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UDICORP spearheads restructuring of local authorities’ financial governance framework

Story by Owen Mandovha

Government is capacitating local authorities with the new financial reporting systems in line with the new manual which has been introduced by Treasury.

Ratepayers have been at the mercy of poor service delivery mainly due to the shambolic nature of the financial governance framework within local authorities.

To improve transparency on how they manage and report their finances, the Urban Development Company (UDICORP) is spearheading a programme to align local authorities’ financial reporting framework to the new model launched by Treasury recently.

UDICORP chief executive officer, Mr Joey Shumbamhini said, “We have noted the urgent need for implementation of the new rules in reporting framework for local authorities as dictated by the new financing reporting manual. So, we are conducting this workshop to align staff with new rules.”

The Urban Councils Association of Zimbabwe acknowledges the skills and governance gap within most local authorities.

“It is rare that authorities get clean audits because they are always found wanting when it comes to managing and reporting finances hence the need to be trained on new standards,” noted Urban Councils Association of Zimbabwe, Director Finance Mr Zephania Chirarwe.

Treasury has introduced a new Finance Reporting Manual to transition accounting systems to modern and internationally recognised standards to improve the management and utilisation of public resources.

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