ASSET MANAGEMENT UNIT
To ensure that Newcastle Municipality’ s assets are properly safeguarded and maintained to contribute towards sustainable service delivery to the community.
MFMA Act of 56 of 2003,
• Section 62 (1) (a): The accounting officer of a municipality is responsible for managing the financial administration of the municipality and must for this purpose take reasonable steps to ensure that the resources of the municipality are used effectively, efficiently and economically
• Section 63 (1) (a): The accounting officer of a municipality is responsible for
management of the assets of the municipality, including the safeguarding and the maintenance of those assets
• Section 63 (2) (a): The accounting officer for the purpose of section 63 (1) take all reasonable steps to ensure that the municipality has and maintains a management, accounting and information system that accounts for assets and liabilities of the municipality.
• Section 65 (1) and (2) (a) to (i)requires that the accounting officer keep full and proper records of the financial affairs of the entity and places the responsibility for producing annual financial statements, that will fairly reflect the financial position of the entity as well as its financial performance, on the accounting officer.
• Sections 15(a), read with 16 (1) and (3) and 28 (1),(2),(5) and (6) and 69(1) and (2) requires further that the annual budget must reflect the estimates of current and capital expenditure per vote and per main division, and in relation to capital expenditure reflect the impact thereof on future financial years
• This policy complies with the standards specified by the Accounting Standards Board. The relevant currently recognized accounting standards include:
o GRAP 17 Property, plant or equipment
o GRAP 16 Investment property
o GRAP 5 Borrowing costs
o GRAP 12 Inventory
o GRAP 100 Non-current Assets held for Sale and Discontinued Operations
o GRAP 31 Intangible assets. This policy does not overrule the requirement to comply with other policies such as Supply Chain Management or Budget related policies.
o GRAP 21 Impairment to non – cash generated assets
o GRAP 26 Impairment to cash generated assets
o GRAP 103 Heritage
Asset Management Policy
We have Newcastle Municipality Asset Management Policy which aligns with the above Legislative Frameworks and is reviewed annually to incorporate legislation changes.
The Asset Management Unit must take all reasonable steps to ensure that:
• Appropriate systems of physical management and controls are established and carried out for assets in their areas of responsibility;
• The municipal resources are utilized effectively, efficiently, economically and transparently;
• The assets under the control of Newcastle Municipality are appropriately safeguarded and maintained to the extent necessary and that risk management systems are in place and applied.
• Any unauthorized, irregular or fruitless or wasteful expenditure, and losses resulting from criminal or negligent conduct, are prevented;
• The asset management systems and controls can provide an accurate, reliable and up to date account of assets under the control of the Newcastle Municipality.
• The Asset Management Unit must be able to justify the asset plans, budgets, purchasing, maintenance and disposal decisions optimally to achieve the municipality’s strategic objectives.
• The purchase of assets complies with all municipal policies and procedures.
• All movable property, plant and equipment are duly processed and identified when they are received into Newcastle Municipality stewardship.
• All movable assets received into Newcastle Municipality stewardship are appropriately safeguarded against inappropriate use or loss. This will include control over the physical access to these assets and regular asset counts to ensure any losses have not occurred. Any known losses should be immediately reported to the Chief Financial Officer.
• Assets are appropriately utilized for the purpose for which the municipality acquired them.
• In addition, the Managers (Heads of Departments) are responsible to ensure that all employees within their respective department adhere to the approved Asset Policy and Procedures. The Head of Department must nominate an employee to implement and maintain asset control (i.e. Departmental Asset Controller) in his/her department.
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