The financial year of South African municipalities runs from 1 July of each year to 30 June the following year. Municipalities must prepare budgets for each financial year. Council must approve these budgets before the new financial year begins, after proper planning and consultation with ward committees and other stakeholder groups in the area, For example, the budget for the financial year beginning in july 2002 must be approved before the end of June 2002. The draft budget should be ready a few months before so that it can be used for consultation. (Around March)