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MANKAYANE SURPLUS UP BY OVER 50%

18/11/2020 00:29:00 BY ASHMOND NZIMA

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MBABANE – One of the country’s small towns, Mankayane, has recorded a notable increase in its surplus.

According to the Mankayane Town Board audited financial statements for the year ended March 31, 2020, surplus for the period under review increased from E2.14 million to over E4.45 million. This is an increase of over 51 per cent (about E 2.3 million).

The surge in surplus for the town, which is under astute and seasoned administrator David Madlopha, was due to a notable increase in total revenue. Total revenue shot up from about E5.4 million to over E6.7 million.

Revenue is derived from government subventions, rates levied and service charges. Rates revenue also increased to over E6.54 million.

Recorded

It was recorded at about E4.98 million the previous year.

Rates income is levied on all rateable properties of the Council based on values extracted from the master valuation roll and amended when a supplementary valuation roll is prepared.

However, not everything was rosy for the town, as the government grant was slashed by almost half.

It decreased from E508 500 to E254 250 during the year under review. According to the town board, government grants are recognised when there is reasonable assurance that the council will comply with the conditions attaching to them and they will be received.

“Government grants are recognised as income over the periods necessary to match them with the related costs that they are intended to compensate.

“A government grant that becomes receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs is, recognised as income of the period in which it becomes receivable.

Government grants related to assets, including non-monetary grants at fair value, are presented in the statement of financial position by setting up the grant as deferred income or by deducting the grant in arriving at the carrying amount of the asset,” reads the statement in part.

Bus rank user charges also took a nosedive from E14 786 to E5 820.

Meanwhile, the town notified ratepayers and all relevant stakeholders about the annual general meeting and budget consultations to be held on Sunday, November 29, 2020, at the Holy Rosary Community Hall behind the bus rank in Mankayane, starting at 2pm.

The audited financial statements, on the other hand, are now available for viewing, free of charge, at the town board’s offices during normal working hours (8am to 4:45pm).