Protection of Businesses Act, 1978
R 385
Public Finance Management Act, 1999 (Act No. 1 of 1999)Chapter 6 : Public EntitiesPart 2: Accounting authorities for public entities53. Annual budgets by non-business Schedule 3 public entities |
| (1) | The accounting authority for a public entity listed in Schedule 3 which is not a government business enterprise must submit to the executive authority responsible for that public entity, at least six months before the start of the financial year of the department designated in terms of subsection (2) or another period agreed to between the executive authority and the public entity, a budget of estimated revenue and expenditure for that financial year, for approval by the executive authority. |
| (2) | The budget must be submitted to the executive authority through the accounting officer for a department designated by the executive authority, who may make recommendations to the executive authority with regard to the approval or amendment of the budget. |
| (3) | A public entity which must submit a budget in terms of subsection (1), may not budget for a deficit and may not accumulate surpluses unless the prior written approval of the National Treasury has been obtained. |
| (4) | The accounting authority for such a public entity is responsible for ensuring that expenditure of that public entity is in accordance with the approved budget. |
| (5) | The National Treasury may regulate the application of this section by regulation or instruction in terms of section 76. |
