MFMA

Summary

The provided text outlines the Local Government: Municipal Finance Management Act, 2003 (MFMA), an Act established by the Parliament of the Republic of South Africa. This legislation aims to ensure sound and sustainable management of financial affairs for municipalities and other local government institutions. It covers crucial aspects such as municipal budgets, including annual and adjustments budgets, cash and investment management, and the disposal of capital assets. The Act details responsibilities of accounting officers and senior managers and outlines supply chain management policies, emphasizing fair, equitable, transparent, competitive, and cost-effective processes. Furthermore, it addresses financial misconduct, provincial and national interventions in cases of financial distress, and the establishment of a Municipal Financial Recovery Service to assist struggling municipalities.