CAPE TOWN - Nelson Mandela Bay municipality’s financial position is now the most stable it has been in almost a decade, the city said yesterday. The new coalition government in Nelson Mandela Bay had recorded capital spending of 93 percent in the 2016/17 financial year - the highest spend since before the 2010 Soccer World Cup.
“Paired with a collection rate of 93.7percent, the municipality’s financial position is now the most stable it’s been in almost a decade. Infrastructure-led growth is crucial to ensure that Nelson Mandela Bay is a well run city. By spending our capital budget, the municipality is working to advance communities and drive economic growth through development,” the city said.
Benchmark
The final quarter of the 2016/17 financial year saw tens of kilometres of road tarred, pavements repaired, painting of new road markings, the rehabilitation of parks, and clean-ups of public open spaces. “This sets an important benchmark for subsequent years, as this government works to ensure that the municipality keeps moving forward, spending money on our people through basic service delivery and economic growth,” the city said.