ACFI 2011/12.indd - Gauteng Provincial Treasury

GAUTENG PROVINCE PUBLIC ENTITIESOther Notes to the Combined Financial Statementsas at 31 March 2012Events after the reporting date cont.In the light of the above management has determined that assets and liabilities will still be refl ected at carrying values provided that the useful livesof PPE of GEDA are aligned to those of the GGDA to facilitate consolidation.GAUTENG GAMBLING BOARDBoard MembersOn the 23 January 2012, the Executive authority terminated the membership of all board members and the board launched an urgent applicationseeking to set aside the decision taken by the executive authority to terminate the membership of the respective members of the board. Thejudgment was delivered on 8 May 2012 wherein the applicant application was dismissed with costs including the costs occasioned by theemployment of senior counsel. On 8 may 2012, the application lodged an application to appeal and the judgment was delivered on 11 May 2012wherein the application to appeal was dismissed with costs.Appointment of an administratorDue to the termination of the Board membership by the Executive Authority, an administrator was appointed to perform the functions and exercisethe powers of the Board, either in whole or in part, excluding the granting and revocation of licenses in terms of section 18C of the GautengGambling Board Act.GAUTRAIN MANAGEMENT AGENCYOCD2 was certifi ed by the Independent certifi er on the 6 June 2012, with the phase 2 operating commencement date from Rosebank to ParkStation being 7 June 2012.The commencement of a full fare generating service on OCD 2 represents a non-adjusting event after the reporting dare, and accordingly noadjustments have been made to the annual fi nancial statements.Except for the above mentioned matter the GMA does not have any other subsequent events to report requiring adjustment or disclosure in thefi nancial statements for the year ended 31 March 2012.GAUTENG FILM COMMISSIONFollowing the determination by the Premier of Gauteng that creative industries and Gauteng Film Commission will be transferred from Departmentof Economic Development to its more suited position within the Department of Sports, Arts, Culture and Recreation subsequent to the year-enddue diligence report, memorandum of association and hand over report has been prepared by both MEC’s of Department of Sports, Arts, Cultureand Recreation and Department of Economic Development until the budget adjustment process. As part of this process Mr Mzwandile Masina wasappointed as the Acting Chief Executive Offi cer on the 1 April 2012.38. Adjustments to prior year figuresPrior year fi gures were adjusted as a result of elimination journals passed on inter-entity transactions and balances; however the fi gures are notmaterial.88 Gauteng Provincial Government | Combined Financial Information Annual Report 2011/12