Statement by the Executive Mayor on the National Treasury Report rating Buffalo City Metro high in Budget Expenditure and other Financial Indicators
05th September 2019
Buffalo City Metropolitan Municipality (BCMM) received with great delight the news from the National Treasury that it is rated high in budget expenditure. These outcomes of the report titled â€˜The State of Local Government Finances and Financial Managementâ€™ confirm an overall clean bill of health for our Metro, rating us high on most major indicators.
On capital spending, Buffalo City was rated first, confirming the fact that the municipality is creating social and economic infrastructure which is necessary to create a conducive life and leverage further development. This means that our city has a sound financial strategy and that there are adequate project preparation and management practices.
On cash coverage, which measures whether municipalities have cash availability to meet operating expenditure requirements, our municipality came first. The City also came first with regards to the measurement of whether we have enough cash to pay creditors. We are also high-up on our ability to avoid financial distress.
In reflecting on the report, the Executive Mayor of Buffalo City Metro, Councillor Xola Pakati remarked that, â€œThis is a great encouragement for us to work even more harder and diligently in delivering services to our people.
â€œThis rating did not come overnight but it is a result of the tireless efforts of good women and men in our municipality who are determined to make our City an even better place to live, play and invest in. We thank the councillors, the management and the entire staff of our Metro for ensuring that the proper levels of efficiency which have earned us this recognition are created and maintained,â€ said Executive Mayor Pakati.
He added that: â€œWhat is important now is to improve on this and ensure that we defend our position. In the State of the City Address I did make an indication that we will improve our expenditure towards ultimate perfection through the introduction of an enterprise resource planning system whose