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18 JANUARY 2022 MUNICIPAL FINANCE MANAGEMENT ACT (MFA): BUDGET AND PERFORMANCE ASSESSMENT REPORT IN TERMS OF THE MFA, SECTION 72 (1) (a), FOR THE SIX (6) MONTHS ENDED 31 DECEMBER 2021INDEXPAGE1. Purpose22.
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How to fill out section 72 mid-year budget
How to fill out section 72 mid-year budget
01
Gather all relevant financial information for the current year.
02
Review the previous budget and identify any deviations or unexpected expenses.
03
Update the budget with any new information or changes in the financial situation.
04
Ensure that all income and expenses are accurately accounted for in the budget.
05
Submit the completed section 72 mid-year budget for review and approval.
Who needs section 72 mid-year budget?
01
Government agencies and organizations that are required to submit regular budget updates to ensure financial accountability and transparency.
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What is section 72 mid-year budget?
Section 72 mid-year budget is a reporting requirement for companies to provide a budget update halfway through the fiscal year.
Who is required to file section 72 mid-year budget?
All companies subject to financial reporting requirements are required to file section 72 mid-year budget.
How to fill out section 72 mid-year budget?
Section 72 mid-year budget should be filled out by summarizing the actual financial performance for the first half of the year and adjusting the budget for the second half accordingly.
What is the purpose of section 72 mid-year budget?
The purpose of section 72 mid-year budget is to provide stakeholders with updated financial information and to help companies adjust their financial projections for the remainder of the year.
What information must be reported on section 72 mid-year budget?
Information such as actual revenue and expenses for the first half of the year, any significant variances from the original budget, and revised projections for the second half of the year must be reported on section 72 mid-year budget.
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