By Nangamso Mabindla
22 June 2005

FINANCIAL adviser Cleve Coyle was given a fond farewell by the Buffalo City Municipality at a dinner at a beachfront restaurant last night.

The Australian has been working with the City for two years as part of a group of international financial advisers roped in by the national Treasury to assist municipalities with their finances.

Speaking at the dinner, Executive Mayor Sindisile Maclean said Coyle was always there to help the City with its finances.

"His deployment to the City was one of the best things the national Treasury could have done for us. I have no doubt that Cleve contributed richly to our financial turnaround," Maclean said.

Eastern Cape Finance MEC Billy Nell echoed Maclean's words, saying that the City was fortunate to have had Coyle to assist with the budget reform process within its finance directorate.

"We have always supported this move as we were aware and mindful of the extreme need to capacitate local government structures," Nell said.

Coyle's expertise was clear in the milestones achieved by the municipality, especially with its budget reform and in financial planning.

"His valuable experience has also helped elevate the credit rating of the municipality and provided a much-needed testimonial, which in turn has attracted investment, created jobs and developed the local economy," Nell added.

In April a credit rating report on Buffalo City's finances confirmed that the City had a strong capacity to repay long-term liabilities and short-term debt. According to the report, compiled by a Johannesburg rating agency that looks at Risk Analysis CA-Ratings, the City's healthy finances were the result of strong economic growth in the automotive industry, the largest contributor to its gross domestic product.

"I would like to encourage the municipality to continue with the Coyle legacy of dedication, commitment and passion for developing local government by exporting skills to other municipalities that are still struggling with their budget and treasury components," Nell said.

Coyle said he would take a three-month break after returning to Australia and then decide on his future. He had enjoyed working with the municipality wished the City well.