Local Government: Municipal Finance Management Act, 2003 (Act No. 56 of 2003)Chapter 12 : Financial Reporting and Auditing125. Other compulsory disclosures |
| (1) | The notes to the financial statements of a municipality must include— |
| (a) | a list of all municipal entities under the sole or shared control of the municipality during the financial year and as at the last day of the financial year; |
| (b) | the total amount of contributions to organised local government for the financial year, and the amount of any contributions outstanding as at the end of the financial year; and |
| (c) | the total amounts paid in audit fees, taxes, levies, duties and pension and medical aid contributions, and whether any amounts were outstanding as at the end of the financial year. |
| (2) | The notes to the annual financial statements of a municipality or municipal entity must disclose the following information: |
| (a) | In respect of each bank account held by the municipality or entity during the relevant financial year— |
| (i) | the name of the bank where the account is or was held, and the type of account; and |
| (ii) | year opening and year end balances in each of these bank accounts; |
| (b) | a summary of all investments of the municipality or entity as at the end of the financial year; |
| (c) | particulars of any contingent liabilities of the municipality or entity as at the end of the financial year; |
| (d) | particulars of— |
| (i) | any material losses and any material irregular or fruitless and wasteful expenditures, including in the case of a municipality, any material unauthorised expenditure, that occurred during the financial year, and whether these are recoverable; |
| (ii) | any criminal or disciplinary steps taken as a result of such losses or such unauthorised, irregular or fruitless and wasteful expenditures; and |
| (iii) | any material losses recovered or written off; |
| (e) | particulars of non-compliance with this Act; and |
| (f) | any other matters that may be prescribed. |