CHIEF FINANCIAL OFFICER’s FORUM PRESENTATION
Author : kittie-lecroy | Published Date : 2025-05-29
Description: CHIEF FINANCIAL OFFICERs FORUM PRESENTATION LAYOUT 2 Legislative Framework Budget Process Role players in the process Key intergovernmental FOR A Phases in Budget Process Critical dates 2019 MTEF Budget The Constitution Sect
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Transcript:CHIEF FINANCIAL OFFICER’s FORUM PRESENTATION:
CHIEF FINANCIAL OFFICER’s FORUM PRESENTATION LAYOUT 2 Legislative Framework Budget Process Role players in the process Key intergovernmental FOR A Phases in Budget Process Critical dates 2019 MTEF Budget The Constitution – Sect. 215—transparency, accountability & effective management of the economy, debt & public sector. PFMA—Sect. 18, 28,30 and 31,—Preparation of National and Provincial budget and exercise control over implementation. Treasury Regulations—regulates matters of planning & budgeting, revenue & expenditure, asset & liability management, banking and cash management, investment, accounting & reporting etc. Intergovernmental Fiscal Relations Act- relationships between spheres of government including how revenue is to be shared. Money Bills—regulates allocation of funds and taxes to be levied. Division of Revenue Act —deals with vertical (3 spheres of gov.) and horizontal(provinces) division of revenue Financial and Fiscal Commission Act– which establishes FFC as a consultative body for financial and fiscal matters. 3 LEGISLATIVE FRAMEWORK GOVERNING PUBLIC EXPENDITURE BUDGET PROCESS 4 National budgets used to be drawn up for a twelve-month period only. In 1997, a new way of preparing the budget was introduced, called the Medium Term Expenditure Framework (MTEF) The budget cycle has 3 year rolling plan (MTEF) Though it is 3 year budget cycle—Legislature only vote for preceding financial year. E.g 2019/20 of the 2019 MTEF 3 year budgeting allows for certainty with regard to planning. Allows government to set 3 year spending priorities and to plan further ahead. Also gives public better picture of how resources are spent/allocated. Strengthen political decision making and accountability. Improves management of public finances—due to agreed spending commitments or priorities. 5 BUDGET PROCESS - BACKGROUND 6 ROLE PLAYERS IN THE BUDGET PROCESS 7 ROLE PLAYERS-BUDGET PROCESS KEY INTERGOVERNMENTAL FORA IN BUDGET PROCESS 8 CFOs FOR A (Quarterly)- National and Provincial 10 x 10 Meetings 4 x 4 Meetings Joint MinMecs Technical Committee on Finance (4/y) Technical Committee on Finance Lekgotla Budget Council (Quarterly) Budget Forum Budget Council Lekgotla (Annually) Forum of South African Director General (FOSAD) Presidential Coordinating Committee Provincial Coordinating Forum (PCF) Technical PCF Provincial Budget Lekgotla Adhoc Committee on Borrowings 9 PHASES IN BUDGET PROCESS Last Phase Priority Setting 3 year plan, allocative efficiency CRITICAL DATES 10 11 CRITICAL DATES 12 CRITICAL DATES 13 CRITICAL DATES 14 CRITICAL DATES 15 CRITICAL DATES 16 CRITICAL DATES 2019 MTEF BUDGET 17 2019 MTEF FISCAL ENVELOPE 18 The Provincial Legislature has not yet enacted the 2019/20 Appropriation Bill, consequently, Section 29 (1)
