Joburg in good financial health

City of Johannesburg member of the mayoral committee for finance, Geoffrey Makhubo and city manager Trevor Fowler.
City of Johannesburg member of the mayoral committee for finance, Geoffrey Makhubo and city manager Trevor Fowler.

Speaking at the city council’s 2013/14 annual report press briefing, Makhubo emphasised that the city council had received an unqualified audit report for the second year in a row.

“This is a remarkable achievement for the City and the strongest indication yet that Johannesburg’s finances are in excellent shape,” he said. “This year we celebrate the 60th anniversary of the adoption of the Freedom Charter and as the City of Johannesburg we are committed to re-stitching our city to create a new future for those who call Johannesburg home.”

Makhubo stated that at the core of the city council’s endeavours was to build a strong administration and good corporate governance. He added that investors, the business community and residents could be assured that Johannesburg was a well-run city.

According to the city council’s annual report, a surplus of R4 billion was achieved which was redirected to the capital budget to accelerate service delivery. Other highlights of the financial year were that healthy levels of liquidity were maintained, and listed bonds amounting to R663 million were redeemed. In addition, the city council raised more than R2 billion of new funding in loans and bonds during the year.

City manager, Trevor Fowler said the increased capital budget of R7.7 billion demonstrated the city council’s commitment to use capital investment as the key tool for improving service delivery, and transforming the urban environment. Fowler said, “The City collected more than 94 percent of revenue billed, and pending billing issues which featured prominently in previous auditor general reports were kept to a minimum.”

  AUTHOR
Aphiwe Boyce
Metro Reporter

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