Financial Services
Mr Msizi Ngcobo
Chief Financial Officer
The finance department provides financial support and guidance to all other directorates within the Richmond Municipality on financial matters. The finance department is broken down into the following components in order to fulfill its obligations to its internal.
Structures and communities :
- Budget and Treasury Office
- Expenditure Section
- Billing Section
- Credit Control and Revenue Management Section
- Supply Chain Management Unit
The Richmond’s Financial Services Department serves as the backbone of financial governance in the municipality, responsible for ensuring financial sustainability, transparency, and accountability. As custodians of public funds, the department manages financial planning, budgeting, revenue collection, expenditure control, financial reporting, supply chain management, asset management, and compliance with legislative requirements.
Through strategic leadership and operational excellence, the Financial Services Department supports the municipality’s mandate to deliver services, promote socio-economic development, and maintain public trust.
A detailed breakdown of the functions of the Richmond Financial Services Department is provided below.
Budget & Reporting
• Preparation and coordination of the annual budget aligned to the Integrated Development Plan (IDP) and service delivery objectives.
• Financial planning, including the development of a three-year Medium-Term Revenue and Expenditure Framework (MTREF).
• Monitoring and reporting on budget performance.
• Debt management, including servicing of municipal loans and obligations.
• Compilation and submission of mandatory financial reports under the MFMA.
• Grant funding accounting and reconciliations.
• Preparation of Annual Financial Statements.
• Compilation and submission of MFMA financial reports.
• Maintenance of accurate and auditable financial records.
Revenue Management
• Billing and collection of property rates, service charges, and sundry revenues.
• Maintenance and updating of the municipal valuation roll.
• Debt collection and credit control enforcement.
• Customer services for revenue-related inquiries and disputes.
• Revenue enhancement initiatives to expand and diversify the revenue base.
Expenditure Management Unit
• Processing of payments to suppliers, staff, and creditors in line with approved invoices and procurement processes.
• Management of payroll functions.
• Monitoring and controlling expenditure to prevent unauthorized, irregular, fruitless, and wasteful expenditure.
• Compliance with payment timelines, particularly the MFMA 30-day creditor payment requirement.
• Cash flow and investment management to ensure liquidity and financial sustainability.
Supply Chain Management (SCM)
• Implementation of the municipality’s Supply Chain Management Policy.
• Management of procurement planning aligned to the budget and service delivery priorities.
• Processing of bids, quotations, and tenders.
• Contract management and supplier database management.
• Prevention of irregular expenditure through compliance-driven procurement practices.
• Upholding principles of fairness, equitability, transparency, competitiveness, and cost-effectiveness.
• Strengthening internal controls to prevent supply chain fraud and malpractice.
• Promoting ethical conduct in procurement transactions.
Asset Management Unit
• Maintenance of a complete and GRAP-compliant asset register.
• Management of the full asset lifecycle.
• Annual asset verification.
• Compliance with the Municipal Asset Transfer Regulations.
• Ensuring proper capitalization, depreciation, and impairment of assets.
• Coordination of insurance cover for municipal assets.
• Supporting sustainable service delivery.
• Enabling informed decision-making through reliable asset data.
• Minimizing asset losses and safeguarding infrastructure investments.