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MMC tables city’s R52 billion budget ‘Joburg’s capital budget is guided by an investment framework which seeks to eradicate service delivery backlogs, especially in poor and marginalised areas’ Staff Reporter news@inner-city-gazette.co.za
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Joburg Finance MMC Geoffrey Makhubo delivers the Budget Speech.
n Tuesday Joburg Finance MMC Geoffrey Makhubo presented a ‘record budget’ of more than R52-billion at the Sandton Convention Centre. MMC Makhubo said the size of the City’s 2015/2016 budget and the extent of allocations made to departments, entities and programmes reflect the health and sustainability of the City’s finances, within a global and regional economic climate that remains constrained. “The budget consists of operating expenditure of R42.7-billion and almost R10-billion in capital expenditure. However, the City is appropriating a three year capital budget of R29-billion that will take it to the 2017/18 financial year. We are demonstrating to the people of the City that the Jo-
hannesburg of today is much better than it was yesterday. In partnership with the people of Johannesburg we are ensuring that tomorrow will be even better than today,” he added. MMC Makhubo said the City has consistently delivered on the commitments it has made to residents. “We have kept our word. We have done what we said we would.” The City’s financial health and future sustainability are reflected in a number of important indicators, MMC Makhubo said. “It has generated surpluses over the past three years and reinvested this to fund major developments including road infrastructure, electrification and service delivery. The City maintained high levels of liquidity with cash balances exceeding R5billion at the end of the 2013 and 2014 financial years; the City received unqualified audits in the past
two consecutive years, with four of its entities achieving ‘clean audits’. It is meeting its commitment to invest R100-billion in infrastructure over a ten year period. In the past year Joburg spent over 95% of its approved capital budget on projects designed to improve the quality of life of its residents.” MMC Makhubo added that Johannesburg’s capital budget is guided by an investment framework which seeks to eradicate service delivery backlogs, especially in poor and marginalised areas. “Service delivery is improved through infrastructure and services that are planned, delivered and managed in an objective and structured manner. The budget demonstrates the positive achievements of the past and continues to set a firm basis for optimism about the future of our great city,” Makhubo said.