The object of this Act is to secure sound and sustainable management of the fiscal and financial affairs of municipalities and municipal entities by establishing norms and standards and other requirements for—
|ensuring transparency, accountability and appropriate lines of responsibility in the fiscal and financial affairs of municipalities and municipal entities;
|the management of their revenues, expenditures, assets and liabilities and the handling of their financial dealings;
|budgetary and financial planning processes and the co-ordination of those processes with the processes of organs of state in other spheres of government;
|the handling of financial problems in municipalities;
|supply chain management: and
|other financial matters.