What is Mfma certificate?
This qualification is designed in terms of Section 83(1) of the MFMA (Act No. 56 of 2003), to help accounting officers, senior managers, Chief Financial Officers and other financial officials in municipalities meet the prescribed financial management competency levels.
What is municipal finance administration?
What are the aims of the MFMA? The MFMA aims to modernise budget, accounting and financial management practices by placing local government finances on a sustainable footing in order to maximise the capacity of municipalities to deliver services to communities.
What is the Municipal Finance Management Act?
To secure sound and sustainable management of the financial affairs of municipali- ties and other institutions in the local sphere of government; to establish treasury norms and standards for the local sphere of government; and to provide for matters connected therewith.
How many unit standards have you completed WRT Mfma minimum competency requirements?
24 Unit Standards
24 Unit Standards prescribed by MFMA Municipal Regulations on Minimum Competency Levels (RSA, Government Gazette 29967, 2007 as amended 2018).
Why is municipal finance important?
Municipal finances are central to many new urban and local governance projects, as their strategic management plays a critical role in ensuring long-term sustainability of local services and infrastructure.
What are the components of municipal finance administration?
Municipal financial management involves managing a range of interrelated components: planning and budgeting, revenue, cash and expenditure management, procurement, asset management, reporting and oversight.
What are the 3 types of budgets?
The three types of annual Government budgets based on estimates are Surplus Budget, Balanced Budget, and Deficit Budget.
What is municipal finance management Programme?
The Municipal Finance Management Programme provides you with a full scope and understanding of the selected legislative regulatory framework that governs the public sector management and administration environment, enabling you to interpret South African legislation and policies that specifically affect municipal …
What is minimum competency testing?
Minimum competency testing is a type of criterion-referenced assessment that requires examinees to demonstrate a minimum threshold of knowledge, skill, or ability in order to be deemed competent in the construct being measured.
What are the sources of finance of municipalities?
Source: Budgets of Municipal Corporations. Apart from their own revenue sources, i.e., tax and non-tax revenue sources, the MCs depend upon grants from State Governments. These grants are primarily intended to compensate for the mismatch of functions and finance.
What is the main purpose of the Municipal Finance management Act?
What is the difference between PFMA and MFMA?
The PFMA applies to the national and provincial spheres of government, and the MFMA applies to the local sphere.
Who was the father of budget?
K. Shanmukham Chetty
K. Shanmukham Chetty presented the first ever budget of Independent India on 26th November 1947.
What are the 5 basic elements of a budget?
Five elements of a good budget
- Plan out every cent. A budget is essentially a blueprint for what you are going to spend in the next month.
- Know much you make. If you’re going to create an accurate spending plan, you need to first know how much you’re working with.
- Treat yourself.
- Base yourself in reality.
- Be flexible.
Does municipality fall under government?
Status of municipalities
(1) The local sphere of government consists of municipalities, which must be established for the whole of the territory of the Republic. (2) The executive and legislative authority of a municipality is vested in its Municipal Council.
What are the core components of municipal finance administration?
Who is the accounting officer of a municipality?
Note that the accounting officer of a municipal entity is the chief executive officer (CEO).
What is the aim of Municipal Finance management Act?
The Local Government: Municipal Finance Management Act 56 of 2003 intends: to secure sound and sustainable management of the financial affairs of municipalities and other institutions in the local sphere of government; to establish treasury norms and standards for the local sphere of government; and.
What are the types of income tax?
Income Tax is one of the most popular and least implicit taxes. It is such a tax, which is imposed on your income in a fiscal year. There are a lot of facets to the income tax, like taxable income, reduction of the taxable income, tax slabs, tax deducted at source (TDS), etc.
How a budget is passed?
It is presented by means of the Finance bill and the Appropriation bill has to be passed by Lok Sabha before it can come into effect on 1 April, the start of India’s financial year. An interim budget is not the same as a ‘Vote on Account’.
What are the 4 types of expenses?
If the money’s going out, it’s an expense. But here at Fiscal Fitness, we like to think of your expenses in four distinct ways: fixed, recurring, non-recurring, and whammies (the worst kind of expense, by far).
What are the 3 types of municipalities?
The Act provides for the constitution of 3 types of municipalities, depending upon the size and area in every state.
- Nagar Panchayat (for an area in transition from rural to the urban area);
- Municipal Council for the smaller urban area; and.
- Municipal Corporation for a larger urban area.
What are the three kinds of municipalities?
Metropolitan municipalities.
How do I become a municipal manager?
A minimum of 5 years managerial experience in local government and/or public sector. Extensive experience in Financial Management, Policy Development and Management, Strategic Planning and Implementation, Programmed Management, Monitoring, Evaluation and Reporting on Service Delivery.
What is the difference between accounting officer and accountant?
An accounts officer is either unqualified or partly qualified and has had good bookkeeping and/or assisting accountants in business. Accountants can certify the accuracy of Financial Accounts, and accounting officers are usually sufficiently knowledgeable to prepare the financial accounts.