Msunduzi cash flow crisis

2010-02-16 00:00

THE three-man team’s recovery plan will focus on the following:

• Revenue, with special emphasis on rates, water and electricity

• Expenditure

• Monitoring the functionality of, and reporting on, supply chain management

• Overseeing the recording and collection processes for all the municipality’s debtors

• Assuming responsibility for cash flow management and projections

• Recording and reporting on the payment of creditors and assuming responsibility for the documentation

•Any other requirement necessary to enhance the turnaround of the municipality’s financial position.

MSUNDUZI has to allow the support team to:

• Reconcile and/or review selected areas of expenditure, revenue and supply chain management as a first priority and thereafter review other area­s of financial management

• Conduct a due diligence of the budget and further assess the financial position of the municipality

• Freeze all expenditure and authorise only essential expenditure approved by an expenditure committee comprising the support team members and the accounting officer

• Review all current and recently awarded contracts

• Reschedule creditors as necessary

• Review all long-term loans

• Assume direct authority over any official at the municipality, including Section 57 employees where necessary

• Report and make recommendations directly to the executive committee (Exco) and the two MECs

• Approve all reports for consideration by Exco that have financial implications, before they appear on the agenda. No tabled reports that have financial implications will be considered by Exco without the recommendations of the support team

• Ensure implementation of resolutions 41 to 49 of the joint sitting of the finance and local government portfolio committees at hearings held in October 2009.

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