The MLM informed the Committee that in the 2008/09 financial year, the annual financial statements were submitted on time. The MLM further reported that monthly budget statements (section 71 reports of the Municipal Finance Management Act (MFMA) were not submitted on prescribed time-frame to the National Treasury due to the introduction of a new financial management system introduced during the 2008/09 financial year. However, according to the MLM, this matter was attended to and resolved.