This was stated by the City of Johannesburg’s (CoJ) executive mayor, Clr Mpho Parks Tau, during his State of the City address recently.
He said the city’s total assets increased from R56.37-billion to R60.1-billion in 2011/12.
“We concluded the year with a progressive increase in cash and cash equivalents of R5.4-billion. Our capital investment in the city continues to rise significantly. At the beginning of our term, we started with a capital budget of R3.9-billion. Currently, it stands at R7.6-billion and is projected to grow to R10.9-billion in the next financial year,” said Clr Tau.
He added that earlier this year, the city obtained an unqualified report from the Auditor General. “This was the strongest indication yet that our governance is in good shape and that this is a well-run city which adheres to the highest standards of corporate governance and financial controls. Fitch and Moody, the rating agencies, retained their positive investment rating of Johannesburg over the past year. Moody’s noted that ‘although Joburg’s liquidity remains tight, the city’s cash reserves adequately cover short-term obligations, thus supporting the high short-term rating assigned.’ It further states that the rating reflected ‘recent improvements in the city’s liquidity profile and cash position.’ These achievements enable our mandate to deliver quality services to residents and citizens,” said Clr Tau.
He said he is proud of the city’s achievements and what it continues to do to bring a better life for all.
@JoziReporter
