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Public Finance Management Act, 1999 (Act No. 1 of 1999)

Chapter 4 : National and Provincial Budgets

27. National annual budgets

 

(1) The Minister must table the annual budget for a financial year in the National Assembly before the start of that financial year or, in exceptional circumstances, on a date as soon as possible after the start of that financial year, as the Minister may determine.

 

(2) The MEC for finance in a province must table the provincial annual budget for a financial year in the provincial legislature not later than two weeks after the tabling of the national annual budget, but the Minister may approve an extension of time for the tabling of a provincial budget.

 

(3) An annual budget must be in accordance with a format as may be prescribed, and must at least contain—
(a) estimates of all revenue expected to be raised during the financial year to which the budget relates;
(b) estimates of current expenditure for that financial year per vote and per main division within the vote;
(c) estimates of interest and debt servicing charges, and any repayments on loans;
(d) estimates of capital expenditure per vote and per main division within a vote for that financial year and the projected financial implications of that expenditure for future financial years;
(e) estimates of revenue excluded in terms of section 13(1) or 22(1) from the relevant Revenue Fund for that financial year;
(f) estimates of all direct charges against the relevant Revenue Fund and standing appropriations for that financial year;
(g) proposals for financing any anticipated deficit for that financial year;
(h) an indication of intentions regarding borrowing and other forms of public liability that will increase public debt during that financial year and future financial years;
(i) the projected—
(i) revenue for the previous financial year;
(ii) expenditure per vote, and per main division within the vote, for the previous financial year; and
(iii) borrowing for the previous financial year; and

any other information as may be prescribed, including any multi-year budget information.

 

(4) When the annual budget is introduced in the National Assembly or a provincial legislature, the accounting officer for each department must submit to Parliament or the provincial legislature, as may be appropriate, measurable objectives for each main division within the department's vote. The relevant treasury may co-ordinate these submissions and consolidate them in one document.

 

 


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