R47 billion budget for Johannesburg

Aerial view of Johannesburg.

The City of Joburg will have a record combined capital and operational budget of R47-billion in its 2014/15 financial year, higher than any other budget before.inShare

This was revealed by the Finance MMC Geoffrey Makhubo during a media briefing ahead of his budget speech in a council meeting held at the Joburg Theatre today.
Makhubo said in the last financial year the city exceeded for the first time the R40-billion mark on the on combined operational and capital expenditure.

“The city has a healthy cash balance, annual surpluses, our investments in strategic infrastructure delivery and the reports from the Auditor-General. Our financial performance over the past three years gives us the opportunity to accelerate delivery to the people of Johannesburg,” said Makhubo.
He said the city had built a “more stringent” cash management system. Despite a monthly expenditure of R2.2-billion , the metro still had the monthly cash balance in excess of R5-billion.
Capital budget grew from R4.5-billion in the 2012/2013 financial year to more than R10-billion in the coming financial year.

Source- The Times