Public Finance Management Act, 1999 (Act No. 1 of 1999)

Section

Contents

Commencement date

8 & 19

Arrangements for the preparation, auditing and tabling of annual consolidated financial statements in accordance with GRAP for departments, public entities, constitutional institutions, the South African Reserve Bank, the Office of the Auditor-General, Parliament and the legislatures

1 April 2003

13(2) & 22(2)

The exclusion of public entities from paying money into the NRF does not apply to a public entity that is not listed on Schedule 2 or 3 but is required to register in terms of section 47.

1 April 2001

15(1)(a)(ii)

Direct charges arrangements

31 August 2001

18(2)(a)

A provincial treasury must issue treasury instructions.

31 August 2001

27(3)(e)

Inclusion of estimates of revenue excluded in terms of sections 13(1) or 22(1) from the relevant revenue fund for a financial year

31 August 2001

27(4)

When the annual budget is introduced in the legislature, the accounting officer for each department must submit measurable objectives for each main division within the department’s vote.

1 August 2002

38(2)

Accounting officers may not commit a department, trading entity or constitutional institution to a liability for which money has not been appropriated.

31 August 2001

52

Annual budget and corporate plan by Schedule 2 public entities and government business enterprises

1 April 2001

66(3)

Only specific persons in a public entity may borrow money, or issue a guarantee, indemnity or security, or enter into any transaction binding that public entity to any future financial commitment.

1 April 2001

66(7)(b)

Public entities that are authorised to borrow money may not borrow in a foreign currency above a prescribed limit, except where that public entity is a company in which the state is the only shareholder.

1 April 2001

70(1)(b)

A Cabinet member, with the written concurrence of the Minister, may issue a guarantee, indemnity or security that binds a national public entity in respect of a financial commitment.

1 April 2001

Section

Contents

Institution exempted

Extent of exemption

7(1)

National Treasury must prescribe a framework within which departments, public entities (Schedule 3) and constitutional institutions must conduct their cash management.

Public entities listed in Schedule 3 of the Act

Exemption from the whole section until 1 January 2001

38(1)(j)

Accounting officers must obtain a written assurance that entities receiving transfer payments are implementing effective, efficient and transparent financial management and internal control systems

Provincial health departments

Transfer payments to hospitals and clinics are exempted until 31 January 2001.

38(1)(j)

Accounting officers must obtain a written assurance that entities receiving transfer payments are implementing effective, efficient and transparent financial management and internal control systems.

Provincial education departments

Transfer payments to schools are exempted until 31 January 2001

40(3)(a)

The annual report and financial statements of a department must fairly represent its performance against predetermined objectives.

All departments, trading entities and constitutional institutions

Exemption until 1 April 2002

66(1)

An institution may not borrow money or issue a guarantee.

Public entities listed in Schedules 2 & 3

Exemption from the whole section until 1 April 2001