The implementation of the Public Finance Management Act is enough to keep us busy for a few years. Realignment of our financial systems to meet the demands of the PFMA reporting requirements is underway. The first deadline for monthly reporting was met. Gauteng has made substantial progress in compiling a new chart of accounts such that it reflects the new GFS budget classifications of revenue and expenditure. The introduction of BAS, a new general ledger system developed by State Expenditure is underway with the department of Finance and Economic Affairs coming on-line on 1 July 2000.
Cash management is another area receiving attention.
Last year interest income was R17 million. This year we are targeting R50 million by prudently investing in the money market. Rather than just talking about it, we are happy to report that we have already earned an additional R1 million in the first 3 weeks of our operations. Our budget management strategy has shifted from one of expenditure control to a focus on quality of spending. The deepening of the budget process and the introduction of output based budgeting will be enhanced.