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

Chapter 3 : Provincial Treasuries and Provincial Revenue Funds

Part 1 : Provincial Treasuries

18. Functions and powers

 

(1) A provincial treasury must—
(a) prepare the provincial budget;
(b) exercise control over the implementation of the provincial budget;
(c) promote and enforce transparency and effective management in respect of revenue, expenditure, assets and liabilities of provincial departments and provincial public entities; and
(d) ensure that its fiscal policies do not materially and unreasonably prejudice national economic policies.

 

(2) A provincial treasury—
(a) must issue provincial treasury instructions not inconsistent with this Act;
(b) must enforce this Act and any prescribed national and provincial norms and standards, including any prescribed standards of generally recognised accounting practice and uniform classification systems, in provincial departments;
(c) must comply with the annual Division of Revenue Act, and monitor and assess the implementation of that Act in provincial public entities;
(d) must monitor and assess the implementation in provincial public entities of national and provincial norms and standards;
(e) may assist provincial departments and provincial public entities in building their capacity for efficient, effective and transparent financial management;
(f) may investigate any system of financial management and internal control applied by a provincial department or a provincial public entity;
(g) must intervene by taking appropriate steps, which may include the withholding of funds, to address a serious or persistent material breach of this Act by a provincial department or a provincial public entity;
(h) must promptly provide any information required by the National Treasury in terms of this Act; and
(i) may do anything further that is necessary to fulfil its responsibilities effectively.

 

 


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