialrespects, unless otherwise indicated. However, where appropriate andmeaningful, additional information has been disclosed to enhance theusefulness of the combined fi nancial statements and to comply with thestatutory requirements of the Public Finance Management Act, Act 1 Of1999 (as amended by Act 29 of 1999) the Treasury Regulations issuedin terms of the Act and Division of Revenue Act, Act 1 of 2010.1.1 Presentation of the Financial Statements1.1.1 Basis of preparationThe Financial Statements have been prepared on a modifi ed cash basisof accounting, except where stated otherwise. The modifi ed cash basisconstitutes the cash basis of accounting supplemented with additionaldisclosure items. Under the cash basis of accounting transactions andother events are recognised when cash is received or paid.1.1.2 Basis of combinationThe combined accounts have been prepared in accordance withsection 19 (1) of the PFMA in terms of generally recognised accountingpractice. The combined annual fi nancial statements consist of theaggregation of all the provincial votes, Provincial Legislature and as theProvincial Revenue Fund, with journals to eliminate interdepartmentaltransactions. Normally combined fi nancial statements are prepared fora group of enterprises under the control of a parent. Control is the powerto govern the fi nancial and operating policies of an enterprise. Thefi nancial statements of each entity within the group must be combinedon a line by line by adding like items of assets, liabilities, net assets,revenue and expenses together unless otherwise mentioned in theaccounting policies and in the Preparation Guide for the Combination.1.1.3 Presentation currencyAll amounts have been presented in the currency of the South AfricanRand (R).1.1.4 RoundingUnless otherwise stated all fi nancial fi gures have been rounded to thenearest one thousand Rand (R’000).1.1.5 Comparative figuresPrior period comparative information has been presented in the currentyear’s fi nancial statements. Where necessary fi gures included in theprior period fi nancial statements have been reclassifi ed to ensure thatthe format in which the information is presented is consistent with theformat of the current year’s fi nancial statements.1.2 Revenue1.2.1 Appropriated fundsAppropriated funds comprises of departmental allocations as well asdirect charges against revenue fund (i.e. statutory appropriation).Appropriated funds are recognised in the fi nancial records on the datethe appropriation becomes effective. Adjustments made in terms of theadjustments budget process are recognised in the fi nancial records onthe date the adjustments become effective.1.2.2 Departmental revenueAll departmental revenue is recognised in the statement of fi nancialperformance when received and is subsequently paid by all provincialdepartments into the Provincial Revenue Fund, unless stated otherwise.The main sources of own revenue comprises of motor vehicle licensefees, gambling taxes, interest income and patient fees.1.2.3 Direct Exchequer receiptsAll direct exchequer receipts are recognised in the statement of fi nancialperformance when the cash is received and is subsequently paid intothe Provincial Revenue Fund, unless stated otherwise.1.2.4 Direct Exchequer paymentsAll direct exchequer payments are recognised in the statement offi nancial performance when fi nal authorisation for payment is effectedon the system (by no later than 31 March of each year).1.2.5 Aid assistanceAids assistance is recognised as revenue when receivedThe cash payments made during the year relating to aid assistanceprojects are recognised as expenditure in the statement of fi nancialperformance when fi nal authorisation for payments is effected on thesystem (by no later than 31 March of each year)The value of the assistance expensed prior to the receipt of funds isrecognised as a receivable in the statement of fi nancial position.Inappropriately expensed amounts using aid assistance and anyunutilised amounts are recognised as payables in the statement offi nancial position.CARA funds assistance comprise of accounts specifi cally appropriatedfrom the Criminal Asset Recovery Account (CARA).All CARA funds received must be recorded as revenue when funds arereceived. The cash payments made during the year relating to CARAearmarked projects are recognised as expenditure in the statement offi nancial performance when fi nal authorisation for payments effected onthe system (by no later than 31 March of each year)1.3 Expenditure1.3.1 Compensation of employees1.3.1.1 Salaries and wagesSalaries and wages are expensed in the statement of fi nancial26 Gauteng Provincial Government | Combined Financial Information Annual Report 2011/12
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ACFI 2011/12.indd - Gauteng Provincial Treasury

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