Public Finance Management Act, 1999 (Act No. 1 of 1999)Chapter 3 : Provincial Treasuries and Provincial Revenue FundsPart 1 : Provincial Treasuries18. 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. |