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Search the history of over billion web pages on the Internet. Games Vectrex Atari Ndlambe Municipality strives to be a growing and investment friendly region that provides sustainable, efficient, cost-effective, adequate and affordable services to all citizens in a healthy and safe environment by To achieve our vision by enabling optimal performance within each of the five key performance areas of local government within the context of available resources.

The tabling of this budget is the culmination of many months of hard and dedicated work.

The Budgetary process starts as early as August each year and included interaction with many interest groups, including residents and ratepayers. The preparation of this budget was particularly difficult as it was the first year that it had to be mSCOA compliant and officials often struggled through the process, but as it is presented today it complies in all respects with mSCOA and we congratulate our officials for their dedication in this respect.

The economic climate is negative and we have seen a rise in outstanding debt. We have therefore had to cut our cloth accordingly and present a budget which provides for an Operating Revenue of R This represents a decrease of 1. Expenditure can therefore only be incurred if the cash flow permits and this is dependant on the increase in our debt Scatter Casino Hiring Requirements For Us Customs rate. It will be noted that provision for internal Capital Budget is a mere R10 million of which only R3,8 million is funded.

This places enormous pressure on the service providing Directorates to operate optimally. All operating and capital expenditure is aligned to Reel Power Casino Essentials Careers In Food Integrated Development Plan to achieve the main strategic objectives and goals, bearing in mind that the municipality has to deliver cost effective and sustainable services. My negative comment falls on sanitation. The reason being that our municipality lags behind in providing sewerage links to the main sewer line running to the new sewer plant.

This necessitates that residents are forced to make use of expensive sanitation truck pump-outs. Administratively as well as politically much more needs to be done to acquire grant funding for this project. In compiling this budget, municipal staff as well as Council, has to comply with all Legislation impacting on Local Government.

Section 1 of the Constitution sets the basic values and principles that Local Government must adhere to, but there are at least 16 other Acts and many more Circulars and Regulations that are taken into account when compiling a budget.

I have worked very closely with him during the past months and I commend him for a job well done. To our BTO staff who were always so patient with me, even when I arrived in their offices unannounced and requested them to produce figures and different computations to see how we could balance the budget.

I thank you for the excellent way in which you did your work. If anyone wishes to see dedication at work, visit BTO. To all the Directorates and staff who were directly involved in the budgetary process, thank you for the positive attitude and understanding of the financial constraints.

During the process we received input from residents and ratepayers and had many meetings with various stakeholders, thank you for your input. However, I must single out Ndlambe Ratepayers Forum with whom we met regularly. Your input and interaction is of great value and importance and your understanding of the challenges faced by this municipality is greatly valued. Finally to the Mayor who kept an open door for me to give feedback and interact on the budget process, Thank you for your support.

H THAT the miscellaneous tariffs of 5. Although many say that the economy is slowly recovering we are not noticing the recovery or feeling the recovery in our revenue collection rates.

It is critical that everything possible is done to collect outstanding debt due to the municipality but at the same time ensure that the costs of Casino Deposit 1$ To Naira 2018 Calendar services that we provide are affordable to the consumers. The budget tabled reaffirms the commitment of the Ndlambe Municipality towards the prudent management of the municipal finances.

In order to move back towards financial sustainability the Ndlambe Municipality has set parameters within which financial planning is to be done and that should result in an operating surplus to increase the level of internal capital spending. The challenge of balancing the need of the communities to the limited finance resources remains a serious concern and the municipality needs to look at short, medium and long term solution.

Vigorous implementation and enforcement of the debt collection policy is our number one priority. Medium-term Over the medium-term budget, financial sustainability will continue to remains a focus however, through the improved financial position that is created through the short term initiative, the municipality will be in a position Casino Deposit 1$ To Naira 2018 Calendar accelerate the implementation of the IDP programmes and commit to excellent service delivery as a norm. Capital spending will be accelerated and the ability to spend will improve.

Revenue Revenue from property rates is budgeted at R 99an increase of 5. Income from rates represents The rates percentage increase is higher than the trading services percentage increase and that is due to the trading services operating budget not over cross subsidizing services covered by rates. Revenue from water is budgeted at R 27a decrease of Income from water represents 8. Income from electricity represents To achieve the budgeted income, electricity charges have been increased by 1.

Revenue from sewerage and sanitation are budgeted at R 3 a decrease of Income from sanitation represent 1. Revenue from refuse is budgeted at R 8 a decrease of 5. Income from refuse represents 2. Employee related costs represent Employee related costs include all employees of Ndlambe Municipality but excludes Councilors allowances. Expenditure on general expenditure has decreased by General expenditure represents General expenditure includes the bulk purchase of electricity and water as well as Councilors allowances.

Expenditure on repairs and maintenance has decreased by 3. Repairs and maintenance represents 6. The main fund to which a contribution is made is the provision for bad debts. It must however be noted that the budget for bad debts has been drastically reduced to lower the increase on tariffs.

The capital budget is funded by grants in the sum of R 35 and R 10 from internal funds. Funding of grants from internal funds really needs to be addressed.

Kenton 1 MV Networks: The budget process plan indicated all the key deadlines that needed to be met to ensure that a credible budget was produced for presentation to Council on 31 March Budget Office 22 August Budget timetable, budget guidelines, budget instructions, budget schedules to be presented to all managers and directors. Budget Office 31 August Budget timetable, budget guidelines, budget instructions, budget schedules to be presented to Council for adoption.

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Budget Steering Committee 31 August Based on financial statements of the previous year and performance review, determine the financial position of the municipality and assess its financial capacity and potential impacts on future strategies and budgets. The committee must be representative of each office and directorate Chairperson Budget Steering Committee 9 September Budget Steering Committee to meet to discuss progress regarding mSCOA and make suggestions on any structural changes to the budget.

Chairperson Budget Steering Committee 9 September Budget Steering Committee to set parameters for the next 3 years based on marked trends and other information available.

Chairperson Budget Steering Committee 9 September Each office Casino Gratis Real Money Spins Utan Insattning directorate to submit to the budget steering committee all funding available to the department for the next three years, from both National and Provincial DORA. This could for example include: Submissions would include full motivations for each post and assessments must take into consideration all known studies, establishment plan organogram and any other future developments over the next three years that would require a provision for costing.

The Human Resources Department is responsible for determining the costs associated with the submissions. Once Human Resources Department has costed all salary and allowance budgets for all offices and directorates, this information is then to be submitted to the relevant office or directorate. Chairperson Budget Steering Committee 12 December Chairperson of the Budget Steering Committee to advise the Mayor and Municipal Manager, in writing, of any office or directorate that has not submitted all budget related documentation to the finance directorate by 2 December Chairperson Budget Steering Committee JANUARY 1 27 January 1 All the submissions from offices and directorates are to be 1 consolidated by the finance department with all working capers that would have been submitted in support of the croposed operating and capital budget.

BTO 27 January Finance directorate to review tariffs and charges and ensure that all costs of trading and economic services are covered by the tariff submitted by offices and directorates. BTO 27 January Finance directorate to document all material changes Casino Deposit 1$ To Naira 2018 Calendar budgets from the previous financial year budget and report such changes to the Chairperson of the Budget Steering Committee. BTO 27 February 7 Finance directorate consolidates all comments on budget related policies and inserts budget policies with internal comments into the budget pack to be tabled to Council.

All Ward Councillors 21 April Mayor to have completed public hearings on the budget where managers and directors present their budget plans to the community.

BTO 16 June Publish approved budget, budget related policies, tariffs and forward copy of approved budget to National and Provincial Government. Provide medium term financial plans for each directorate which are linked to plans and not one year incremental budgets.

Ensure that progress against the budget plans can be monitored and corrective action taken if necessary. Ensure that plans are reviewed on a continual basis in concert with the budget in-year review.

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The following documents are to be produced by each directorate: This document must set out the allocations for the next three years of both the capital and operating budget in mSCOA format, taking into account the strategic direction which the directorate intends taking over the next three years based on the current revenue collected. All individual components of the policy objectives should be costed.

Sufficient information is to be provided to allow priority rating. Functional operational plans must be drawn up which are to set out the operational plans for each section in a directorate per line item SDBIP.

The above documents will influence budget allocations to each directorate so they are to be as detailed as possible. High level strategic planning is to be undertaken while drawing up the Budget. The planning is to be long term minimum three years and must set out targets in terms of outcomes, levels of service delivery and general tariff policies. Service level requirements, demographics, backlogs, etc. Council and community consultation by directorates has to be undertaken during the time that the directorates are drawing up their budgets.

Some IDP projects may be individual projects but many will have a widespread impact across the operational budget. In this case it must be fully costed for a minimum period of three years.

The costing must include capital outlay, increase or decrease in operational expenditure and revenue that could be generated. Directorates should at this point also consider provincial and national government priorities. Each directorate must compile operational plans and capital plans. The plans must detail service levels, initiatives, financial forecasts and non-financial indicators. While directorates will prepare budgets at line items only, summary level information will be incorporated in the budget.

Directorates need to first complete their operational plans then use the plans as a base for completing each line item.

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Options terminated in closing purchase transactions. Options expired prior to exercise. The following is a summary of the fair valuations according to the inputs used as of December 31, in valuing the Fund's investments: Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States.

This security is considered liquid, unless noted otherwise, and may be resold in transactions exempt from registration, normally to qualified institutional buyers. See accompanying notes to financial statements. For the month period, the Fund declined For more on the Fund's performance, see "Performance at a glance" on page The Advisor believes these modifications will better align the Fund's investment strategies with its views of market opportunities, better position the Fund from a competitive standpoint and result in better risk-adjusted returns for the Fund as a whole.

It is important to note that the Fund's investment objective did not change. The transition from the Fund's previous strategy to its new strategy occurred on or about September 16, The Commerce Department reported that first quarter gross domestic product "GDP" contracted at a 2.

However, this was a temporary setback for the economy, as GDP growth was 4. In advanced economies, the legacies of the pre-crisis boom and the subsequent crisis, including high private and public debt, still cast a shadow on the recovery. Emerging markets are adjusting to rates of economic growth lower than those reached in the pre-crisis boom and the post-crisis recovery.

Provide long-term capital appreciation. Elsewhere the IMF projects that overall growth in emerging markets countries will decelerate in , with expected growth of 4.

For the year, the Index fell 4. The poor performance by international equities was due to several factors, including weak growth in Europe, Japan falling back into a recession, fears of deflation and several geopolitical issues.

The Fund's performance is typically driven by stock selection, and sector allocations are a byproduct of our bottom-up stock selection process. During the period, a number of individual stocks contributed to performance. From January 1, through September 15, , the following stocks were the largest contributors to performance: Its share price rose after reporting in-line quarterly results that confirmed an improving outlook for construction demand related to the upcoming Olympics, post-earthquake reconstruction demand and construction of the Chuo Shinkansen Maglev, a high-speed rail line.

This position was closed in September , as the Fund was rebalanced to the global ex-US equity mandate. Positive news over the period regarding the acquisition of rights to various treatments, along with better than expected earnings results, were key drivers of the share price. Ingenico reported strong second quarter results as sales growth exceeded expectations.

The company saw strong results in North America on the back of strength in its US business and acceleration in demand from a key Canadian customer. From September 16, , when the new strategy became effective, through December 31, , the following stocks were the largest contributors to performance: The company has recently reported sales and profits significantly ahead of expectations and has raised its full-year operating profit forecasts, which we feel remain conservative.

In addition, after a record year for unit sales in North America, Fuji Heavy Industries has slightly raised its forecast for capacity additions in the US. The stock outperformed after reporting results in line with market expectations.

The company also reiterated guidance, which was viewed. The appointment in November of the new Chief Executive Officer, Stephen Kelly, was also viewed favorably, as he has a strong reputation for implementing change and driving effective turnarounds. Its shares outperformed during the reporting period as a result of several factors. The recent collapse in oil prices has reduced costs, the airline is favored by customers as it is cheap relative to peers, and there has been a surge in demand for tickets.

Ryanair also indicated a profit upgrade as a result of excellent passenger growth. Several stocks produced disappointing results and detracted from performance during the reporting period. From January 1, through September 15, , the following stocks were the largest detractors from performance: Negative news flow regarding order cancellations weighed on the company's share price, and the position was closed in July The company planned to sell a large stake in its Otemachi Tower, which, while paying down long-term debt, will hurt long term earnings potential.

From September 16, , when the new strategy became effective, through December 31, , the following stocks were the largest detractors from performance: Its share price declined as a result of the considerable weakness in oil prices.

We continue to hold the stock, as the company is completing some major capital projects below budget and is expected to soon benefit from an improved free cash flow profile. The company requires very low capital expenditures to sustain production, which is expected to enable it to withstand a period of low oil prices, unlike most of its major competitors.

Its share price fell dramatically as a result of the collapse in oil prices, which has caused oil exporters to suffer significant losses. Although the fundamentals of Premier Oil have remained intact, the weakening share prices across the energy sector created a number of attractive opportunities, and we recently reduced our position in Premier Oil in favor of a better-priced holding, Gran Tierra Energy, which we believe has a stronger balance sheet and better upside.

We reduced our position, as we believe low oil prices are increasing stress on the company's balance sheet. The company has taken significant measures to shore up its balance sheet by selling assets, cutting capital expenditures and decreasing its dividend.

Despite the sharp decline in oil prices, it is still able to generate free cash flow after the capital. However, the extent of the decline in oil prices has meant that the cuts are starting to result in a reduction in next year's production.

This, in turn, has considerably weakened our longer term outlook for the company, resulting in our decision to reduce this position. However, greater uncertainty surrounding the outlook elsewhere in the world has held back expectations and share prices, creating some attractive valuation opportunities in Japan and Europe.

Consumption globally is likely to be supported by low energy prices through , although we expect some recovery from the current unsustainable levels. We thank you for your continued support, and welcome any comments or questions you may have.

The amount reinvested is the entire dividend distributed to individuals resident in the country of the company, but does not include tax credits. Top ten equity holdings unaudited 1. As of December 31, Fuji Heavy Industries Ltd.

Country exposure by issuer, top five unaudited 1. Real estate investment trust REIT. Figures might be different if a breakdown of the underlying investment companies were included. Canadian Oil Sands Ltd. Total Canada common stocks. Hollysys Automation Technologies Ltd. Jardine Matheson Holdings Ltd. Total China common stocks. Total Denmark common stocks. Sampo Oyj, Class A. Total France common stocks. Total Germany common stocks.

Astra International Tbk PT. Total Indonesia common stocks. Total Ireland common stocks. Check Point Software Technologies Ltd. Total Italy common stocks. Tokio Marine Holdings, Inc. Total Japan common stocks. Total Netherlands common stocks. Sberbank of Russia ADR. Total South Korea common stocks. Total Spain common stocks. Total Switzerland common stocks. Total United Kingdom common stocks. Net unrealized depreciation of investments. Net unrealized depreciation on forward foreign currency contracts.

For the month period, the Fund returned 7. While the Fund generated a positive return during the reporting period, it underperformed its benchmark. This was due primarily to yield curve and duration positioning.

The Fund used US Treasury futures during the reporting period to adjust its duration positioning. Overall, our duration strategy detracted from performance during the six-month period. After three consecutive years of generally modest growth, the overall US economy contracted in the first quarter of This was the first negative reading since the first quarter of , and the downturn was partially attributed to severe winter weather in parts of the country.

However, this proved to be a temporary setback for the economy, as GDP growth was 4. The US Federal Reserve Board the "Fed" largely maintained its accommodative monetary policy during the reporting period. The federal funds rate or the "fed funds rate," is the rate banks charge one another for funds they borrow on an overnight basis.

Then, at the Fed's meeting in October, it said it had concluded its asset purchase program. Finally, at its meeting that concluded on December 17, , the Fed said "Based on its current assessment, the Committee judges that it can be patient in beginning to normalize the stance of monetary policy.

Turning to the bond market, when the reporting period began, there were expectations that the economy would continue to expand and that Treasury yields would move higher. As discussed, while the economy was initially weak, it quickly recovered and expanded at a solid pace. However, concerns about global growth, sharply falling oil prices and geopolitical concerns triggered several flights to quality. All told, the yield on the year Treasury fell from 3.

Against this backdrop, the overall US bond market, as. Total return consisting of capital appreciation and current income exempt from federal income tax. The municipal bond market generated even stronger results and outperformed the overall taxable bond market during the reporting period. Over the 12 months ended December 31, , the Index rose 9. Supporting the municipal market were declining interest rates, generally improving fundamentals and overall strong investor demand.

The shorter portion of the municipal yield curve was the weakest performer during the month reporting period. As such, having an underweight to this segment of the curve was a positive for the Fund's results. Our overweight to the lease sector was beneficial as it outperformed the Index.

We maintained a defensive posture for the Fund given incoming economic data and questions regarding changing Fed monetary policy. Against this backdrop, the Fund's duration was shorter than that of the Index. This positioning was negative for results, as intermediate- and longer-term municipal yields declined during the reporting period while prices rose. Duration measures the price sensitivity of a portfolio to interest rate changes. The yield curve plots the interest rates, at a set point in time, of bonds having equal credit quality, but differing maturity dates.

An underweight to lower quality BBB rated securities was not rewarded, as those bonds generated the strongest results from a quality perspective during the reporting period. Also detracting from performance was our overweight to higher quality AAA rated securities, as those bonds lagged the Index. The municipal bond market continues to be mostly driven by a favorable combination of low supply and healthy demand.

Issuance remains muted, partly due to lack of voter appetite for spending proposals and municipal budget austerity, with government officials unwilling to propose taxes to fund new projects. With net supply down, the resulting scarcity is favorable for the market. While we remain cautious, given the municipal market's strong results in and continued low yields potentially leading to increased supply due to refunding activity, we believe the following key themes are supportive for municipals in Generally, while the credit situation for municipal bonds is improving, specific problems do exist.

Therefore, we believe credit and security selection remains crucial. As we focus our active management approach on successfully navigating the rising rate environment, key drivers of our strategy include relative value positioning on the yield curve, credit selection based on rigorous research and the structure of individual issues that offer the potential for more upside than downside.

Barclays Municipal Bond Index 1. Past performance does not predict future performance, and the performance information provided does not reflect the deduction of taxes that a shareholder could pay on Fund distributions or the redemption of Fund shares.

Summary of municipal securities by state unaudited. Total long-term municipal bonds. Liabilities, in excess of cash and other assets. At December 31, , there were no transfers between Level 1 and Level 2. For the 12 months ended December 31, , the Fund declined 0.

During the same period, the Fund's benchmark, the Russell Index the "Index" , returned 4. The Fund underperformed its benchmark for the month period due primarily to stock selection decisions. The "fast casual" restaurant chain was acquired by a private equity firm in for a significant premium to its stock price. Einstein Noah also benefited from the superior supply-demand balance of fast casual restaurants relative to other restaurant categories.

The position was closed in November , when the company was taken private. The retailer of vitamins and supplements performed well due in part to its high return on capital. We believe demographic trends will support long-term demand for GNC's products. The company boasts strong sales, with locations in growing markets. Susser was acquired by a strategic buyer during the month period. The position was closed in October to reduce the Fund's exposure to the energy sector.

The company is a wholesaler of branded garden and pet supplies. When a private equity buyer made an offer for Central Garden in , the Fund sold its shares at the offering price, but the deal failed to materialize. The Fund's managers view the company as a long-term core holding based on Vail's strength as an operator.

Vail's shares outperformed when the company prevailed in litigation which gave it ownership of significant acreage in Utah. Maximize total return, consisting of capital appreciation and current income, while controlling risk.

The company, which distributes roofing supplies, reported revenues and margins that were below expectations. The disappointing results were due to a lack of severe storms, as well as sluggish turnover in new and existing housing.

The stock detracted from the Fund's relative returns in , as delays in liquid natural gas orders from China led to reductions in revenues and earnings. The sharp drop in the price of oil put further pressure on Chart's share price. The position was closed in December to reduce the Fund's exposure to the energy sector. The company is a contractor that performs tasks such as trenching. Shares traded down on fears that the falling price of oil would impact growth rates for the company's oil and gas pipeline business.

The Fund's position in Dawson Geophysical detracted from returns. The underperformance from the Swiss watch manufacturer relative to its peers contributed negatively. Movado cited lower inventory levels relative to other retailers for the slow sales. An underweight to energy companies made a positive contribution to Fund returns, but this was offset by positions in industrial companies with energy exposure.

Russell Index 2. The Russell is a subset of the Russell It includes approximately 2, of the smallest securities based on a combination of their market cap and current index membership. The Russell Index is constructed to provide a comprehensive and unbiased small-cap barometer and is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true small-cap opportunity set.

Top ten equity holdings unaudited. Texas Capital Bancshares, Inc. Craft Brew Alliance, Inc. Portland General Electric Co. Forum Energy Technologies, Inc. G Willi-Food International Ltd. Required to implement new system FTE 5 Provide relevant information for historical comparisons. Must reconcile to the total of Table SA12 6. Current and budget year must reconcile to Table A4 Budgeted Financial Performance revenue and expenditure 7.

Waste water tariffs Sanjfoficn: Removal by truck per load ei i 1 Sanitation: Pit Inspection Health Sanitation: Out of Urban 'Edge if swrvtce m Sewerage: Connection fees reinstated i 1 Sewerage: Household j jpp j Sewerage: Business 29i Sewerage: Housing Scheme-per dwelling up: G project mansysment 1 1 i m - - Provincial Government: Each transfenfgrant is listed by name as gazetted together with the name of the transferring department or municipality, donor or other organisation 2.

Total transfers and grants must reconcile to Budgeted Cash Fkm 6. Balance unspent at beginning of the year Current year receipts Conditions met - transferred to revenue Conditions still to be met - transferred to liabilities Provincial Government Balance unspent at beginning of the year Current year receipts Conditions met - transferred to revenue Conditions still to be met - transferred to liabilities District Municipality: Balance unspent at beginning of the year Current year receipts Conditions met - transferred to revenue Conditions still to be met - transferred to liabilities 91 - - - - lift 1S11 2 ft?

A i m i 1 i - - - - mm 1 - - - - - - - - - Total operating transfers and grants revenue 69 84 - - - - Total operating transfers and grants - CTBM 2 - - - - - - - - - Caoltal transfers and Grants: Balance unspent at beginning of the year Current year receipts Conditions met - transferred to revenue Conditions still to be met - transferred to liabilities District Municipality: Inrert description ofe ch Organ of Stef: Pension and medical sod 2.

List each political office bearer by designation. Political office bearer is defined in MFMA s 1: List each senior manager reporting to the CEO of an Entity by designation 8. Must reconcile to relevant section of Table SA24 9. Must reconcile to totals shown for the budget year of Table SA22 For municipalities with approved total revenue not exceeding R m-aH contracts with an annual cost greater than R Revenue Obligation Bv Contract L 1 sg j? For example - technology backbones fe.

Work-in-progmssAmder construction to be budgeted under the respective Asm 5. Busses ursd to provide a service to the community B. Not munidpai contributions to the top structure' being built using flhe housing subsidies ft Statues, art collections, medals ate.

For example - technology backbones e. Dcwtedfcwitributed 6 leased assets to be included wrthm the respedive sub-dass 7. Busses used to provide a service to the community 8. Statues, art collections, medals etc. Not Including Depredation resulting from mahutbn, 2. Work-in-progrtmsAmcter construction to be budgeted under the respective item 5.

Busses used to provide a sendee to the community 8. Not municipal contributions to the top structure' being buSt using the housing subsidies 9. Captfaf expendifum by fur? Must reconcile to snorting table SA20 and to Budgeted Financial Performance revenue and expenditure 5 Uust reconcile to Budgeted Financial Performance revenue and expenditure 6.

Indude finance leases and PPP capita! Include capital component of PPP unitary payment. Section and any other applicable provisions of the Constitution; ii. The provisions of the Property Rates Act; and iii. The rates policy 1. Such consumers include an owner, landlord tenant or occupant.

All other terms are used within the context of the definitions contained in the Municipal Property Rates Act, Act No. Rates are levied in accordance with the Act as an amount in the rand based in proportion to the improved value of all rateable property contained in the Municipality's valuation roll and supplementary valuation roll. As allowed for in the Act, the Municipality has chosen to differentiate between various categories of property and categories of owners of property.

Some categories of property and categories of owners are granted relief from rates. The Municipality however does not grant relief in respect of payments for rates to any category of owners or properties, or to owners of properties on an individual basis, other than by way of an exemption, rebate or reduction provided for in this policy.

Phasing in of rates will be based on the new valuation roll, and in terms of Section 21 of the Act. Property rates will be used to finance community and subsidised services and not used to subsidise trading and economic services.

The income base of the municipality will be protected by limiting exemptions, rebates and reductions. The rates policy for the Municipality is also based on the following principles: It does not make specific property rates proposals.

The Municipality may differentiate between the following property categories: The impermissible rates contemplated in terms of section 1 7 1 h of the Act is included in this value.

National, Provincial and Municipal road reserves as well as railway reserves are exempted from payment of rates. Occupiers without life rights that pay rentals, the organisation will be required to submit all rentals payable by the occupant. The Municipality reserves the right to refuse rebates if the details supplied in the application form are incomplete, incorrect or false.

All other property in a retirement establishment not occupied by a tenant or owner for residential purposes will not qualify for a rebate.

The council may grant a rebate to the following categories: The following criteria will apply: Rebates on this category Rate Rebate Retired and Disabled Persons qualify for special rebates according to monthly household income. To qualify for the rebate a property owner must: These applications must reach the Municipality before the end of September preceding the start of the new Municipal financial year for which relied is sought.

Properties with a market value below a prescribed valuation level These properties instead of a rate determined on the market value may be levied a uniform fixed amount per property. Private Roads All roads in private developments that are on individual erven can receive a rebate as per Schedule 1.

The phasing-in discount will be determined as follow: Newly Rate able property owned and used bv Public Benefit Organisations Rates levied on newly rateable property owned and used by organisations conducting specified public benefit activities determined by Council and registered in terms of the Income Tax Act for those activities will be phased in over a period of four financial years.

After the exclusion period has lapsed, rates payable on the properties concerned will be phased-in over a period of three financial years.

The phasing-in discount will be determined as follows: Rates Policy Ndlambe Local Municipality Page 18 of 26 Accounts delivered after the 30 days notice will be based on the new rates. Twelve equal monthly instalments will be used as default method to levy property rates on the accounts of owners and owners will have to apply for an annual payment.

Interest will be calculated on arrears. Arrear rates may be recovered from tenants, occupiers and agents of the owner, in terms of Section 28 and 29 of the Act. The Municipality will only recover the outstanding rates from the tenant or occupier after a written notice has been served to the tenant or occupier. The tenant or occupier must set off any amount recovered from them by the municipality against any money owed to the owner.

The Municipality will only recover the outstanding rates from the agent after a written notice has been served to the agent. Joint owners of a property are jointly and severally liable for the amount due for rates on that property.

The Municipality may not recover the rate on such sectional title unit, or any part of such rate, from the body corporate controlling the sectional title scheme, Rates Policy Ndlambe Local Municipality Page 20 of 26 except when the body corporate itself is the owner of any specific sectional title unit.

All rateable properties in the Municipal area of Ndlambe must be valued during such general valuation, including properties fully or partially excluded from rates in terms of section 1 7 of the Property Rates Act. The general valuation must reflect the market value of properties in accordance with the market conditions that apply as at the date of the valuation, an in accordance with any other applicable provisions of the Property Rates Act.

A valuation roll takes effect from the start of the financial year. Following completion of the public inspection period required by the Act and remains valid for that financial year and subsequent years but not exceeding four financial years. The market value of a property is the amount the property would have realized if sold on the date of valuation in the open market by a willing seller to a willing buyer. When valuing a property which is subject to a sectional title scheme, the valuator must determine the market value of each sectional unit in the scheme.

The Municipality must regularly, at least once a year update its valuation roil by causing a supplementary valuation roll to be prepared. The Municipal Manager must: Advertise in the media a notice stating that a draft rates policy has been prepared for submission to the Council, and that such policy is available at various Municipal offices for public inspection and is also available on the website if any, and inviting local community to submit comments and representatives to the Municipality within a period specified in the notice but which period shall not be less than 30 days.

Council must take all comments and representations made to it into account when considering the draft rates policy. The Municipality must draw up and maintain a register in respect of all properties situated within the Municipality jurisdiction, dividing such register into part A and part B.

Part A of the register consists of the current valuation roll of the Municipality including any supplementary valuation rolls prepared from time to time. Part B of the register specifies which properties on the valuation roll or any supplementary valuation roll are subject to: An exemption from rates in terms of section 1 5 of the Property Rates Act; A rebate on or a reduction in the rate in terms of section 1 5; A phasing in of the rate in terms of section 21 ; An exclusion referred to in section The register must be open for inspection by public during office hours.

Council must at regular intervals annually update part B of the register. Agricultural consumer Refer oar. Owner with income up to R per month All applications will be subjected to verification before approval.

In terms of section 17 of the Act, a Municipality may not levy a rate: It is accepted that large sections of the community cannot exist without intervention and it is therefore the duty of the municipality to support and to ensure that citizens are able to access their constitutional right to have access to a basic level of services.

The municipality must therefore at all times strive to fulfill the constitutional objectives as contemplated in Section of the Constitution and to meet the criteria for a credible indigent policy as laid down in the Credible Indigent Policy Assessment Framework, , provided by the Department of Local Government.

With regard to affordability the foundation is laid in section 74 of the Municipal Systems Act, , which stipulates that poor households must have access to basic service through tariffs that cover only the operating and maintenance costs. The municipality therefore adopts an indigent support policy which embodies an indigent support programme not only providing procedures and guidelines for the subsidisation of service charges to indigent households in its area of jurisdiction, but also to increase the quality of life of the beneficiaries by assisting them to exit from indigence.

Such categorization will be based on zonal socio- economic conditions. The effective targeting of indigent households and the implementation of this policy will depend largely on the social analysis included in the IDP, the LED initiatives and other poverty relief programmes of the municipality.

The socio-economic information and performance indicators contained in these documents must form the basis for the targeting of indigent households. Within the abovementioned budgetary process, and in striving to create a situation where poor households will be granted access to a full social package, the following assistance and support may be granted in respect of one property per applicant.

This subsidy may also apply to registered indigent households in rural areas where the municipality is the electricity supplier while agreements with Eskom, where the latter is the supplier, may be negotiated to support such households. Regular information dissemination and awareness campaigns must be undertaken to eliminate unrealistic expectations both in terms of qualifying for subsidy as well as service delivery in general and methods of communication may include, but will not be limited to: Such forms will be available at approved registration points provided by the municipality and shall be dealt with in terms of the Procedures Manual.

In the case where the occupants are old-age pensioners and the state pensions are the only source of income, there is no need for re-registration unless the financial status changes or improves.

The first phase will be at a subcommittee level, consisting of ward Councilor with its ward committee. The second phase shall be at a Municipal level, nominated to review all indigent applications approved by the ward indigent subcommittee. The subcommittee system is aimed at providing, transparency, public participation and ensuring equitable treatment of all applicants. Households, in terms of the audit and review process, will be subjected to scrutiny to determine any change in status.

Households may have to periodically re- apply, but this would be determined by the municipality from time to time. Written objections from the public must be referred to the Programme Officer who will be responsible for investigating the validity of the complaint and referral to the Indigent Committee for appropriate action. The frequency of such audits will depend on the institutional capacity of the municipality to do so. It is proposed that at least monthly targeted audits and reviews are undertaken, with a complete review scheduled for at least every 5 years.

As part of a broader poverty reduction programme the municipality undertakes to provide for the participation and accommodation of indigent persons in its local economic development LED initiatives and in the implementation of integrated development programmes where possible. The municipality must promote exit from indigence by - 9. Such report shall reflect on: The following acts form the basis of the content of this policy: This policy sets out the budgeting principles that the municipality will follow in preparing each annual budget and sets parameters for any fiscal measures of intervention to achieve its objectives.

The budget and the budget preparation process shall comply with legislative requirements and specifically with Chapter 4 of the Municipal Finance Management Act, Act 32 of and nothing contained in this policy shall contradict any legislation. The municipality shall not budget for a deficit and must also ensure that revenue projections in the budget are realistic taking into account actual collection levels. Expenses may only be incurred in terms of the approved annual budget or adjustments budget and within the limits of the amounts appropriated for each vote in the approved budget.

Ndlambe Local Municipality shall prepare three-year budgets medium term revenue and expenditure framework - MTREF which shall be reviewed and approved annually by the Council. Budget Timetable The formulation, consideration and approval of a budget timetable for the ensuing medium term shall be done in accordance with the legislative requirements in the MFMA and must be aligned with the IDP timetable.

Attached as Annexure A is a detailed budget timetable that will guides the annual process. Budget Strategy The Chief Financial Officer shall assist the Mayor to prepare a budget strategy which shall contain the principles, objectives and strategies that will apply during the forthcoming budget preparation process.

Such strategy shall take cognisance of the directives, guidelines and economic factors prevailing at the time or circulated by National and or Provincial Government. The budget strategy shall give general direction to the budget process and also indicate affordable budget growth and envisaged tariff increases as the base line of the budget process. A clear indication of available funding for infrastructure development through the Capital budget should form part of this strategic directive.

Public Particigation Process The tabled annual budget must be presented in Council at least by the end of March in each year and as soon as this was done, the Municipality must convene public hearings on the tabled budget during April at which members of the community and stakeholder organisations will be invited to make representation and to submit comments in response to the tabled budget. Approval of the Budget Consideration and final approval of budget must be done not later than 30 days prior to the start of the budget year to which it relates.

Not later than 31 March as the budget year starts on 1 July The budget must be submitted to Council for approval and must be accompanied by all the following documents: Publication ofthe Budget The Chief Financial Officer must within 14 days after approval of the budget submit the approved budget in both printed and electronic formats to the National Treasury, the Provincial Treasury, other prescribed National and Provincial organs of state and other Municipalities affected by the budget.

Section 15 of the MFMA All expenditure or commitments for payment outside the approved amount in a budget will be deemed as either unauthorised, irregular, or fruitless and wasteful expenditure in terms of Section 32 of the MFMA.

Expenditure on a project shall be included in the capital budget if it meets the asset definition i. The principle of zero-based budgeting with proper cost calculations of projects shall be applied in the preparation of the Capital budget. The capital budget component of the annual or adjustments budget shall only be approved by the Council if it has been properly balanced, that is, if the sources of finance which are realistically envisaged to fund the budget equal the proposed capital expenses.

Before approving the capital budget component of the annual or adjustments budget, the Council shall consider the impact on the present and future operating budgets of the municipality in relation to the following: Such reserve shall be established from the following sources of revenue: Operational Surplus orjncome - If the project is to be financed from surplus it shall be done through appropriation of such surplus through the Capital Replacement Reserve CRR This reserve should be fully cash-backed.

If this happens the interest payable on the excess redemption period shall be declared as fruitless expenditure; - Interest payable on external loans shall be included as a cost in the Operating budget; - Finance charges relating to such loans shall be charged to or apportioned only between the departments or votes to which the projects relate.

Interest earned on investments of Conditional Grant Funding shall be allocated directly to the Capital Replacement Reserve. Funding, to be cash-backed All expenses, including depreciation expenses, shall be cash-funded. The cash received in respect of depreciation expenses on fixed assets financed from external borrowings shall be transferred to the investments created to redeem such borrowing.

A realistic needs-analysis together with the principle of zero-based budgeting shall be applied in the preparation of the Operating budget. Business Unit Directors shall establish budget requirements in respect of maintenance of assets, taking cognisance of backlogs and shall, in consultation with the Chief Financial Officer prepare a strategy to address such maintenance needs and backlogs. Council shall ensure that the labour component as a percentage of the total operational expenditure remains realistic in terms of the delivery of an effective and efficient service to the Community.

Remuneration of Councillors excluded 7. The Operating budget shall make the following contributions: The operating budget shall reflect the impact of the capital component on: The Chief Financial Officer shall ensure that the cost of indigent relief is separately reflected in the appropriate votes. When considering the tabled annual budget, Council shall consider the impact, which the proposed increases in rates and service tariffs will have on the Page 8 of 15 Budget Policy Ndlambe Local Municipality monthly municipal accounts of households.

The impact of such increases shall be assessed on the basis of a fair sample of randomly selected accounts. Procurement plan must accompany the budget. The appropriation of expenditure not funded by grants in an annual or adjustments budget will lapse to the extent that they are unspent by the end of the relevant budget year 9.

No funding for projects funded from Capital Replacement Reserve as long as it is cash back shall be rolled over to the next budget year except in cases where a commitment has been made 90 days 30 March each year prior the end of that particular financial year. Unspent grants if the conditions for such grant funding allow may be rolled over to the next budget year.

Conditions of the grant fund shall be taken into account in applying for such rollover of funds. Requests for rollover of funds after 15 April will not be considered and requests for rollovers after the start of the new financial year are not allowed.

Adjustments in terms of actual amounts rolled over, shall be done during the I s budget adjustment in the new financial year after taking into account expenditure up to the end of the previous financial year. Expenditure funded by grants may be rolled over to the next budget year for specific operational purposes. Each annual and adjustments budget shall reflect: An impending operating deficit shall be recovered in an adjustments budget, but if an operating deficit arises at the end of a financial year, notwithstanding the precautionary measures adopted by the Council, such deficit shall immediately be made good in the annual or adjustments budget for the year following the ensuing financial year, and shall not be offset against any un- appropriated surplus carried forward from preceding financial years.

For example, depreciation charges, finance charges, insurance costs, skills development levies payable, contribution to funds, administrative charges, etc. In motivating the allocations made to and within the vote, the Head concerned shall provide the relevant Committee with appropriate quarterly performance indicators and service delivery targets pertaining to the budget.

The Mayor in consultation with the Executive Committee may table an adjustments budget where: There is material under collection of revenue; To appropriate additional revenue that has become available but only to revise or accelerate spending on programmes already budgeted for; To authorise unforeseeable and unavoidable expenditure supported by appropriate documentation and motivations in relation to the Exemption Report which is approved by the Mayor in consultation with the Executive Committee, Municipal Manager and Chief Financial Officer; To authorise utilisation of projected savings between votes; To authorise spending of unspent funds as at previous year within legislative prescripts.

All recommendations for budget adjustments must contain financial comment by the Chief Financial Officer prior to consideration by the Council.

Only Council may approve an adjustments budget. An adjustments budget must contain all of the following: Municipal taxes and tariffs may not be increased during a financial year except if required in terms of a financial recovery plan Budgets cannot be adjusted between operating and capital.

The accounting officer with the assistance of the Chief Financial Officer and other Senior Managers is responsible for the implementation of the budget, and must take all reasonable steps in their respective areas to ensure that: As a result, the budget document discloses the direction the municipality wish to follow over the next three years, especially if read together with the Integrated Development Plan IDP.

It also forms the basis on which the service delivery and budget implementation plan SDBIP will be compiled for approval and execution. Compliance with this policy document together with applicable legislation is of paramount importance and puts a responsibility on every employee and Councillor. This assessment must be submitted to the mayor, national treasury and the provincial treasury presumably immediately.

Accountin g officer 54 1 f Mayor must submit accounting officer's report to Council. Mayor Special Council meeting may have to be schedufed. Budget Policy Ndlambe Local Municipality Page 13 of 15 Tabled in Council by 31 January 54 1 and 2 Between 31 January and 31 March Board of directors of entity may, with approval of mayor of parent municipality, revise budget of entity for certain prescribed reasons.

Adjustments budget once approved by board of directors of entity must be tabled by mayor at next meeting of Council of parent municipality. Adjustments budget must be made public. Note that only Council may approve changes to service delivery targets and KPIs - these changes must therefore be tabled with the adjustments budget.

Evidently such an adjustments budget may be prepared at any stage. It would make good sense, however, for the parent municipality to insist that the entity's revised budget be prepared and submitted to the mayor at the same time that or before the entity's proposed budget for the new financial year is considered.

Again the potential problem of different parent municipalities having different views will have to be resolved by presumably the mayors considered. In general, adjustments budgets should preferably be tabled by or as soon as possible after 31 January, and certainly not later than 31 March when the draft annual budget for the next year is first tabled. Note that no concomitant make these revisions for revision of performance agreements is evidently the mayor's approval as envisaged.

The deadline for these revisions must be by or as soon as possible after 31 January, but certainly not later than 31 March. See also 54 1 and 2 , days before Board of directors of entity must consider start of financial recom m endations, and if n ecessary subm it year revised budget to parent municipality, approximately mid March 31 March Mayor must table draft annual budget of municipality at Council meeting at feast 90 days before start of budget year. Board of directors of entity Council meeting must be scheduled appropriately.

Budget Policy Ndlambe Local Municipality Page 14 of 15 87 March Mayor of parent municipality must table originally proposed or proposed revised budget as case may be of entity when draft annual budget of municipality first tabled. Mayor c 22 a and 22 b] Immediately after 31 March or earlier date if annual budget tabled before 31 March Immediately after draft annual budget tabied in Council, accounting officer must 1 make public budget and documents referred to in Section 17 3 , and invite local community to submit representations in connection with budget, and [2] submit annual budget in both printed and electronic formats to provincial treasury, and in either format to prescribed national and provincial organs of state and to other municipalities affectec by the budget.

Acoountin g officer 23 2 Before 31 May Council must give mayor opportunity 1 to respond to submissions received on draft annual budget and attendant documentation and 2 to revise budget, if necessary, and table amendments for consideration by Council.

Mayor and Council 24 1 and 2 i 1 31 May Council must consider approval of annual budget, together with resolutions imposing rates and levies, setting tariffs, approving measurable performance objectives for revenue from each source and for each vote, approving any changes to IDF, and approving any changes to budget- related policies. Although Council has until 30 June to approve budget, best practice will be to approve budget not later than 31 May. Common sense dictates hat the submission hould be at least in ilectronic format and lat it should be made s soon as possible fter the approval date.

Background of the policy 2. Role of the accounting officer 4. Policy and procedures for irregular, fruitless and wasteful expenditure 5.

Policy and procedures for unauthorised expenditure 6. Process to authorise unauthorised expenditure 7. Investigations and disciplinary actions 8. Charge of misconduct 9. Regular Review of the unauthorised, irregular or fruitless and wasteful expenditure Register Accounting Treatment of unauthorised, irregular or fruitless and wasteful expenditure Policy adoption 2 of 14 1.

Background and the objective of the policy 1. Policy and Procedures for dealing with irregular or fruitless and wasteful expenditure 4. The results of the investigation will determine the appropriate action to be taken regarding such expenditure; 4. The register must be updated to reflect the outcome of the investigation; 4.

The results of the investigation will determine the appropriate action to be taken regarding the expenditure. The register must then be updated to reflect the outcome of the investigation; f If the investigation indicates that the expenditure is in fact unauthorised expenditure the Accounting Officer must immediately report, in writing, the particulars of the expenditure to the Mayor.

The register should be updated to reflect the fact that the unauthorised expenditure was condoned. Process to authorise unauthorised expenditure 6. In this regard, regulation 23 6 of the municipal Budget and Reporting Regulations provides that: In this regard, regulation 74 of the Municipal Budget and Reporting Regulations provides that: Charge of misconduct 8. The report must include the following details: Regular review of the irregular, unauthorised or fruitless and wasteful expenditure register The unauthorised, irregular or fruitless and wasteful expenditure register should be reviewed on a monthly basis by the Chief Financial Officer of 13 of 14 the municipality.

This review will ensure that unauthorised, irregular or fruitless and wasteful expenditure are adequately disclosed, dealt with, recorded and that no mathematical errors exists. Accounting treatment of unauthorised, irregular or fruitless and wasteful expenditure a Unauthorised, irregular or fruitless and wasteful expenditure identified during one financial period, but not paid in the specific period should be recorded in the following financial year.

Material Value 7 Part 14 Capitalization Criteria: Intangible Items 7 Part 15 Capitalization Criteria: Fixed Asset Lives Part 33 Annexure: A fixed asset is thus an asset, either movable or immovable, under the control of the municipality, and from which the municipality reasonably expects to derive economic benefits, or reasonably expects to use in service delivery, over a period extending beyond one financial year.

To be recognized as a fixed asset, an asset must also meet the criteria referred to in Parts 13,14 and 1 5 below. An asset held under a finance lease, shall be recognized as a fixed asset, as the municipality has control over such an asset even though it does not own the asset.

No amendments, deletions or additions to the fixed asset register shall be made other than by the chief financial officer or by an official acting under the written instruction of the chief financial officer. The fixed asset register shall reflect the following information: All heads of department under whose control any fixed asset falls shall promptly provide the chief financial officer in writing with any information required to compile the fixed asset register, and shall promptly advise the chief financial officer In writing of any material change which may occur in respect of such information.

A fixed asset shall be capitalized, that is, recorded in the fixed assets register, as soon as it is acquired. If the asset is constructed over a period of time, t shall be recorded as work-in-progress until it is available for use, whereafter it shall be appropriately capitalized as a fixed asset. A fixed asset shall remain in the fixed assets register for as long as it is in physical existence.

The fact that a fixed asset has been fully depreciated shall not in itself be a reason for writinq-off such an asset. Owner-occupied property is property held for use in the production or supply of goods or services or for administrative purposes. Investment property is recognised as an asset when, it is probable that the future economic benefits or service potential that are associated with the investment property will flow to the municipality, and the cost or fair value of the investment property can be measured reliably.

Investment property is initially recognised at cost. Transaction costs are included in the initial measurement. Where investment property is acquired through a non-exchange transaction, its cost is its fair value as at the date of acquisition.

Costs include costs incurred initially and costs incurred subsequently to add to, or to replace a part of, or service a property. If a replacement part is recognised in the carrying amount of the investment property, the carrying amount of the replaced part is derecognised.

Investment property is carried at cost less accumulated depreciation less any accumulated impairment losses. Depreciation is provided to write down the cost, less estimated residual value by equal installments over the useful life of the property Investment property is derecognised on disposal or when the investment property is permanently withdrawn from use and no future economic benefits or service potential are expected from its disposal.

Gains or losses arising from the retirement or disposal of investment property is the difference between the net disposal proceeds and the carrying amount of the asset and is recognised in surplus or deficit in the period of retirement or disposal. Compensation from third parties for investment property that was impaired, lost or given up is recognised in surplus or deficit when the compensation becomes receivable.

If the Council of the municipality resolves to construct or develop a property for future use as an investment property, such property shall in every respect be accounted for as an ordinary fixed asset until it is ready for its intended use — hereafter it shall be reclassified as an investment asset.

Inventories are initially measured at cost except where inve exchange transaction, then their costs are their fair value as at the date of acquisition. Subsequently inventories are measured at the lower of cost and net realisable value. Net realisable value is the estimated selling price in the ordinary course of operations less the estimated costs of completion and the estimated costs necessary to make the sale exchanae or distribution. The cost of inventories of items that are not ordinarily interchangeable and goods or services produced and segregated for specific projects is assigned using specific identification of the individual costs.

The cost of inventories is assigned using the weighted average cost formula. The same cost formula is used for all inventories having a similar nature and use to the municipality. When inventories are sold, the carrying amounts of those inventories are recognised as an expense in the period in which the related revenue is recognised. If there is no related revenue, the expenses are recognised when the goods are distributed, or related services are rendered.

The amount of any write-down of inventories to net realisable value or current replacement cost and all losses of inventories are recognised as an expense in the period the write-down or loss occurs. The amount of any reversal of any write-down of inventories, arising from an increase in net realisable value or current st, are recognised as a reduction in the amount of inventories recognised as an expense in the period in which the reversal occurs.

For balance sheet purposes, the existence of such heritage assets shall be disclosed by means of an appropriate note. Every head of department shall ensure that the asset identification system approved for the municipality is scrupulously applied in respect of all fixed assets controlled or used by the department in question. MATERIAL VALUE No item with an initial cost or fair value of less than R1 one thousand rand or with a useful life less than one financial year - or such other amount as the Council of the municipality may from 8 time to time determine on the recommendation of the municipal manager - shall be recognized as a fixed asset.

If the item has a cost or fair value lower than this capitalization benchmark, it shall be treated as an ordinary operating expense. Every head of department shall, however, ensure that any item with a value in excess of R two hundred and fifty rand , and with an estimated useful life of more than one year, shall be recorded on a stocksheet. Every head of department shall moreover ensure that the existence of items recorded on such asset inventory sheet is verified from time to time, and at least once in every financial year, and any amendments which are made to such stocksheets pursuant to such stock verifications shall be retained for audit purposes.

Expenses incurred in the maintenance of a fixed asset shall be considered as operating expenses incurred in ensuring that the useful operating life of the asset concerned is attained, and shall not be capitalized, irrespective of the quantum of the expenses concerned. Expenses which are reasonably ancillary to the bringing into operation of a fixed asset may be capitalized as part of such fixed asset. Such expenses may include but need not be limited to import duties, forward cover costs, transportation costs, installation, assembly and communication costs.

If so directed by the municipal manager, the maintenance plan shall be submitted to the Council prior to any approval being granted for the acquisition or construction of the infrastructure asset concerned. The head of department controlling or using the infrastructure asset in question, shall annually report to the Council, not later than in July, of the extent to which the relevant maintenance plan has been complied with, and of the likely effect which any non-compliance may have on the useful operating life of the asset concerned.

Such note shall also indicate any plans which the Council of the municipality has approved in order to redress such deferral of the maintenance requirements concerned. If no such plans have been formulated or are likely to be implemented, the chief financial officer shall re-determine the useful operating life of the fixed asset in question, if necessary in consultation with the head of department controlling or using such asset, and shall recalculate the annual depreciation expenses accordingly.

Depreciation may be defined as the monetary quantification of the extent to which a fixed asset is used or consumed in the provision of economic benefits or the delivery of services. Depreciation shall generally take the form of an expense both calculated and debited on a monthly basis against the appropriate line item in the department or vote in which the asset is used or consumed. However, depreciation shall initially be calculated from the day following the day in which a fixed asset is acquired or - in the case of construction works and plant and machinery - the day following the day in which the fixed asset is brought into use, until the end of the calendar month concerned.

Thereafter, deprecation charges shall be calculated monthly. Each head of department, acting in consultation with the chief financial officer, shall ensure that reasonable budgetary provision is made annually for the depreciation of all applicable fixed assets controlled or used by the department in question or expected to be so controlled or used during the ensuing financial year.

The procedures to be followed in accounting and budgeting for the amortisation of intangible assets shall be identical to those applying to the depreciation of other fixed assets.

In determining such a useful life the chief financial officer shall adhere to the useful lives set out in the annexure to this document see part 33 below. If the value of a fixed asset has been diminished to such an extent that it has no or a negligible further useful operating life or value such fixed asset shall be fully depreciated in the financial year in which such diminution in value occurs.

Similarly, if a fixed asset has been lost, stolen or damaged beyond repair, it shall be fully depreciated in the financial year in which such event occurs, and if the fixed asset has physically ceased to exist, it shall be written off the fixed asset register. In all the foregoing instances, the additional depreciation expenses shall be debited to the department or vote controlling or using the fixed asset in question.

If any of the foregoing events arises in the case of a normally non-depreciable fixed asset, and such fixed asset has been capitalized at a value other than a purely nominal value, such fixed asset shall be partially or fully depreciated, as the case may be, as though it were an ordinary depreciable asset, and the department or vote controlling or using the fixed asset in question shall bear the full depreciation expenses concerned.

The chief financial officer shall only employ this method of depreciation if the head of department controlling or using the fixed asset in question gives a written undertaking to the municipal manager to provide: The head of department concerned shall moreover undertake to provide such statistical information at the specific times stipulated by the chief financial officer.

Where the chief financial officer decides to employ the sum-of-units method of depreciation, and the requirements set out in the preceding paragraph have been adhered to, the chief financial officer shall inform the Council of the municipality of the decision in question. The only exceptions to this rule shall be revalued assets see part 26 below and heritage assets in respect of which no value is recorded in the fixed asset register see part 8 above.

The chief financial officer shall adjust the carrying value of the land and buildings concerned to reflect in each instance the value of the fixed asset as recorded in the valuation roll, provided the chief financial officer is satisfied that such value reflects the fair value of the fixed asset concerned.

The chief financial officer shall also, where applicable, create a revaluation reserve for each such fixed asset equal to the difference between the value as recorded in the valuation roll and the canying value of the fixed asset before the adjustment in question. The fixed asset concerned shall, in the case of buildings, thereafter be depreciated on the basis of its revalued amount, over its remaining useful operating life, and such increased depreciation expenses shall be budgeted for and debited against the appropriate line item in the department or vote controlling or using the fixed asset in question.

An adjustment of the aggregate transfer shall be made at the end of each financial year, if necessary see part 24 above. If the amount recorded on the valuation roll is less than the carrying value of the fixed asset recorded in the fixed asset register, the chief financial officer shall adjust the carrying value of such asset by increasing the accumulated depreciation of the fixed asset in question by an amount sufficient to adjust the carrying value to the value as recorded in the valuation roll.

Such additional depreciation expenses shall form a charge, in the first instance, against the balance in any revaluation reserve previously created for such asset, and to the extent that such balance is insufficient to bear the charge concerned, an immediate additional charge against the department or vote controlling or using the asset in question.

Revalued land and buildings shall be carried in the fixed asset register, and recorded in the annual financial statements, at their revalued amount, less accumulated depreciation in the case of buildings. Every head of department shall promptly and fully report in writing to the chief financial officer in the format determined by the chief financial officer, all relevant results of such fixed asset verification, provided that each such asset verification shall be undertaken and completed as closely as 12 possible to the end of each financial year, and that the resultant report shall be submitted to the chief financial officer not later than 30 June of the year in question.

Every head of department shall report in writing to the chief financial officer on 31 October and 30 April of each financial year on all fixed assets controlled or used by the department concerned which such head of department wishes to alienate, by public auction or public tender.

The chief financial officer shall thereafter consolidate the requests received from the various departments, and shall promptly report such consolidated information to the Council or the municipal manager of the municipality, as the case may be, recommending the process of alienation to be adopted. The Council shall delegate to the municipal manager the authority to approve the alienation of any fixed asset excluding Council owned immovable property with a carrying value not exceeding R40 forty thousand rand subject to provisions of section 14 of the MFMA The Council shall ensure that the alienation of any fixed asset including Council owned immovable property with a carrying value in excess of R1 One Million RAnd takes place in compliance with Section 14 of the Municipal Finance Management Act, see part 34 below.

Once the fixed assets are alienated, the chief financial officer shall delete the relevant records from the fixed asset register. If the proceeds of the alienation are less than the carrying value recorded in the fixed asset register, such difference shall be recognized as a loss in the income statement of the department or vote concerned. If the proceeds of the alienation, on the other hand, are more than the carrying value of the fixed asset concerned, the difference shall be recognized as a gain in the income statement of the department or vote concerned.

All gains realized on the alienation of fixed assets shall be appropriated annually to the municipality's Capital Replacement Reserve except in the cases outlined below , and all losses on the alienation of fixed assets shall remain as expenses on the income statement of the department or vote concerned.

If, however, both gains and losses arise in any one financial year in respect of the alienation of the fixed assets of any department or vote, only the net gain if any on the alienation of such fixed assets shall be appropriated. Every head of department shall report to the chief financial officer on 31 October and 30 April of each financial year on any fixed assets which such head of department wishes to have written off, stating in full the reason for such recommendation.

The chief financial officer shall consolidate all such reports, and shall promptly submit a recommendation to the Council of the municipality on the fixed assets to be written off. In every instance where a not fully depreciated fixed asset is written off, the chief financial officer shall immediately debit to such department or vote, as additional depreciation expenses, the full carrying value of the asset concerned see also part Such norms and standards shall be incorporated in a formal policy, which shall be submitted to the Council of the municipality for approval.

This policy shall cover the replacement of motor vehicles, furniture and fittings, computer equipment, and any other appropriate operational items. Such policy shall also provide for the replacement of fixed assets which are required for service delivery but which have become uneconomical to maintain.

The municipal manager shall recommend to the Council of the municipality, after consulting with the chief financial officer, the basis of the insurance to be applied to each type of fixed asset: Such recommendation shall take due cognisance of the budgetary resources of the municipality. The chief financial officer, in consultation with the head s of department concerned, shall ensure that all biological assets, such as livestock and crops, are valued at 30 June each year at fair value less estimated point-of-sales costs.

Such valuation shall be undertaken by a recognized valuer in the line of the biological assets concerned.

Any losses on such valuation shall be debited to the department or vote concerned as an operating expense, and any increase in the valuation shall be credited to the department or vote concerned as an operating revenue. If any biological asset is lost, stolen or destroyed, the matter - if material - shall be reported in writing by the head of department concerned in exactly the same manner as though the asset were an ordinary fixed asset.

Records of the details of biological assets shall be kept in a separate section of the fixed assets register or in a separate accounting record altogether and such details shall reflect the information which the chief financial officer, in consultation with the head of department concerned and the internal auditor, deems necessary for accounting and control purposes.

Buildings and other assets Ambulance stations All buildings to be uniform with the accounting policy and what PWC does in the asset register Aquariums 30 Beach developments 30 Care centres 30 Cemeteries 30 Civic theatres 30 Clinics and hospitals 30 Community centres 30 Fire stations 30 Game reserves and rest camps 30 Indoor sports 30 Libraries 30 Museums and art galleries 30 Parks 30 Public conveniences and bath houses 30 Recreation centres 30 Sports and related stadiums 30 Zoos 30 Recreation facilities Bowling greens 20 Tennis courts 20 Swimming pools 20 Golf courses 20 Jukskei pitches 20 Outdoor sports facilities 20 Organs that is, pipe organs that are fixtures in a municipal hall or other centre 20 Lakes and dams 20 Fountains 20 Flood lighting 20 Sum-of-units method of depreciation may be preferred.

However, the following will be among the most frequently encountered: A municipality may alienate any other capital asset, but provided: Supply chain management policy 11 3. Amendment of the supply chain management policy 13 4. Delegation of supply chain management powers and duties 13 5. Oversight role of the council 15 7. Supply chain management unit 16 8. Training of supply chain management officials 16 9. Format of supply chain management system 16 System of demand management 16 System of acquisition management 17 Range of procurement processes 18 Special categories of bidders and suppliers 19 General preconditions for consideration of written quotations or bids 20 Lists of accredited prospective providers 21 Petty cash purchases 22 Written or verbal price quotations 22 Formal written price quotations 23 Procedures for procuring goods or services through written or verbal quotations and formal written price quotations 23 Competitive bidding process 24 Process for competitive bidding 24 Bid documentation for competitive bids 25 Public invitation for competitive bids 26 Procedure for handling, opening and recording of bids 27 Negotiations with preferred bidders 28 Two-stage bidding process 28 Committee system for competitive bids 29 Bid specification committees 29 Bid Specifications and related matters 30 Procurement from tertiary institutions 40 Bid evaluation committees 40 Bid adjudication committees 43 Procurement of banking services 45 Procurement of IT related goods or services 45

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Further to this, Japanese equities suffered the whims of foreign investors keen to test Prime Minister Abe's commitment to his "third arrow" of reform. In the second quarter, doves were in the ascendance in terms of monetary policy but not in the field of geopolitical conflict. Although geopolitical risks in Ukraine have somewhat subsided from the elevated levels of the first quarter, tensions remain high. The Middle East saw a serious upsurge in conflict, as insurgents swept through large swathes of Iraq from their rebel bases in Syria.

The threat of deflation was the looming theme in the eurozone. With the strong euro and falling energy prices contributing to low inflation levels, the European Central Bank "ECB" cut its deposit facility rate to negative 0. ECB President Mario Draghi made it clear that all tools are still on the table, and the bank began quantitative easing in January , after the reporting period ended.

The third quarter bore witness to some uncommon events, and uncertainty led to increased volatility. For the first time in years, the UK's identity relied on the outcome of the Scottish independence referendum that was ultimately rejected by voters.

The ECB enacted historic measures, moving into negative rates on its bank deposits, also. Maximize total return, consisting of capital appreciation and current income.

These events, along with geopolitical unrest and a much anticipated US Federal Reserve Board "Fed" meeting all led to increased market volatility and poor market performance for most asset classes. The fourth quarter had a volatile start, as investors became skeptical of the global growth story, which triggered risk aversion. The fact that this was driven by technical factors is supported by the outperformance of small- and mid-cap stocks. Had the sell-off been based on changing fundamentals, these cyclically sensitive stocks would have likely been the worst hit.

The short nature of the sell-off was illustrated by the VIX market volatility index, which spiked up to its recent high of over 26 and then quickly receded to its normal level, hovering around However, volatility again returned as sharply falling oil prices and events in Greece and Russia contributed to briefly springing the VIX back up to 24 in mid-December Strong performance came from US equities, which continued to be supported by a sustained US economic recovery, as well as US equities' status as safe haven assets during periods of elevated concern about global growth.

Japanese equities also added to performance, as the Bank of Japan continued to enact supportive stimulus measures. Emerging markets came under pressure as the price of oil fell and the US dollar rose. We continue to prefer equities over cash, sovereign bonds, investment grade corporate bonds and high yield corporate bonds.

In our view, companies should profit from the global economic recovery, better-than-expected economic data, a solid US economy, lower energy prices and the interest rate environment, which should allow for higher margins.

Central banks' monetary policies remain, on a global basis, rather supportive of growth. While the Fed could start raising its leading interest rates in the second half of , the European Central Bank and the Bank of Japan are far away from any rate move.

While the Bank of England has been seen as a candidate for rate hikes in the first half of , the latest economic indicators and comments tend to show that a first rate rise could be delayed to the second part of at the earliest. While we see potential negative risks in the short term, such as uncertainties surrounding ECB action and questions over the policies of the new Greek government, we believe that our positive stance on equities will be rewarded in However, we expect volatility to increase.

Within fixed income, we have revised our view from negative to neutral. With central bank intervention and volatile oil prices, it seems that yield curve compression could continue for a while.

We remain cautious on high yield bonds, corporate bonds and emerging markets debt, as energy prices could impact a large portion of these asset classes, and a rising US dollar is substantially negative for emerging markets debt.

We thank you for your continued support and welcome any comments or questions you may have. This letter is intended to assist shareholders in understanding how the Fund performed during the 12 months ended December 31, The views and opinions in the letter were current as of February 17, They are not guarantees of future performance or investment results and should not be taken as investment advice. Investment decisions reflect a variety of factors, and we reserve the right to change our views about individual securities, sectors and markets at any time.

As a result, the views expressed should not be relied upon as a forecast of the Fund's future investment intent. We encourage you to consult your financial advisor regarding your personal investment program. Mutual funds are sold by prospectus only.

You should read it carefully and consider a fund's investment objectives, risks, charges, expenses and other important information contained in the prospectus before investing. Prospectuses and more current performance for most of our funds can be obtained from your financial advisor, by calling UBS Funds at , or by visiting our Web site at www.

Performance at a glance unaudited. Investors should note that indices do not reflect the deduction of fees and expenses. Net total return indices reinvest dividends after the deduction of withholding taxes, using a tax rate applicable to non-resident institutional investors who do not benefit from double taxation treaties. The index is constructed and managed with a view to being fully investable from the perspective of international institutional investors.

Past performance does not predict future performance, and the performance information provided does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The return and principal value of an investment will fluctuate, so that an investor's shares, when redeemed, may be worth more or less than their original cost. Performance results assume reinvestment of all dividends and capital gain distributions at net asset value on the ex-dividend dates.

Current performance may be higher or lower than the performance data quoted. Industry diversification unaudited 1. As a percentage of net assets as of December 31, Cash and other assets, less liabilities. Figures might be different if a breakdown of the underlying investment company was included. Notes to portfolio of investments. Net unrealized appreciation of investments. For a listing of defined portfolio acronyms, counterparty abbreviations and currency abbreviations that are used throughout the Portfolio of investments as well as the tables that follow, please refer to page Portfolio footnotes begin on page Forward foreign currency contracts.

Net unrealized appreciation on forward foreign currency contracts. US Treasury futures sell contracts: Index futures buy contracts: Index futures sell contracts: Interest rate futures buy contracts: Interest rate futures sell contracts: Euro-Bund, 8 contracts EUR.

Net unrealized depreciation on futures contracts. Written options activity for the year ended December 31, was as follows: Options outstanding at December 31, Options terminated in closing purchase transactions. Options expired prior to exercise. The following is a summary of the fair valuations according to the inputs used as of December 31, in valuing the Fund's investments: Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States.

This security is considered liquid, unless noted otherwise, and may be resold in transactions exempt from registration, normally to qualified institutional buyers. See accompanying notes to financial statements. For the month period, the Fund declined For more on the Fund's performance, see "Performance at a glance" on page The Advisor believes these modifications will better align the Fund's investment strategies with its views of market opportunities, better position the Fund from a competitive standpoint and result in better risk-adjusted returns for the Fund as a whole.

It is important to note that the Fund's investment objective did not change. The transition from the Fund's previous strategy to its new strategy occurred on or about September 16, The Commerce Department reported that first quarter gross domestic product "GDP" contracted at a 2. However, this was a temporary setback for the economy, as GDP growth was 4. In advanced economies, the legacies of the pre-crisis boom and the subsequent crisis, including high private and public debt, still cast a shadow on the recovery.

Emerging markets are adjusting to rates of economic growth lower than those reached in the pre-crisis boom and the post-crisis recovery. Provide long-term capital appreciation. Elsewhere the IMF projects that overall growth in emerging markets countries will decelerate in , with expected growth of 4. For the year, the Index fell 4. The poor performance by international equities was due to several factors, including weak growth in Europe, Japan falling back into a recession, fears of deflation and several geopolitical issues.

The Fund's performance is typically driven by stock selection, and sector allocations are a byproduct of our bottom-up stock selection process. During the period, a number of individual stocks contributed to performance. From January 1, through September 15, , the following stocks were the largest contributors to performance: Its share price rose after reporting in-line quarterly results that confirmed an improving outlook for construction demand related to the upcoming Olympics, post-earthquake reconstruction demand and construction of the Chuo Shinkansen Maglev, a high-speed rail line.

This position was closed in September , as the Fund was rebalanced to the global ex-US equity mandate. Positive news over the period regarding the acquisition of rights to various treatments, along with better than expected earnings results, were key drivers of the share price. Ingenico reported strong second quarter results as sales growth exceeded expectations.

The company saw strong results in North America on the back of strength in its US business and acceleration in demand from a key Canadian customer.

From September 16, , when the new strategy became effective, through December 31, , the following stocks were the largest contributors to performance: The company has recently reported sales and profits significantly ahead of expectations and has raised its full-year operating profit forecasts, which we feel remain conservative.

In addition, after a record year for unit sales in North America, Fuji Heavy Industries has slightly raised its forecast for capacity additions in the US. The stock outperformed after reporting results in line with market expectations. The company also reiterated guidance, which was viewed.

The appointment in November of the new Chief Executive Officer, Stephen Kelly, was also viewed favorably, as he has a strong reputation for implementing change and driving effective turnarounds. Its shares outperformed during the reporting period as a result of several factors. The recent collapse in oil prices has reduced costs, the airline is favored by customers as it is cheap relative to peers, and there has been a surge in demand for tickets.

Ryanair also indicated a profit upgrade as a result of excellent passenger growth. Several stocks produced disappointing results and detracted from performance during the reporting period. From January 1, through September 15, , the following stocks were the largest detractors from performance: Negative news flow regarding order cancellations weighed on the company's share price, and the position was closed in July The company planned to sell a large stake in its Otemachi Tower, which, while paying down long-term debt, will hurt long term earnings potential.

From September 16, , when the new strategy became effective, through December 31, , the following stocks were the largest detractors from performance: Its share price declined as a result of the considerable weakness in oil prices. We continue to hold the stock, as the company is completing some major capital projects below budget and is expected to soon benefit from an improved free cash flow profile.

The company requires very low capital expenditures to sustain production, which is expected to enable it to withstand a period of low oil prices, unlike most of its major competitors. Its share price fell dramatically as a result of the collapse in oil prices, which has caused oil exporters to suffer significant losses. Although the fundamentals of Premier Oil have remained intact, the weakening share prices across the energy sector created a number of attractive opportunities, and we recently reduced our position in Premier Oil in favor of a better-priced holding, Gran Tierra Energy, which we believe has a stronger balance sheet and better upside.

We reduced our position, as we believe low oil prices are increasing stress on the company's balance sheet. The company has taken significant measures to shore up its balance sheet by selling assets, cutting capital expenditures and decreasing its dividend.

Despite the sharp decline in oil prices, it is still able to generate free cash flow after the capital. However, the extent of the decline in oil prices has meant that the cuts are starting to result in a reduction in next year's production. This, in turn, has considerably weakened our longer term outlook for the company, resulting in our decision to reduce this position.

However, greater uncertainty surrounding the outlook elsewhere in the world has held back expectations and share prices, creating some attractive valuation opportunities in Japan and Europe. Consumption globally is likely to be supported by low energy prices through , although we expect some recovery from the current unsustainable levels.

We thank you for your continued support, and welcome any comments or questions you may have. The amount reinvested is the entire dividend distributed to individuals resident in the country of the company, but does not include tax credits. Top ten equity holdings unaudited 1. As of December 31, Fuji Heavy Industries Ltd. Country exposure by issuer, top five unaudited 1. Real estate investment trust REIT. Figures might be different if a breakdown of the underlying investment companies were included.

Canadian Oil Sands Ltd. Total Canada common stocks. Hollysys Automation Technologies Ltd. Jardine Matheson Holdings Ltd. Total China common stocks. Total Denmark common stocks. Sampo Oyj, Class A. Total France common stocks. Total Germany common stocks. Astra International Tbk PT. Total Indonesia common stocks. Total Ireland common stocks. Check Point Software Technologies Ltd. Total Italy common stocks.

Tokio Marine Holdings, Inc. Total Japan common stocks. Total Netherlands common stocks. Sberbank of Russia ADR. Total South Korea common stocks. Total Spain common stocks. Total Switzerland common stocks.

Total United Kingdom common stocks. Net unrealized depreciation of investments. Net unrealized depreciation on forward foreign currency contracts. For the month period, the Fund returned 7. While the Fund generated a positive return during the reporting period, it underperformed its benchmark.

This was due primarily to yield curve and duration positioning. The Fund used US Treasury futures during the reporting period to adjust its duration positioning. Overall, our duration strategy detracted from performance during the six-month period.

After three consecutive years of generally modest growth, the overall US economy contracted in the first quarter of This was the first negative reading since the first quarter of , and the downturn was partially attributed to severe winter weather in parts of the country.

However, this proved to be a temporary setback for the economy, as GDP growth was 4. The US Federal Reserve Board the "Fed" largely maintained its accommodative monetary policy during the reporting period. The federal funds rate or the "fed funds rate," is the rate banks charge one another for funds they borrow on an overnight basis.

Then, at the Fed's meeting in October, it said it had concluded its asset purchase program. Finally, at its meeting that concluded on December 17, , the Fed said "Based on its current assessment, the Committee judges that it can be patient in beginning to normalize the stance of monetary policy.

Turning to the bond market, when the reporting period began, there were expectations that the economy would continue to expand and that Treasury yields would move higher.

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Revenue collection improvement FVM 2. Focus Area A safe and secure living environment 27? No of engagements with potential litigators SSE 2. Required traffic management measures are implemented according to legislation SSE 2. No of conditional funding programmes in place LHE 2. No of strategic partners engaged successfully LHE 2. No of conditional bursanes awarded Strategic Goal 3: Key performance area Expected Impact: No of beaches obtaining full blue flag status and pilot blue flag beach status NBE 3.

No of law enforcement patrols carried out estuaries, beaches, nature reserves Impact of patrols, reduced violations Nature reserve management NBE 3.

Ecological capacity of the reserve not exceeded, effectively manage the accommodation estb in the reserve including maintenance of hiking trails, No of fence patrols Disaster management Start the process of programme implementing the disaster risk assessment outcomes from SBDM NBE 3. Concept document developed and discussed with potential signature events partners EWS 3. The draft budget related policies are as follows: The economic conditions in which we have had to operate over the past year have resulted in an increase in outstanding debtors and limited funds going to capital development and maintenance.

Over the past few years Ndlambe Municipality has had no capital procured from internal funds and repairs and maintenance expenditure has been curbed to balance the budgets ensuring that the increases imposed were acceptable to all stakeholders. Using these assumptions and trying to keep the increase to consumers at affordable levels has once again impacted on both the capital and operating budgets. During the financial year, Council may resolve to make further allocations or grants based on the merits of the applicant.

Table SA 29 in the same section provides monthly projections for capital expenditure by vote. From the information provided it is clear to note that expenditure can only be incurred if the revenue is in our bank account.

Cash flow management is going to have to be a priority throughout the year and directors will only be permitted to incur expenditure if the revenue has been received. The plans are in draft form and once Council has approved the budget, Directors will be required to finalize their plans and submit them to the Mayor within the legislated time. The attached documents can be viewed on our website www.

Penny Lmdstrom is appointed to complete supplementary valuation in terms of local Government. The contract is from the 07 June to the 30 June The total cost of the based on the initial charge of R10 per month and 3 calendar month written notice of termination. By documenting service delivery standards the community will have realistic expectations about the nature of the services being delivered.

I, further certify that the municipality has in place controls to ensure that any changes to the adopted budget will be captured separately and only in accordance with: Government Finance Statistics Functions and Sub-functions are standardised to assist the compilation of national and international accounts for comparison purposes 2.

Total Revenue by functional classification must reconcile to Total Operating Revenue shorn in Budgeted Financial Performance revenue and expenditure 3. All amounts must be classified under a functional classification. Nothing else may be placed under 'Other'.

Assign associate share to relevant classification. Language Policy - Libraries and Archives: Wr to management - - - - - - 11 mss f 12 Recycling.

I Street Cleaning - - Ofter - - MB 13 Asset Management 1 f4? Nothing efee may be placed imder'Otliat'. Insert Vote 1 ; e. Classifications am revenue sources and expenditure type 2. Detail to be provided in Table SA1 1 Previously described as "bad or doubtful debts' - amounts shown should reflect the change in the provision for debt impairment 4. Expenditure type components previously shown under repairs and maintenance should be allocated back to the originating expenditure groupMem; e.

Contnbubons are Ms provided by external organisations to assist with infrasbucture development; e. Detafl to be provided in Table SA3 2. DetBil to be provided in Table SA3. Indudes reserves to be funded by statute. Must reconcile with Budgeted Cash Flows 2 For example: Council approval hr policy required - include sufficient worfdng capital e.

Detail of new assets provided in Table SA34a 2. Must reconcile to total capital expenditure on Budgeted Capitd Expenditure 5. Must reconcile to 'Budgeted Financial Positron' written down value 6. Detail of upgrading of existing assets provided in Table SA34e 7. Pension and UIF Contributions 3 Mist recondite to supporting documentation on staff salaries 3. ItvScotive of sufficient itqusdify to meet average monthly operating payments 4. Substantiation ofNationaltProvfnce eSocatkm Included in budget Residential rate used to determine rate for other categories?

Required to implement new system FTE 5. Included in rate revenue budget 8. Replacement of RSC levies 4. Housing subsidies for housing where ownership transferred to organisations or persons outside the control of the municipality 5. Total transfers and grants must reconcile to Budgeted Cash Flows 6.

Balance unspent at beginning of the year Current year receipts 63 80 92 4 52 92 mm 91 Conditions met - transferred to revenue 63 92 ] 97 Conditions still to be met - transferred to liabilities Provincial Government: Balance unspent at beginning of the year Current year receipts 1 ne ' on i.

Balance unspent at beginning of the year Current year receipts 3 2 1 Balance unspent at beginning of the year Current year receipts 1 1 Conditions met - transferred to revenue - - - - - - - - - Conditions still to be met - transferred to liabilities Total operating transfers and grants revenue 68 69 84 Total operating transfers and grants - CTBM 2 - - - - - - - - - Caoltal transfers and arants: Total capital transfers and grants revenue must reconcile to Budgeted Financial Performance and Financial Position; total recurrent grants revenue must reconcile to Budgeted Financial Performance 2.

Insert description Sstad by municipal name and demarcation code of recipient 2. Insert description of each entity or external mechanism an external mechanism may be provided noth resources to ensure a minimum level of service 3. Insert description of each Organ of State e. Insert description of each other organisation e. HM 1 Tota: Pension and medical aid 2. Total package must equal the total cost to the municipality 3.

Ust each political office bearer by designation. Provide a total for all other councillors 4. Poiiticai office bearer is defined in MFMA s 1: List each entity where municipality has an interest and state percentage ownership and control 7. Must reconcile to totals shown for the budget year of Table SA22 1 0. Positions must be funded and aligned to the municipality's current organisational structure 2.

Include only in Consolidated Statements 5. Include municipal entity employees in Consolidated Statements 6. Include headcount number to persons, Not FTE of managers and staff only exclude councillors 1. Managers who provide the direction of a critical technical function 8. Ol to -X -i gi to to -i 0 i o ui jx '-j cd Ot33tH-F-4k.

S i sssija riia I I? Manpii OnpInE ajogrt 1. J - 4 - ' f Libraries Zoo's. Marine and Non-bfelodicat Animate 1 '1.

Assign associate share to relevant ebtOkmo ' only for Abbahm, Air Transport, Markets and Tourism - and if used must be supported by footnotes. Air Transport, Markets and Tourism -and If used must be supported by footnotes. Include completed low cost housing to be transferred to beneficiaries within 12 months 3.

Detail to be provided in Table SA3. Includes reserves to be funded by statute. Surpius shortfall 12 24 67 67 15 15 21 26 4 15 9 References 1. Must reconcile with Budgeted Cash Flows 2. Council appnwel for policy required - include suffimnf wMig capital e. Detail of tow assets provided in Table SAZ4a 2. Positive cash balances indicate of minimum compliance - subject to 2 2.

Deduct cash and investment applications defined frwn cash balances 3. Residential rate used to determine rate tor other categories? To give effect to rates policy 3. Full Time Equivalent FTE should be expressed to one decimal place and takes into account foil time and part time staff 4. Required to implement new system FTE 5 Provide relevant information for historical comparisons. Must reconcile to the total of Table SA12 6. Current and budget year must reconcile to Table A4 Budgeted Financial Performance revenue and expenditure 7.

Waste water tariffs Sanjfoficn: Removal by truck per load ei i 1 Sanitation: Pit Inspection Health Sanitation: Out of Urban 'Edge if swrvtce m Sewerage: Connection fees reinstated i 1 Sewerage: Household j jpp j Sewerage: Business 29i Sewerage: Housing Scheme-per dwelling up: G project mansysment 1 1 i m - - Provincial Government: Each transfenfgrant is listed by name as gazetted together with the name of the transferring department or municipality, donor or other organisation 2.

Total transfers and grants must reconcile to Budgeted Cash Fkm 6. Balance unspent at beginning of the year Current year receipts Conditions met - transferred to revenue Conditions still to be met - transferred to liabilities Provincial Government Balance unspent at beginning of the year Current year receipts Conditions met - transferred to revenue Conditions still to be met - transferred to liabilities District Municipality: Balance unspent at beginning of the year Current year receipts Conditions met - transferred to revenue Conditions still to be met - transferred to liabilities 91 - - - - lift 1S11 2 ft?

A i m i 1 i - - - - mm 1 - - - - - - - - - Total operating transfers and grants revenue 69 84 - - - - Total operating transfers and grants - CTBM 2 - - - - - - - - - Caoltal transfers and Grants: Balance unspent at beginning of the year Current year receipts Conditions met - transferred to revenue Conditions still to be met - transferred to liabilities District Municipality: Inrert description ofe ch Organ of Stef: Pension and medical sod 2.

List each political office bearer by designation. Political office bearer is defined in MFMA s 1: List each senior manager reporting to the CEO of an Entity by designation 8.

Must reconcile to relevant section of Table SA24 9. Must reconcile to totals shown for the budget year of Table SA22 For municipalities with approved total revenue not exceeding R m-aH contracts with an annual cost greater than R Revenue Obligation Bv Contract L 1 sg j? For example - technology backbones fe. Work-in-progmssAmder construction to be budgeted under the respective Asm 5.

Busses ursd to provide a service to the community B. Not munidpai contributions to the top structure' being built using flhe housing subsidies ft Statues, art collections, medals ate. For example - technology backbones e. Dcwtedfcwitributed 6 leased assets to be included wrthm the respedive sub-dass 7. Busses used to provide a service to the community 8.

Statues, art collections, medals etc. Not Including Depredation resulting from mahutbn, 2. Work-in-progrtmsAmcter construction to be budgeted under the respective item 5. Busses used to provide a sendee to the community 8. Not municipal contributions to the top structure' being buSt using the housing subsidies 9. Captfaf expendifum by fur? Must reconcile to snorting table SA20 and to Budgeted Financial Performance revenue and expenditure 5 Uust reconcile to Budgeted Financial Performance revenue and expenditure 6.

Indude finance leases and PPP capita! Include capital component of PPP unitary payment. Section and any other applicable provisions of the Constitution; ii. The provisions of the Property Rates Act; and iii. The rates policy 1. Such consumers include an owner, landlord tenant or occupant.

All other terms are used within the context of the definitions contained in the Municipal Property Rates Act, Act No.

Rates are levied in accordance with the Act as an amount in the rand based in proportion to the improved value of all rateable property contained in the Municipality's valuation roll and supplementary valuation roll. As allowed for in the Act, the Municipality has chosen to differentiate between various categories of property and categories of owners of property.

Some categories of property and categories of owners are granted relief from rates. The Municipality however does not grant relief in respect of payments for rates to any category of owners or properties, or to owners of properties on an individual basis, other than by way of an exemption, rebate or reduction provided for in this policy.

Phasing in of rates will be based on the new valuation roll, and in terms of Section 21 of the Act. Property rates will be used to finance community and subsidised services and not used to subsidise trading and economic services. The income base of the municipality will be protected by limiting exemptions, rebates and reductions.

The rates policy for the Municipality is also based on the following principles: It does not make specific property rates proposals. The Municipality may differentiate between the following property categories: The impermissible rates contemplated in terms of section 1 7 1 h of the Act is included in this value.

National, Provincial and Municipal road reserves as well as railway reserves are exempted from payment of rates. Occupiers without life rights that pay rentals, the organisation will be required to submit all rentals payable by the occupant.

The Municipality reserves the right to refuse rebates if the details supplied in the application form are incomplete, incorrect or false.

All other property in a retirement establishment not occupied by a tenant or owner for residential purposes will not qualify for a rebate. The council may grant a rebate to the following categories: The following criteria will apply: Rebates on this category Rate Rebate Retired and Disabled Persons qualify for special rebates according to monthly household income. To qualify for the rebate a property owner must: These applications must reach the Municipality before the end of September preceding the start of the new Municipal financial year for which relied is sought.

Properties with a market value below a prescribed valuation level These properties instead of a rate determined on the market value may be levied a uniform fixed amount per property.

Private Roads All roads in private developments that are on individual erven can receive a rebate as per Schedule 1. The phasing-in discount will be determined as follow: Newly Rate able property owned and used bv Public Benefit Organisations Rates levied on newly rateable property owned and used by organisations conducting specified public benefit activities determined by Council and registered in terms of the Income Tax Act for those activities will be phased in over a period of four financial years.

After the exclusion period has lapsed, rates payable on the properties concerned will be phased-in over a period of three financial years. The phasing-in discount will be determined as follows: Rates Policy Ndlambe Local Municipality Page 18 of 26 Accounts delivered after the 30 days notice will be based on the new rates. Twelve equal monthly instalments will be used as default method to levy property rates on the accounts of owners and owners will have to apply for an annual payment. Interest will be calculated on arrears.

Arrear rates may be recovered from tenants, occupiers and agents of the owner, in terms of Section 28 and 29 of the Act. The Municipality will only recover the outstanding rates from the tenant or occupier after a written notice has been served to the tenant or occupier. The tenant or occupier must set off any amount recovered from them by the municipality against any money owed to the owner.

The Municipality will only recover the outstanding rates from the agent after a written notice has been served to the agent. Joint owners of a property are jointly and severally liable for the amount due for rates on that property. The Municipality may not recover the rate on such sectional title unit, or any part of such rate, from the body corporate controlling the sectional title scheme, Rates Policy Ndlambe Local Municipality Page 20 of 26 except when the body corporate itself is the owner of any specific sectional title unit.

All rateable properties in the Municipal area of Ndlambe must be valued during such general valuation, including properties fully or partially excluded from rates in terms of section 1 7 of the Property Rates Act. The general valuation must reflect the market value of properties in accordance with the market conditions that apply as at the date of the valuation, an in accordance with any other applicable provisions of the Property Rates Act.

A valuation roll takes effect from the start of the financial year. Following completion of the public inspection period required by the Act and remains valid for that financial year and subsequent years but not exceeding four financial years. The market value of a property is the amount the property would have realized if sold on the date of valuation in the open market by a willing seller to a willing buyer. When valuing a property which is subject to a sectional title scheme, the valuator must determine the market value of each sectional unit in the scheme.

The Municipality must regularly, at least once a year update its valuation roil by causing a supplementary valuation roll to be prepared. The Municipal Manager must: Advertise in the media a notice stating that a draft rates policy has been prepared for submission to the Council, and that such policy is available at various Municipal offices for public inspection and is also available on the website if any, and inviting local community to submit comments and representatives to the Municipality within a period specified in the notice but which period shall not be less than 30 days.

Council must take all comments and representations made to it into account when considering the draft rates policy. The Municipality must draw up and maintain a register in respect of all properties situated within the Municipality jurisdiction, dividing such register into part A and part B.

Part A of the register consists of the current valuation roll of the Municipality including any supplementary valuation rolls prepared from time to time.

Part B of the register specifies which properties on the valuation roll or any supplementary valuation roll are subject to: An exemption from rates in terms of section 1 5 of the Property Rates Act; A rebate on or a reduction in the rate in terms of section 1 5; A phasing in of the rate in terms of section 21 ; An exclusion referred to in section The register must be open for inspection by public during office hours.

Council must at regular intervals annually update part B of the register. Agricultural consumer Refer oar. Owner with income up to R per month All applications will be subjected to verification before approval. In terms of section 17 of the Act, a Municipality may not levy a rate: It is accepted that large sections of the community cannot exist without intervention and it is therefore the duty of the municipality to support and to ensure that citizens are able to access their constitutional right to have access to a basic level of services.

The municipality must therefore at all times strive to fulfill the constitutional objectives as contemplated in Section of the Constitution and to meet the criteria for a credible indigent policy as laid down in the Credible Indigent Policy Assessment Framework, , provided by the Department of Local Government. With regard to affordability the foundation is laid in section 74 of the Municipal Systems Act, , which stipulates that poor households must have access to basic service through tariffs that cover only the operating and maintenance costs.

The municipality therefore adopts an indigent support policy which embodies an indigent support programme not only providing procedures and guidelines for the subsidisation of service charges to indigent households in its area of jurisdiction, but also to increase the quality of life of the beneficiaries by assisting them to exit from indigence.

Such categorization will be based on zonal socio- economic conditions. The effective targeting of indigent households and the implementation of this policy will depend largely on the social analysis included in the IDP, the LED initiatives and other poverty relief programmes of the municipality. The socio-economic information and performance indicators contained in these documents must form the basis for the targeting of indigent households.

Within the abovementioned budgetary process, and in striving to create a situation where poor households will be granted access to a full social package, the following assistance and support may be granted in respect of one property per applicant. This subsidy may also apply to registered indigent households in rural areas where the municipality is the electricity supplier while agreements with Eskom, where the latter is the supplier, may be negotiated to support such households. Regular information dissemination and awareness campaigns must be undertaken to eliminate unrealistic expectations both in terms of qualifying for subsidy as well as service delivery in general and methods of communication may include, but will not be limited to: Such forms will be available at approved registration points provided by the municipality and shall be dealt with in terms of the Procedures Manual.

In the case where the occupants are old-age pensioners and the state pensions are the only source of income, there is no need for re-registration unless the financial status changes or improves. The first phase will be at a subcommittee level, consisting of ward Councilor with its ward committee. The second phase shall be at a Municipal level, nominated to review all indigent applications approved by the ward indigent subcommittee. The subcommittee system is aimed at providing, transparency, public participation and ensuring equitable treatment of all applicants.

Households, in terms of the audit and review process, will be subjected to scrutiny to determine any change in status. Households may have to periodically re- apply, but this would be determined by the municipality from time to time.

Written objections from the public must be referred to the Programme Officer who will be responsible for investigating the validity of the complaint and referral to the Indigent Committee for appropriate action. The frequency of such audits will depend on the institutional capacity of the municipality to do so. It is proposed that at least monthly targeted audits and reviews are undertaken, with a complete review scheduled for at least every 5 years.

As part of a broader poverty reduction programme the municipality undertakes to provide for the participation and accommodation of indigent persons in its local economic development LED initiatives and in the implementation of integrated development programmes where possible.

The municipality must promote exit from indigence by - 9. Such report shall reflect on: The following acts form the basis of the content of this policy: This policy sets out the budgeting principles that the municipality will follow in preparing each annual budget and sets parameters for any fiscal measures of intervention to achieve its objectives.

The budget and the budget preparation process shall comply with legislative requirements and specifically with Chapter 4 of the Municipal Finance Management Act, Act 32 of and nothing contained in this policy shall contradict any legislation. The municipality shall not budget for a deficit and must also ensure that revenue projections in the budget are realistic taking into account actual collection levels.

Expenses may only be incurred in terms of the approved annual budget or adjustments budget and within the limits of the amounts appropriated for each vote in the approved budget. Ndlambe Local Municipality shall prepare three-year budgets medium term revenue and expenditure framework - MTREF which shall be reviewed and approved annually by the Council. Budget Timetable The formulation, consideration and approval of a budget timetable for the ensuing medium term shall be done in accordance with the legislative requirements in the MFMA and must be aligned with the IDP timetable.

Attached as Annexure A is a detailed budget timetable that will guides the annual process. Budget Strategy The Chief Financial Officer shall assist the Mayor to prepare a budget strategy which shall contain the principles, objectives and strategies that will apply during the forthcoming budget preparation process. Exact name of registrant as specified in charter. Address of principal executive offices. New York, NY Name and address of agent for service. Date of fiscal year end: Date of reporting period: Performance at a glance.

Summary of municipal securities by state. Explanation of expense disclosure. Statement of assets and liabilities. Statement of changes in net assets. Notes to financial statements. Report of independent registered accounting firm. This page intentionally left blank. For the month period, the Fund gained 4.

For more on the Fund's performance, see "Performance at a glance" on page 5. The Fund produced a positive return during the reporting period, primarily due to market allocation strategy. During the review period, derivatives were used for risk management, currency hedging and as a tool to express our investment views across equities, fixed income and currencies. These derivatives can take the form of futures, forwards, swaps and options.

During the period, the derivative instruments utilized were effective in achieving the intended portfolio allocations across all asset classes. The market began with an almost universally held consensus view that the US economy would return to 'normal' growth and that the Eurozone would be on its way to recovery. As often seems to happen when markets reach broad agreement, events conspired to upset the consensus. Severe weather hit the US in January and continued into February, turmoil rocked the emerging markets and geopolitical tensions arose between Russia and the West over events in Ukraine.

Further to this, Japanese equities suffered the whims of foreign investors keen to test Prime Minister Abe's commitment to his "third arrow" of reform. In the second quarter, doves were in the ascendance in terms of monetary policy but not in the field of geopolitical conflict. Although geopolitical risks in Ukraine have somewhat subsided from the elevated levels of the first quarter, tensions remain high. The Middle East saw a serious upsurge in conflict, as insurgents swept through large swathes of Iraq from their rebel bases in Syria.

The threat of deflation was the looming theme in the eurozone. With the strong euro and falling energy prices contributing to low inflation levels, the European Central Bank "ECB" cut its deposit facility rate to negative 0. ECB President Mario Draghi made it clear that all tools are still on the table, and the bank began quantitative easing in January , after the reporting period ended. The third quarter bore witness to some uncommon events, and uncertainty led to increased volatility.

For the first time in years, the UK's identity relied on the outcome of the Scottish independence referendum that was ultimately rejected by voters. The ECB enacted historic measures, moving into negative rates on its bank deposits, also. Maximize total return, consisting of capital appreciation and current income. These events, along with geopolitical unrest and a much anticipated US Federal Reserve Board "Fed" meeting all led to increased market volatility and poor market performance for most asset classes.

The fourth quarter had a volatile start, as investors became skeptical of the global growth story, which triggered risk aversion. The fact that this was driven by technical factors is supported by the outperformance of small- and mid-cap stocks. Had the sell-off been based on changing fundamentals, these cyclically sensitive stocks would have likely been the worst hit. The short nature of the sell-off was illustrated by the VIX market volatility index, which spiked up to its recent high of over 26 and then quickly receded to its normal level, hovering around However, volatility again returned as sharply falling oil prices and events in Greece and Russia contributed to briefly springing the VIX back up to 24 in mid-December Strong performance came from US equities, which continued to be supported by a sustained US economic recovery, as well as US equities' status as safe haven assets during periods of elevated concern about global growth.

Japanese equities also added to performance, as the Bank of Japan continued to enact supportive stimulus measures. Emerging markets came under pressure as the price of oil fell and the US dollar rose.

We continue to prefer equities over cash, sovereign bonds, investment grade corporate bonds and high yield corporate bonds. In our view, companies should profit from the global economic recovery, better-than-expected economic data, a solid US economy, lower energy prices and the interest rate environment, which should allow for higher margins. Central banks' monetary policies remain, on a global basis, rather supportive of growth.

While the Fed could start raising its leading interest rates in the second half of , the European Central Bank and the Bank of Japan are far away from any rate move. While the Bank of England has been seen as a candidate for rate hikes in the first half of , the latest economic indicators and comments tend to show that a first rate rise could be delayed to the second part of at the earliest. While we see potential negative risks in the short term, such as uncertainties surrounding ECB action and questions over the policies of the new Greek government, we believe that our positive stance on equities will be rewarded in However, we expect volatility to increase.

Within fixed income, we have revised our view from negative to neutral. With central bank intervention and volatile oil prices, it seems that yield curve compression could continue for a while. We remain cautious on high yield bonds, corporate bonds and emerging markets debt, as energy prices could impact a large portion of these asset classes, and a rising US dollar is substantially negative for emerging markets debt.

We thank you for your continued support and welcome any comments or questions you may have. This letter is intended to assist shareholders in understanding how the Fund performed during the 12 months ended December 31, The views and opinions in the letter were current as of February 17, They are not guarantees of future performance or investment results and should not be taken as investment advice.

Investment decisions reflect a variety of factors, and we reserve the right to change our views about individual securities, sectors and markets at any time. As a result, the views expressed should not be relied upon as a forecast of the Fund's future investment intent. We encourage you to consult your financial advisor regarding your personal investment program.

Mutual funds are sold by prospectus only. You should read it carefully and consider a fund's investment objectives, risks, charges, expenses and other important information contained in the prospectus before investing.

Prospectuses and more current performance for most of our funds can be obtained from your financial advisor, by calling UBS Funds at , or by visiting our Web site at www.

Performance at a glance unaudited. Investors should note that indices do not reflect the deduction of fees and expenses. Net total return indices reinvest dividends after the deduction of withholding taxes, using a tax rate applicable to non-resident institutional investors who do not benefit from double taxation treaties.

The index is constructed and managed with a view to being fully investable from the perspective of international institutional investors. Past performance does not predict future performance, and the performance information provided does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

The return and principal value of an investment will fluctuate, so that an investor's shares, when redeemed, may be worth more or less than their original cost. Performance results assume reinvestment of all dividends and capital gain distributions at net asset value on the ex-dividend dates.

Current performance may be higher or lower than the performance data quoted. Industry diversification unaudited 1. As a percentage of net assets as of December 31, Cash and other assets, less liabilities. Figures might be different if a breakdown of the underlying investment company was included. Notes to portfolio of investments. Net unrealized appreciation of investments. For a listing of defined portfolio acronyms, counterparty abbreviations and currency abbreviations that are used throughout the Portfolio of investments as well as the tables that follow, please refer to page Portfolio footnotes begin on page Forward foreign currency contracts.

Net unrealized appreciation on forward foreign currency contracts. US Treasury futures sell contracts: Index futures buy contracts: Index futures sell contracts: Interest rate futures buy contracts: Interest rate futures sell contracts: Euro-Bund, 8 contracts EUR. Net unrealized depreciation on futures contracts.

Written options activity for the year ended December 31, was as follows: Options outstanding at December 31, Options terminated in closing purchase transactions. Options expired prior to exercise.

The following is a summary of the fair valuations according to the inputs used as of December 31, in valuing the Fund's investments: Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States. This security is considered liquid, unless noted otherwise, and may be resold in transactions exempt from registration, normally to qualified institutional buyers.

See accompanying notes to financial statements. For the month period, the Fund declined For more on the Fund's performance, see "Performance at a glance" on page The Advisor believes these modifications will better align the Fund's investment strategies with its views of market opportunities, better position the Fund from a competitive standpoint and result in better risk-adjusted returns for the Fund as a whole.

It is important to note that the Fund's investment objective did not change. The transition from the Fund's previous strategy to its new strategy occurred on or about September 16, The Commerce Department reported that first quarter gross domestic product "GDP" contracted at a 2. However, this was a temporary setback for the economy, as GDP growth was 4. In advanced economies, the legacies of the pre-crisis boom and the subsequent crisis, including high private and public debt, still cast a shadow on the recovery.

Emerging markets are adjusting to rates of economic growth lower than those reached in the pre-crisis boom and the post-crisis recovery. Provide long-term capital appreciation. Elsewhere the IMF projects that overall growth in emerging markets countries will decelerate in , with expected growth of 4. For the year, the Index fell 4. The poor performance by international equities was due to several factors, including weak growth in Europe, Japan falling back into a recession, fears of deflation and several geopolitical issues.

The Fund's performance is typically driven by stock selection, and sector allocations are a byproduct of our bottom-up stock selection process. Visit Forex Library to get access to most useful books about trading currencies, stocks, futures other assets.

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Forward foreign currency contracts. Net unrealized appreciation on forward foreign currency contracts. US Treasury futures sell contracts: Index futures buy contracts: Index futures sell contracts: Interest rate futures buy contracts: Interest rate futures sell contracts: Euro-Bund, 8 contracts EUR.

Net unrealized depreciation on futures contracts. Written options activity for the year ended December 31, was as follows: Options outstanding at December 31, Options terminated in closing purchase transactions.

Options expired prior to exercise. The following is a summary of the fair valuations according to the inputs used as of December 31, in valuing the Fund's investments: Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States. This security is considered liquid, unless noted otherwise, and may be resold in transactions exempt from registration, normally to qualified institutional buyers.

See accompanying notes to financial statements. For the month period, the Fund declined For more on the Fund's performance, see "Performance at a glance" on page The Advisor believes these modifications will better align the Fund's investment strategies with its views of market opportunities, better position the Fund from a competitive standpoint and result in better risk-adjusted returns for the Fund as a whole.

It is important to note that the Fund's investment objective did not change. The transition from the Fund's previous strategy to its new strategy occurred on or about September 16, The Commerce Department reported that first quarter gross domestic product "GDP" contracted at a 2.

However, this was a temporary setback for the economy, as GDP growth was 4. In advanced economies, the legacies of the pre-crisis boom and the subsequent crisis, including high private and public debt, still cast a shadow on the recovery. Emerging markets are adjusting to rates of economic growth lower than those reached in the pre-crisis boom and the post-crisis recovery. Provide long-term capital appreciation. Elsewhere the IMF projects that overall growth in emerging markets countries will decelerate in , with expected growth of 4.

For the year, the Index fell 4. The poor performance by international equities was due to several factors, including weak growth in Europe, Japan falling back into a recession, fears of deflation and several geopolitical issues. The Fund's performance is typically driven by stock selection, and sector allocations are a byproduct of our bottom-up stock selection process.

During the period, a number of individual stocks contributed to performance. From January 1, through September 15, , the following stocks were the largest contributors to performance: Its share price rose after reporting in-line quarterly results that confirmed an improving outlook for construction demand related to the upcoming Olympics, post-earthquake reconstruction demand and construction of the Chuo Shinkansen Maglev, a high-speed rail line. This position was closed in September , as the Fund was rebalanced to the global ex-US equity mandate.

Positive news over the period regarding the acquisition of rights to various treatments, along with better than expected earnings results, were key drivers of the share price. Ingenico reported strong second quarter results as sales growth exceeded expectations. The company saw strong results in North America on the back of strength in its US business and acceleration in demand from a key Canadian customer.

From September 16, , when the new strategy became effective, through December 31, , the following stocks were the largest contributors to performance: The company has recently reported sales and profits significantly ahead of expectations and has raised its full-year operating profit forecasts, which we feel remain conservative.

In addition, after a record year for unit sales in North America, Fuji Heavy Industries has slightly raised its forecast for capacity additions in the US. The stock outperformed after reporting results in line with market expectations.

The company also reiterated guidance, which was viewed. The appointment in November of the new Chief Executive Officer, Stephen Kelly, was also viewed favorably, as he has a strong reputation for implementing change and driving effective turnarounds.

Its shares outperformed during the reporting period as a result of several factors. The recent collapse in oil prices has reduced costs, the airline is favored by customers as it is cheap relative to peers, and there has been a surge in demand for tickets.

Ryanair also indicated a profit upgrade as a result of excellent passenger growth. Several stocks produced disappointing results and detracted from performance during the reporting period. From January 1, through September 15, , the following stocks were the largest detractors from performance: Negative news flow regarding order cancellations weighed on the company's share price, and the position was closed in July The company planned to sell a large stake in its Otemachi Tower, which, while paying down long-term debt, will hurt long term earnings potential.

From September 16, , when the new strategy became effective, through December 31, , the following stocks were the largest detractors from performance: Its share price declined as a result of the considerable weakness in oil prices. We continue to hold the stock, as the company is completing some major capital projects below budget and is expected to soon benefit from an improved free cash flow profile. The company requires very low capital expenditures to sustain production, which is expected to enable it to withstand a period of low oil prices, unlike most of its major competitors.

Its share price fell dramatically as a result of the collapse in oil prices, which has caused oil exporters to suffer significant losses.

Although the fundamentals of Premier Oil have remained intact, the weakening share prices across the energy sector created a number of attractive opportunities, and we recently reduced our position in Premier Oil in favor of a better-priced holding, Gran Tierra Energy, which we believe has a stronger balance sheet and better upside. We reduced our position, as we believe low oil prices are increasing stress on the company's balance sheet.

The company has taken significant measures to shore up its balance sheet by selling assets, cutting capital expenditures and decreasing its dividend. Despite the sharp decline in oil prices, it is still able to generate free cash flow after the capital. However, the extent of the decline in oil prices has meant that the cuts are starting to result in a reduction in next year's production. This, in turn, has considerably weakened our longer term outlook for the company, resulting in our decision to reduce this position.

However, greater uncertainty surrounding the outlook elsewhere in the world has held back expectations and share prices, creating some attractive valuation opportunities in Japan and Europe. Consumption globally is likely to be supported by low energy prices through , although we expect some recovery from the current unsustainable levels. We thank you for your continued support, and welcome any comments or questions you may have.

The amount reinvested is the entire dividend distributed to individuals resident in the country of the company, but does not include tax credits. Top ten equity holdings unaudited 1. As of December 31, Fuji Heavy Industries Ltd.

Country exposure by issuer, top five unaudited 1. Real estate investment trust REIT. Figures might be different if a breakdown of the underlying investment companies were included. Canadian Oil Sands Ltd. Total Canada common stocks.

Hollysys Automation Technologies Ltd. Jardine Matheson Holdings Ltd. Total China common stocks. Total Denmark common stocks. Sampo Oyj, Class A.

Total France common stocks. Total Germany common stocks. Astra International Tbk PT. Total Indonesia common stocks. Total Ireland common stocks. Check Point Software Technologies Ltd. Total Italy common stocks. Tokio Marine Holdings, Inc. Total Japan common stocks. Total Netherlands common stocks. Sberbank of Russia ADR. Total South Korea common stocks. Total Spain common stocks. Total Switzerland common stocks.

Total United Kingdom common stocks. Net unrealized depreciation of investments. Net unrealized depreciation on forward foreign currency contracts. For the month period, the Fund returned 7. While the Fund generated a positive return during the reporting period, it underperformed its benchmark. This was due primarily to yield curve and duration positioning. The Fund used US Treasury futures during the reporting period to adjust its duration positioning. Overall, our duration strategy detracted from performance during the six-month period.

After three consecutive years of generally modest growth, the overall US economy contracted in the first quarter of This was the first negative reading since the first quarter of , and the downturn was partially attributed to severe winter weather in parts of the country.

However, this proved to be a temporary setback for the economy, as GDP growth was 4. The US Federal Reserve Board the "Fed" largely maintained its accommodative monetary policy during the reporting period. The federal funds rate or the "fed funds rate," is the rate banks charge one another for funds they borrow on an overnight basis. Then, at the Fed's meeting in October, it said it had concluded its asset purchase program.

Finally, at its meeting that concluded on December 17, , the Fed said "Based on its current assessment, the Committee judges that it can be patient in beginning to normalize the stance of monetary policy. Turning to the bond market, when the reporting period began, there were expectations that the economy would continue to expand and that Treasury yields would move higher.

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Find a list of reputable binary options brokers with a minimum deposit. Minimum Deposit Binary Options Brokers. The provisions of the Property Rates Act; and iii. The rates policy 1. Such consumers include an owner, landlord tenant or occupant. All other terms are used within the context of the definitions contained in the Municipal Property Rates Act, Act No.

Rates are levied in accordance with the Act as an amount in the rand based in proportion to the improved value of all rateable property contained in the Municipality's valuation roll and supplementary valuation roll. As allowed for in the Act, the Municipality has chosen to differentiate between various categories of property and categories of owners of property. Some categories of property and categories of owners are granted relief from rates. The Municipality however does not grant relief in respect of payments for rates to any category of owners or properties, or to owners of properties on an individual basis, other than by way of an exemption, rebate or reduction provided for in this policy.

Phasing in of rates will be based on the new valuation roll, and in terms of Section 21 of the Act. Property rates will be used to finance community and subsidised services and not used to subsidise trading and economic services. The income base of the municipality will be protected by limiting exemptions, rebates and reductions. The rates policy for the Municipality is also based on the following principles: It does not make specific property rates proposals.

The Municipality may differentiate between the following property categories: The impermissible rates contemplated in terms of section 1 7 1 h of the Act is included in this value. National, Provincial and Municipal road reserves as well as railway reserves are exempted from payment of rates. Occupiers without life rights that pay rentals, the organisation will be required to submit all rentals payable by the occupant. The Municipality reserves the right to refuse rebates if the details supplied in the application form are incomplete, incorrect or false.

All other property in a retirement establishment not occupied by a tenant or owner for residential purposes will not qualify for a rebate. The council may grant a rebate to the following categories: The following criteria will apply: Rebates on this category Rate Rebate Retired and Disabled Persons qualify for special rebates according to monthly household income.

To qualify for the rebate a property owner must: These applications must reach the Municipality before the end of September preceding the start of the new Municipal financial year for which relied is sought.

Properties with a market value below a prescribed valuation level These properties instead of a rate determined on the market value may be levied a uniform fixed amount per property.

Private Roads All roads in private developments that are on individual erven can receive a rebate as per Schedule 1. The phasing-in discount will be determined as follow: Newly Rate able property owned and used bv Public Benefit Organisations Rates levied on newly rateable property owned and used by organisations conducting specified public benefit activities determined by Council and registered in terms of the Income Tax Act for those activities will be phased in over a period of four financial years.

After the exclusion period has lapsed, rates payable on the properties concerned will be phased-in over a period of three financial years. The phasing-in discount will be determined as follows: Rates Policy Ndlambe Local Municipality Page 18 of 26 Accounts delivered after the 30 days notice will be based on the new rates.

Twelve equal monthly instalments will be used as default method to levy property rates on the accounts of owners and owners will have to apply for an annual payment. Interest will be calculated on arrears. Arrear rates may be recovered from tenants, occupiers and agents of the owner, in terms of Section 28 and 29 of the Act. The Municipality will only recover the outstanding rates from the tenant or occupier after a written notice has been served to the tenant or occupier. The tenant or occupier must set off any amount recovered from them by the municipality against any money owed to the owner.

The Municipality will only recover the outstanding rates from the agent after a written notice has been served to the agent. Joint owners of a property are jointly and severally liable for the amount due for rates on that property.

The Municipality may not recover the rate on such sectional title unit, or any part of such rate, from the body corporate controlling the sectional title scheme, Rates Policy Ndlambe Local Municipality Page 20 of 26 except when the body corporate itself is the owner of any specific sectional title unit. All rateable properties in the Municipal area of Ndlambe must be valued during such general valuation, including properties fully or partially excluded from rates in terms of section 1 7 of the Property Rates Act.

The general valuation must reflect the market value of properties in accordance with the market conditions that apply as at the date of the valuation, an in accordance with any other applicable provisions of the Property Rates Act. A valuation roll takes effect from the start of the financial year.

Following completion of the public inspection period required by the Act and remains valid for that financial year and subsequent years but not exceeding four financial years. The market value of a property is the amount the property would have realized if sold on the date of valuation in the open market by a willing seller to a willing buyer. When valuing a property which is subject to a sectional title scheme, the valuator must determine the market value of each sectional unit in the scheme.

The Municipality must regularly, at least once a year update its valuation roil by causing a supplementary valuation roll to be prepared.

The Municipal Manager must: Advertise in the media a notice stating that a draft rates policy has been prepared for submission to the Council, and that such policy is available at various Municipal offices for public inspection and is also available on the website if any, and inviting local community to submit comments and representatives to the Municipality within a period specified in the notice but which period shall not be less than 30 days.

Council must take all comments and representations made to it into account when considering the draft rates policy. The Municipality must draw up and maintain a register in respect of all properties situated within the Municipality jurisdiction, dividing such register into part A and part B.

Part A of the register consists of the current valuation roll of the Municipality including any supplementary valuation rolls prepared from time to time.

Part B of the register specifies which properties on the valuation roll or any supplementary valuation roll are subject to: An exemption from rates in terms of section 1 5 of the Property Rates Act; A rebate on or a reduction in the rate in terms of section 1 5; A phasing in of the rate in terms of section 21 ; An exclusion referred to in section The register must be open for inspection by public during office hours.

Council must at regular intervals annually update part B of the register. Agricultural consumer Refer oar. Owner with income up to R per month All applications will be subjected to verification before approval. In terms of section 17 of the Act, a Municipality may not levy a rate: It is accepted that large sections of the community cannot exist without intervention and it is therefore the duty of the municipality to support and to ensure that citizens are able to access their constitutional right to have access to a basic level of services.

The municipality must therefore at all times strive to fulfill the constitutional objectives as contemplated in Section of the Constitution and to meet the criteria for a credible indigent policy as laid down in the Credible Indigent Policy Assessment Framework, , provided by the Department of Local Government.

With regard to affordability the foundation is laid in section 74 of the Municipal Systems Act, , which stipulates that poor households must have access to basic service through tariffs that cover only the operating and maintenance costs. The municipality therefore adopts an indigent support policy which embodies an indigent support programme not only providing procedures and guidelines for the subsidisation of service charges to indigent households in its area of jurisdiction, but also to increase the quality of life of the beneficiaries by assisting them to exit from indigence.

Such categorization will be based on zonal socio- economic conditions. The effective targeting of indigent households and the implementation of this policy will depend largely on the social analysis included in the IDP, the LED initiatives and other poverty relief programmes of the municipality.

The socio-economic information and performance indicators contained in these documents must form the basis for the targeting of indigent households. Within the abovementioned budgetary process, and in striving to create a situation where poor households will be granted access to a full social package, the following assistance and support may be granted in respect of one property per applicant. This subsidy may also apply to registered indigent households in rural areas where the municipality is the electricity supplier while agreements with Eskom, where the latter is the supplier, may be negotiated to support such households.

Regular information dissemination and awareness campaigns must be undertaken to eliminate unrealistic expectations both in terms of qualifying for subsidy as well as service delivery in general and methods of communication may include, but will not be limited to: Such forms will be available at approved registration points provided by the municipality and shall be dealt with in terms of the Procedures Manual.

In the case where the occupants are old-age pensioners and the state pensions are the only source of income, there is no need for re-registration unless the financial status changes or improves. The first phase will be at a subcommittee level, consisting of ward Councilor with its ward committee.

The second phase shall be at a Municipal level, nominated to review all indigent applications approved by the ward indigent subcommittee. The subcommittee system is aimed at providing, transparency, public participation and ensuring equitable treatment of all applicants.

Households, in terms of the audit and review process, will be subjected to scrutiny to determine any change in status. Households may have to periodically re- apply, but this would be determined by the municipality from time to time.

Written objections from the public must be referred to the Programme Officer who will be responsible for investigating the validity of the complaint and referral to the Indigent Committee for appropriate action.

The frequency of such audits will depend on the institutional capacity of the municipality to do so. It is proposed that at least monthly targeted audits and reviews are undertaken, with a complete review scheduled for at least every 5 years. As part of a broader poverty reduction programme the municipality undertakes to provide for the participation and accommodation of indigent persons in its local economic development LED initiatives and in the implementation of integrated development programmes where possible.

The municipality must promote exit from indigence by - 9. Such report shall reflect on: The following acts form the basis of the content of this policy: This policy sets out the budgeting principles that the municipality will follow in preparing each annual budget and sets parameters for any fiscal measures of intervention to achieve its objectives.

The budget and the budget preparation process shall comply with legislative requirements and specifically with Chapter 4 of the Municipal Finance Management Act, Act 32 of and nothing contained in this policy shall contradict any legislation. The municipality shall not budget for a deficit and must also ensure that revenue projections in the budget are realistic taking into account actual collection levels.

Expenses may only be incurred in terms of the approved annual budget or adjustments budget and within the limits of the amounts appropriated for each vote in the approved budget.

Ndlambe Local Municipality shall prepare three-year budgets medium term revenue and expenditure framework - MTREF which shall be reviewed and approved annually by the Council. Budget Timetable The formulation, consideration and approval of a budget timetable for the ensuing medium term shall be done in accordance with the legislative requirements in the MFMA and must be aligned with the IDP timetable.

Attached as Annexure A is a detailed budget timetable that will guides the annual process. Budget Strategy The Chief Financial Officer shall assist the Mayor to prepare a budget strategy which shall contain the principles, objectives and strategies that will apply during the forthcoming budget preparation process. Such strategy shall take cognisance of the directives, guidelines and economic factors prevailing at the time or circulated by National and or Provincial Government.

The budget strategy shall give general direction to the budget process and also indicate affordable budget growth and envisaged tariff increases as the base line of the budget process. A clear indication of available funding for infrastructure development through the Capital budget should form part of this strategic directive.

Public Particigation Process The tabled annual budget must be presented in Council at least by the end of March in each year and as soon as this was done, the Municipality must convene public hearings on the tabled budget during April at which members of the community and stakeholder organisations will be invited to make representation and to submit comments in response to the tabled budget. Approval of the Budget Consideration and final approval of budget must be done not later than 30 days prior to the start of the budget year to which it relates.

Not later than 31 March as the budget year starts on 1 July The budget must be submitted to Council for approval and must be accompanied by all the following documents: Publication ofthe Budget The Chief Financial Officer must within 14 days after approval of the budget submit the approved budget in both printed and electronic formats to the National Treasury, the Provincial Treasury, other prescribed National and Provincial organs of state and other Municipalities affected by the budget.

Section 15 of the MFMA All expenditure or commitments for payment outside the approved amount in a budget will be deemed as either unauthorised, irregular, or fruitless and wasteful expenditure in terms of Section 32 of the MFMA. Expenditure on a project shall be included in the capital budget if it meets the asset definition i.

The principle of zero-based budgeting with proper cost calculations of projects shall be applied in the preparation of the Capital budget. The capital budget component of the annual or adjustments budget shall only be approved by the Council if it has been properly balanced, that is, if the sources of finance which are realistically envisaged to fund the budget equal the proposed capital expenses.

Before approving the capital budget component of the annual or adjustments budget, the Council shall consider the impact on the present and future operating budgets of the municipality in relation to the following: Such reserve shall be established from the following sources of revenue: Operational Surplus orjncome - If the project is to be financed from surplus it shall be done through appropriation of such surplus through the Capital Replacement Reserve CRR This reserve should be fully cash-backed.

If this happens the interest payable on the excess redemption period shall be declared as fruitless expenditure; - Interest payable on external loans shall be included as a cost in the Operating budget; - Finance charges relating to such loans shall be charged to or apportioned only between the departments or votes to which the projects relate. Interest earned on investments of Conditional Grant Funding shall be allocated directly to the Capital Replacement Reserve.

Funding, to be cash-backed All expenses, including depreciation expenses, shall be cash-funded. The cash received in respect of depreciation expenses on fixed assets financed from external borrowings shall be transferred to the investments created to redeem such borrowing. A realistic needs-analysis together with the principle of zero-based budgeting shall be applied in the preparation of the Operating budget.

Business Unit Directors shall establish budget requirements in respect of maintenance of assets, taking cognisance of backlogs and shall, in consultation with the Chief Financial Officer prepare a strategy to address such maintenance needs and backlogs. Council shall ensure that the labour component as a percentage of the total operational expenditure remains realistic in terms of the delivery of an effective and efficient service to the Community.

Remuneration of Councillors excluded 7. The Operating budget shall make the following contributions: The operating budget shall reflect the impact of the capital component on: The Chief Financial Officer shall ensure that the cost of indigent relief is separately reflected in the appropriate votes.

When considering the tabled annual budget, Council shall consider the impact, which the proposed increases in rates and service tariffs will have on the Page 8 of 15 Budget Policy Ndlambe Local Municipality monthly municipal accounts of households. The impact of such increases shall be assessed on the basis of a fair sample of randomly selected accounts. Procurement plan must accompany the budget.

The appropriation of expenditure not funded by grants in an annual or adjustments budget will lapse to the extent that they are unspent by the end of the relevant budget year 9. No funding for projects funded from Capital Replacement Reserve as long as it is cash back shall be rolled over to the next budget year except in cases where a commitment has been made 90 days 30 March each year prior the end of that particular financial year.

Unspent grants if the conditions for such grant funding allow may be rolled over to the next budget year.

Conditions of the grant fund shall be taken into account in applying for such rollover of funds. Requests for rollover of funds after 15 April will not be considered and requests for rollovers after the start of the new financial year are not allowed. Adjustments in terms of actual amounts rolled over, shall be done during the I s budget adjustment in the new financial year after taking into account expenditure up to the end of the previous financial year. Expenditure funded by grants may be rolled over to the next budget year for specific operational purposes.

Each annual and adjustments budget shall reflect: An impending operating deficit shall be recovered in an adjustments budget, but if an operating deficit arises at the end of a financial year, notwithstanding the precautionary measures adopted by the Council, such deficit shall immediately be made good in the annual or adjustments budget for the year following the ensuing financial year, and shall not be offset against any un- appropriated surplus carried forward from preceding financial years.

For example, depreciation charges, finance charges, insurance costs, skills development levies payable, contribution to funds, administrative charges, etc. In motivating the allocations made to and within the vote, the Head concerned shall provide the relevant Committee with appropriate quarterly performance indicators and service delivery targets pertaining to the budget. The Mayor in consultation with the Executive Committee may table an adjustments budget where: There is material under collection of revenue; To appropriate additional revenue that has become available but only to revise or accelerate spending on programmes already budgeted for; To authorise unforeseeable and unavoidable expenditure supported by appropriate documentation and motivations in relation to the Exemption Report which is approved by the Mayor in consultation with the Executive Committee, Municipal Manager and Chief Financial Officer; To authorise utilisation of projected savings between votes; To authorise spending of unspent funds as at previous year within legislative prescripts.

All recommendations for budget adjustments must contain financial comment by the Chief Financial Officer prior to consideration by the Council. Only Council may approve an adjustments budget. An adjustments budget must contain all of the following: Municipal taxes and tariffs may not be increased during a financial year except if required in terms of a financial recovery plan Budgets cannot be adjusted between operating and capital.

The accounting officer with the assistance of the Chief Financial Officer and other Senior Managers is responsible for the implementation of the budget, and must take all reasonable steps in their respective areas to ensure that: As a result, the budget document discloses the direction the municipality wish to follow over the next three years, especially if read together with the Integrated Development Plan IDP. It also forms the basis on which the service delivery and budget implementation plan SDBIP will be compiled for approval and execution.

Compliance with this policy document together with applicable legislation is of paramount importance and puts a responsibility on every employee and Councillor. This assessment must be submitted to the mayor, national treasury and the provincial treasury presumably immediately. Accountin g officer 54 1 f Mayor must submit accounting officer's report to Council.

Mayor Special Council meeting may have to be schedufed. Budget Policy Ndlambe Local Municipality Page 13 of 15 Tabled in Council by 31 January 54 1 and 2 Between 31 January and 31 March Board of directors of entity may, with approval of mayor of parent municipality, revise budget of entity for certain prescribed reasons.

Adjustments budget once approved by board of directors of entity must be tabled by mayor at next meeting of Council of parent municipality. Adjustments budget must be made public.

Note that only Council may approve changes to service delivery targets and KPIs - these changes must therefore be tabled with the adjustments budget. Evidently such an adjustments budget may be prepared at any stage. It would make good sense, however, for the parent municipality to insist that the entity's revised budget be prepared and submitted to the mayor at the same time that or before the entity's proposed budget for the new financial year is considered.

Again the potential problem of different parent municipalities having different views will have to be resolved by presumably the mayors considered. In general, adjustments budgets should preferably be tabled by or as soon as possible after 31 January, and certainly not later than 31 March when the draft annual budget for the next year is first tabled. Note that no concomitant make these revisions for revision of performance agreements is evidently the mayor's approval as envisaged.

The deadline for these revisions must be by or as soon as possible after 31 January, but certainly not later than 31 March. See also 54 1 and 2 , days before Board of directors of entity must consider start of financial recom m endations, and if n ecessary subm it year revised budget to parent municipality, approximately mid March 31 March Mayor must table draft annual budget of municipality at Council meeting at feast 90 days before start of budget year.

Board of directors of entity Council meeting must be scheduled appropriately. Budget Policy Ndlambe Local Municipality Page 14 of 15 87 March Mayor of parent municipality must table originally proposed or proposed revised budget as case may be of entity when draft annual budget of municipality first tabled.

Mayor c 22 a and 22 b] Immediately after 31 March or earlier date if annual budget tabled before 31 March Immediately after draft annual budget tabied in Council, accounting officer must 1 make public budget and documents referred to in Section 17 3 , and invite local community to submit representations in connection with budget, and [2] submit annual budget in both printed and electronic formats to provincial treasury, and in either format to prescribed national and provincial organs of state and to other municipalities affectec by the budget.

Acoountin g officer 23 2 Before 31 May Council must give mayor opportunity 1 to respond to submissions received on draft annual budget and attendant documentation and 2 to revise budget, if necessary, and table amendments for consideration by Council.

Mayor and Council 24 1 and 2 i 1 31 May Council must consider approval of annual budget, together with resolutions imposing rates and levies, setting tariffs, approving measurable performance objectives for revenue from each source and for each vote, approving any changes to IDF, and approving any changes to budget- related policies. Although Council has until 30 June to approve budget, best practice will be to approve budget not later than 31 May.

Common sense dictates hat the submission hould be at least in ilectronic format and lat it should be made s soon as possible fter the approval date. Background of the policy 2.

Role of the accounting officer 4. Policy and procedures for irregular, fruitless and wasteful expenditure 5. Policy and procedures for unauthorised expenditure 6. Process to authorise unauthorised expenditure 7. Investigations and disciplinary actions 8. Charge of misconduct 9. Regular Review of the unauthorised, irregular or fruitless and wasteful expenditure Register Accounting Treatment of unauthorised, irregular or fruitless and wasteful expenditure Policy adoption 2 of 14 1.

Background and the objective of the policy 1. Policy and Procedures for dealing with irregular or fruitless and wasteful expenditure 4. The results of the investigation will determine the appropriate action to be taken regarding such expenditure; 4. The register must be updated to reflect the outcome of the investigation; 4. The results of the investigation will determine the appropriate action to be taken regarding the expenditure.

The register must then be updated to reflect the outcome of the investigation; f If the investigation indicates that the expenditure is in fact unauthorised expenditure the Accounting Officer must immediately report, in writing, the particulars of the expenditure to the Mayor. The register should be updated to reflect the fact that the unauthorised expenditure was condoned. Process to authorise unauthorised expenditure 6.

In this regard, regulation 23 6 of the municipal Budget and Reporting Regulations provides that: In this regard, regulation 74 of the Municipal Budget and Reporting Regulations provides that: Charge of misconduct 8.

The report must include the following details: Regular review of the irregular, unauthorised or fruitless and wasteful expenditure register The unauthorised, irregular or fruitless and wasteful expenditure register should be reviewed on a monthly basis by the Chief Financial Officer of 13 of 14 the municipality.

This review will ensure that unauthorised, irregular or fruitless and wasteful expenditure are adequately disclosed, dealt with, recorded and that no mathematical errors exists. Accounting treatment of unauthorised, irregular or fruitless and wasteful expenditure a Unauthorised, irregular or fruitless and wasteful expenditure identified during one financial period, but not paid in the specific period should be recorded in the following financial year.

Material Value 7 Part 14 Capitalization Criteria: Intangible Items 7 Part 15 Capitalization Criteria: Fixed Asset Lives Part 33 Annexure: A fixed asset is thus an asset, either movable or immovable, under the control of the municipality, and from which the municipality reasonably expects to derive economic benefits, or reasonably expects to use in service delivery, over a period extending beyond one financial year.

To be recognized as a fixed asset, an asset must also meet the criteria referred to in Parts 13,14 and 1 5 below. An asset held under a finance lease, shall be recognized as a fixed asset, as the municipality has control over such an asset even though it does not own the asset.

No amendments, deletions or additions to the fixed asset register shall be made other than by the chief financial officer or by an official acting under the written instruction of the chief financial officer. The fixed asset register shall reflect the following information: All heads of department under whose control any fixed asset falls shall promptly provide the chief financial officer in writing with any information required to compile the fixed asset register, and shall promptly advise the chief financial officer In writing of any material change which may occur in respect of such information.

A fixed asset shall be capitalized, that is, recorded in the fixed assets register, as soon as it is acquired. If the asset is constructed over a period of time, t shall be recorded as work-in-progress until it is available for use, whereafter it shall be appropriately capitalized as a fixed asset.

A fixed asset shall remain in the fixed assets register for as long as it is in physical existence. The fact that a fixed asset has been fully depreciated shall not in itself be a reason for writinq-off such an asset. Owner-occupied property is property held for use in the production or supply of goods or services or for administrative purposes. Investment property is recognised as an asset when, it is probable that the future economic benefits or service potential that are associated with the investment property will flow to the municipality, and the cost or fair value of the investment property can be measured reliably.

Investment property is initially recognised at cost. Transaction costs are included in the initial measurement. Where investment property is acquired through a non-exchange transaction, its cost is its fair value as at the date of acquisition. Costs include costs incurred initially and costs incurred subsequently to add to, or to replace a part of, or service a property.

If a replacement part is recognised in the carrying amount of the investment property, the carrying amount of the replaced part is derecognised. Investment property is carried at cost less accumulated depreciation less any accumulated impairment losses. Depreciation is provided to write down the cost, less estimated residual value by equal installments over the useful life of the property Investment property is derecognised on disposal or when the investment property is permanently withdrawn from use and no future economic benefits or service potential are expected from its disposal.

Gains or losses arising from the retirement or disposal of investment property is the difference between the net disposal proceeds and the carrying amount of the asset and is recognised in surplus or deficit in the period of retirement or disposal. Compensation from third parties for investment property that was impaired, lost or given up is recognised in surplus or deficit when the compensation becomes receivable.

If the Council of the municipality resolves to construct or develop a property for future use as an investment property, such property shall in every respect be accounted for as an ordinary fixed asset until it is ready for its intended use — hereafter it shall be reclassified as an investment asset. Inventories are initially measured at cost except where inve exchange transaction, then their costs are their fair value as at the date of acquisition.

Subsequently inventories are measured at the lower of cost and net realisable value. Net realisable value is the estimated selling price in the ordinary course of operations less the estimated costs of completion and the estimated costs necessary to make the sale exchanae or distribution.

The cost of inventories of items that are not ordinarily interchangeable and goods or services produced and segregated for specific projects is assigned using specific identification of the individual costs. The cost of inventories is assigned using the weighted average cost formula. The same cost formula is used for all inventories having a similar nature and use to the municipality. When inventories are sold, the carrying amounts of those inventories are recognised as an expense in the period in which the related revenue is recognised.

If there is no related revenue, the expenses are recognised when the goods are distributed, or related services are rendered. The amount of any write-down of inventories to net realisable value or current replacement cost and all losses of inventories are recognised as an expense in the period the write-down or loss occurs.

The amount of any reversal of any write-down of inventories, arising from an increase in net realisable value or current st, are recognised as a reduction in the amount of inventories recognised as an expense in the period in which the reversal occurs.

For balance sheet purposes, the existence of such heritage assets shall be disclosed by means of an appropriate note. Every head of department shall ensure that the asset identification system approved for the municipality is scrupulously applied in respect of all fixed assets controlled or used by the department in question. MATERIAL VALUE No item with an initial cost or fair value of less than R1 one thousand rand or with a useful life less than one financial year - or such other amount as the Council of the municipality may from 8 time to time determine on the recommendation of the municipal manager - shall be recognized as a fixed asset.

If the item has a cost or fair value lower than this capitalization benchmark, it shall be treated as an ordinary operating expense. Every head of department shall, however, ensure that any item with a value in excess of R two hundred and fifty rand , and with an estimated useful life of more than one year, shall be recorded on a stocksheet.

Every head of department shall moreover ensure that the existence of items recorded on such asset inventory sheet is verified from time to time, and at least once in every financial year, and any amendments which are made to such stocksheets pursuant to such stock verifications shall be retained for audit purposes. Expenses incurred in the maintenance of a fixed asset shall be considered as operating expenses incurred in ensuring that the useful operating life of the asset concerned is attained, and shall not be capitalized, irrespective of the quantum of the expenses concerned.

Expenses which are reasonably ancillary to the bringing into operation of a fixed asset may be capitalized as part of such fixed asset. Such expenses may include but need not be limited to import duties, forward cover costs, transportation costs, installation, assembly and communication costs. If so directed by the municipal manager, the maintenance plan shall be submitted to the Council prior to any approval being granted for the acquisition or construction of the infrastructure asset concerned.

The head of department controlling or using the infrastructure asset in question, shall annually report to the Council, not later than in July, of the extent to which the relevant maintenance plan has been complied with, and of the likely effect which any non-compliance may have on the useful operating life of the asset concerned.

Such note shall also indicate any plans which the Council of the municipality has approved in order to redress such deferral of the maintenance requirements concerned.

If no such plans have been formulated or are likely to be implemented, the chief financial officer shall re-determine the useful operating life of the fixed asset in question, if necessary in consultation with the head of department controlling or using such asset, and shall recalculate the annual depreciation expenses accordingly.

Depreciation may be defined as the monetary quantification of the extent to which a fixed asset is used or consumed in the provision of economic benefits or the delivery of services. Depreciation shall generally take the form of an expense both calculated and debited on a monthly basis against the appropriate line item in the department or vote in which the asset is used or consumed.

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