While the adjustments budget was passed by 139 votes, Suddaby said it was the best the city could do under the conditions the multiparty government found the city’s finances in.
Suddaby added that on July 1, the city had a cash balance of R6.6bn and midway through the current financial year, it dropped to R3.9bn. In part, she said it was due to a steep decrease in revenue collection and the Covid-19 pandemic, which bore the blame for economic conditions residents found themselves in.
The 2021/2022 approved operating budget was R74,1bn but on Thursday passed an adjustments budget of R72.8bn, showing a more than R1.1bn reduction. The adjustments capital budget was approved at R7,3bn indicating a reduction of R771m. “Municipalities have not been performing well, causing credit ratings to suffer. Investors cannot trust the South African government to step in when municipalities cannot meet their obligations. We are also doing an investor roadshow in March where, with the backing of the fiscal prudence entered into today, and the commitment to good governance, we hope to motivate more investors to empower our city,” she said.
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