All money received by the EDA must be deposited into its bank account and this must be done promptly in accordance with any requirements that may be prescribed by the City. In accordance with section 8(2) and section 97 of the MFMA, all money collected, funds or income received by the EDA must be transferred to the City in accordance with the SDA or any other agreement entered into between the City and the EDA in order to promote high performance and to attain a sufficient degree of financial sustainability, the EDA will enter into an agreement with the City regarding the ring fencing of revenue, or a portion thereof, generated by the EDA in the performance of its functions. Budgetary, Monthly and Quarterly Report The shall ensure for each financial year of the EDA, a budget is prepared and submitted to the City and finalized in accordance with the requirements of section 87 of the MFMA and the municipal budget ·and reporting regulations. The EDA shall adhere to the requirements of the Municipal Budget and Reporting Regulations as prescribed by the City from time to time. Annual Reports and Annual Financial Statements The CEO shall ensure the preparation and submission of the Annual Financial Statements within two months of the EDA’s Financial Year end in accordance with the provisions of any legislation governing municipal entities. The Business Plan The EDA develop an annual Business Plan and Budget which shall be approved within the time limits provided for in terms of section 87 of the MFMA as read with the Municipal Budget and Reporting Regulations. Procurement The EDA shall develop a Supply Chain Management Policy to regulate procurement of goods and services in line with the applicable legal framework and cognisant with the City’s supply chain management policy. Accounting
All money received by the EDA must be deposited into its bank account and this must be done promptly in accordance with any requirements that may be prescribed by the City. In accordance with section 8(2) and section 97 of the MFMA, all money collected, funds or income received by the EDA must be transferred to the City in accordance with the SDA or any other agreement entered into between the City and the EDA in order to promote high performance and to attain a sufficient degree of financial sustainability, the EDA will enter into an agreement with the City regarding the ring fencing of revenue, or a portion thereof, generated by the EDA in the performance of its functions. Budgetary, Monthly and Quarterly Report The shall ensure for each financial year of the EDA, a budget is prepared and submitted to the City and finalized in accordance with the requirements of section 87 of the MFMA and the municipal budget ·and reporting regulations. The EDA shall adhere to the requirements of the Municipal Budget and Reporting Regulations as prescribed by the City from time to time. Annual Reports and Annual Financial Statements The CEO shall ensure the preparation and submission of the Annual Financial Statements within two months of the EDA’s Financial Year end in accordance with the provisions of any legislation governing municipal entities. The Business Plan The EDA develop an annual Business Plan and Budget which shall be approved within the time limits provided for in terms of section 87 of the MFMA as read with the Municipal Budget and Reporting Regulations. Procurement The EDA shall develop a Supply Chain Management Policy to regulate procurement of goods and services in line with the applicable legal framework and cognisant with the City’s supply chain management policy. Accounting
EDA---By-Law-11-MAY-2017.docx