The Finance Portfolio Committee is a Legislature Committee established in terms of the provision of Rule 180 of the Standing Rules of the Legislature. It is accountable to the Committee of Chairpersons, Office of the Chairperson of Committees and the House.
The Committee exists in order to deliver on the following constitutional mandate assigned to the Legislature:
1. Performing oversight over the Provincial Treasury and its use of financial and other resources, conducting budget hearings with all departments and certain public entities, conducting close-out budget performance hearings with certain departments and public entities, conducting mid-term budget performance hearings with certain departments and public entities;
2. Law making; and
3. Involving public in the committee and legislative processes.
The Finance Portfolio Committee will enhance compliance to the Public Finance Management Act (PFMA) by focusing on the following:
a. Efficient, effective and economical use of departmental budgets;
b. Full spending on all conditional grants;
c. Full spending of ring-fenced budgets allocated for specific purposes in the money bills;
d. No overspending nor underspending of the budgets;
e. Close monitoring of progress and value for money on government-funded mega projects;
f. Internal Risk and Audit units;
g. Payment of suppliers timeously;
h. Infrastructure planning, implementation and monitoring; and
i. Transfers to municipalities and other entities.