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Municipal Finance Management Act or MFMA is a South African legislation which aims to modernize budget, accounting and financial management practices by placing local government finances on a sustainable footing in order to maximize the capacity of municipalities to deliver services to communities.
It also aims to put in place a sound financial governance framework by clarifying and separating the roles and responsibilities of the council, mayor and officials.
Municipal Finance Management Act 56 of 2003 further aims:
(1) To secure sound and sustainable management of the financial affairs of municipalities and other institutions in the local sphere of government;
(2) To establish treasury norms and standards for the local sphere of government; and
(3) To provide for matters connected therewith.
Disclaimer:
This publication and the information included in it are not intended to serve as a substitute for consultation with a professional. Specific issues, concerns and conditions always require the advice of an appropriate professional advisor. The use of the contained information is at the user's own discretion.