eThekwini Municipality secures unqualified audit opinion
The eThekwini Municipality has released its annual report detailing its solid performance over the past year
The eThekwini Municipality has released its annual report detailing its solid performance over the past year. The municipality received an Unqualified Audit Opinion reinforcing that Durban is "one of the best run cities in the country".
City spokesperson Tozi Mthethwa said: “The report shows that eThekwini Municipality is in a strong financial position underpinned by the outstanding collection rate (97%), growth in revenue, moderate gearing, stable debt and strong liquidity. The City has also managed to maintain its investment grade credit rating of AA in the long term and A1+ in the short term with a positive outlook. This is the highest rating in the municipal sector."
“Looking to the future the City is committed to building a sustainable, resilient city by taking measures to reduce the impacts of climate change and our carbon footprint. Numerous projects looking at alternative sources of energy, green transport, procurement, sustainable housing, water supply, waste water treatment, landfills, and recycling are all initiatives that being undertaken by the city.
City treasurer and CFO Awards 2018 nominee Krish Kumar announced that the municipality's problematic revenue billing system would be revamped.
“We are moving with effect from first of July to actually have all electricity meters read on a monthly basis which means that customers will not have estimated charges anymore, they will have monthly readings for electricity. We have stabilized the billing system, we will make sure our prepaid reading is something will be looking at very closely and smartly to make sure meters are read seamlessly,” said Krish.
“What we had previously is that you could register for water and electricity without attaching that to a property, now all the actual metered services will be attached to a property,” said Krish.