JOHANNESBURG – “The City is financially in the best shape yet,” with an increase in cash and cash equivalents of R5.4 billion at the end of the year, Mayor Parks Tau said during his annual State of the City Address.
Johannesburg had a surplus of R3.4 billion at the end of June 2013 and its total assets has grown to R60.1 billion — up from R56.37 billion in 2011/12.
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,” Mayor Tau said.
The recent release of an unqualified report from the Auditor General is the strongest indication yet, that Johannesburg’s governance is in good shape.
“This is indeed a well-run city which adheres to the highest standards of corporate governance and financial controls,” he said.
In taking forward its economic development agenda the City has identified a 15 point programme to improve the overall competitiveness of the Johannesburg, diversify economic activities and strengthen inclusiveness especially among the youth people.
He said the City has defined specific sectors to form the basis of future economic growth. The focus will be primarily in the fields of finance, technology, resource beneficiation such as in the platinum group metals as well as within the green and blue economies.
Such economic activities will position Joburg as a ‘global City of the Future, a city at work that will create innovative small businesses and sustainable jobs as well as deracialise its economy’.
