The City of Johannesburg has been ranked in the National Treasury preliminary local government revenue report as the number one performing metro in the country in terms of aggregate revenue at 98.5 per cent and second behind Buffalo City in expenditure at 97.5 per cent.
The report was released earlier this week and the City’s MMC for Finance, councillor Funezla Ngobeni said it showed the City’s sensible financial management. “It has affirmed our position that the City’s finances are stable and improving on an annual basis.”
The treasury report, Ngobeni said, gave a range of aggerate trends. The first was the adjusted capital budget for all metros in the 2018/19 financial year which was R38.1 billion of which 77.5 per cent or R29 billion was spent as of 30 June 2019.
“The City of Johannesburg came out tops, far exceeding this performance, spending 91,3 per cent of its adjust capital budget,” he added.
The report also indicated that the City had a cash balance of R4.4 billion. The MMC boasted that the City had facilitated a record-breaking R17.29 billion in investments during the 2018/2019 financial year.
He hoped the investment trends would help stimulate the economy and create much-needed jobs for residents of the city.
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