KZN Treasury and KZN Legislature’s Finance Portfolio Committee share financial management best practice with Mzinyathi District stakeholders
Municipalities, emerging businesses and various stakeholders descended upon Moth Hall in Dundee to interact with KZN Treasury and Legislature’s Portfolio Committee on business finance, management of finances and various business-related services provided by KZN Treasury and government in general.
The objective of the visit to uMzinyathi in a partnership between KZN Treasury and Finance Portfolio Committee was to discuss KZN Treasury’s budget plans, supply chain processes in a bid to educate, communicate and ensure an informed citizenry on matters of management of public finances in KwaZulu-Natal.
Addressing the stakeholders, Head of Department, Simiso Magagula said We work very work with the Legislature’s Finance Portfolio Committee. All they ask for, we provide and it made sense for us to be in partnership with them and explain the nature of our work to the stakeholders and the public at large.
Our main task is to mobilise and put together the provincial fiscus, allocate it to all departments and monitor if these budgets are spent in line with the objectives set out in government.
The provincial fiscus is continuously shrinking, and the economy is not doing so well. As a province, we need to emphasise and enforce adherence to the financial regulations and ensure that we stay afloat. We are currently in discussion with all departments about this so that we act and run finances uniformly, said Magagula.
Sipho KK Nkosi, Chairperson of the Finance Portfolio Committee in KZN Legislature, said they felt it was important for them to partner with KZN Treasury since their responsibilities are almost similar.
We have a Provincial Treasury that is suspected of being the best Treasury in the country. As part of our outreach events, we agreed that we should forge partnership with KZN Treasury in order to inform stakeholders what plans are there for this province and for Treasury in particular in terms of financial management, supply chain and other plans going forward.
The economy in the world is not doing well. As KZN, we need to do what we do very carefully and we must communicate it, he said.
Stakeholders felt the need for KZN Treasury and the Legislature to assist more in ensuring access to business finance and ensuring that businesses are paid on time after providing services.
Source: Government of South Africa