Ekurhuleni announces R11.4bln jump in budget
The capital budget for the City has grown from 2018 by R900 million to R7.4 billion; 51% of this will be funded by loans of R3.7 billion.
JOHANNESBURG - The City of Ekurhuleni has tabled a budget of R48.9 billion for the 2019/2020 financial year.
This is a R11.4 billion jump from 2018’s budget.
Ekurhuleni is the second metro to announce its projections this week, with the City of Johannesburg on Wednesday having announced its R64.5 billion budget.
Of the R48.9 billion allocated to the City of Ekurhuleni, operating expenditure is R41.5 billion - this is an increase of R3 billion.
Nkosindiphile Xhakaza, the MMC for finance and economic development in Ekurhuleni, said grants and revenue generated internally would fund the budget.
The capital budget for the city has grown from 2018 by R900 million to R7.4 billion; 51% of this will be funded by loans of R3.7 billion.
Xhakaza emphasised that increasing borrowings had a negative impact on the operating budget due to high interest paid.
#EkurhuleniBudget Xhakaza:— EWN Reporter (@ewnreporter) May 23, 2019
Honourable Councillors, we are presenting an annual budget of R48.9 billion for 2019/20 financial year. The operating expenditure (Opex) is R41.5 billion. This is an increase of R3 billion.
(Edited by Zamangwane Shange)