Chapter 13: Finance
Powers and functions
225. � The powers and functions of the South African Reserve Bank are those customarily
exercised and performed by central banks, which powers and functions must be
determined by an Act of Parliament and must be exercised or performed subject to the
conditions prescribed in terms of that Act.
provincial and local financial matters
Provincial Revenue Funds
226. � (1)
There is a Provincial Revenue Fund for each province into which all money received
by the provincial government must be paid, except money reasonably excluded by
an Act of Parliament.
(2) Money may be withdrawn from a Provincial Revenue Fund only—
(a) in terms of an appropriation by a provincial Act; or
(b) as a direct charge against the Provincial Revenue Fund, when it is provided for
in the Constitution or a provincial Act.
(3) � Revenue allocated through a province to local government in that province in terms
of section 214(1), is a direct charge against that province’s Revenue Fund.
(4) � National legislation may determine a framework within which—
(a) a provincial Act may in terms of subsection (2)(b) authorise the withdrawal of
money as a direct charge against a Provincial Revenue Fund; and
(b) revenue allocated through a province to local government in that province in
terms of subsection (3) must be paid to municipalities in the province.
[Sub-s. (4) added by s. 8 of the Constitution Seventh Amendment Act of 2001.]
[Date of commencement of s. 226: 1 January 1998]
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National sources of provincial and local government funding
227. (1)
Local government and each province—
(a) is entitled to an equitable share of revenue raised nationally to enable it to
provide basic services and perform the functions allocated to it; and
(b) may receive other allocations from national government revenue, either
conditionally or unconditionally.
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