He said, “This is the first time that any City budget in South Africa exceeds the R50-billion mark and it is made up of R42.7 billion for operating expenditure and almost R10 billion for capital expenditure. However, it should be noted that we are appropriating a three-year capital budget of R29 billion that will take the City into the R2017/18 financial year.”
He said the Financial Development Plan was long term and was aimed at ensuring continued sustainability. He said it would enable them to meet their commitment to spend R100 billion on infrastructure replacements and expansion over a 10-year period.
“Through the budget and the programmes that are funded, we are demonstrating to the people of the City and, indeed to… [all of] South Africa, that the Johannesburg of today is much better than it was yesterday. And, in partnership with the people of Johannesburg, we are ensuring that tomorrow will be even better than today,” said Makhubo.
He explained that the aim to focus on the future was reflected throughout the budget, with many initiatives to create employment opportunities, especially for the youth.
Metro reporter, Aphiwe Boyce, is at the budget speech presentation and updates will follow.
