NMB Grant-in-Aid Allocations could be Approved on Friday
The grant-in-aid allocations for the 2014/15 financial year could be approved when the Budget and Treasury Committee meets on Friday afternoon.
The allocations could not be approved last week.
If approved by the committee it might be possible for the full council to endorse the committee’s decision when it meets for the last time this year on December 4.
Also on the agenda for Friday is the quarterly financial report for the first quarter of the 2014/15 financial year ending September 30, which shows that overdue consumer debts increased by R135.6 million or 6.9% in the three months to September 30.
The average debtors’ collection rate at September was 92.20% against a target of 94%.
The report from Chief Financial Officer (CFO) Trevor Harper, also points out that that the capital budget for the Integrated Public Transport System (IPTS) was overspent by some R126.8 million in the last financial year, adding that that this constitutes “unauthorised expenditure”.
The CFO warns in his report that the IPTS unauthorised expenditure on this project “has resulted in a decline in the municipality’s cash position and placed the funding status of the 2014/15 Budget at risk”.
Harper also reports that capital expenditure at the end of the first quarter of 2014/15 constituted 11.8% of the approved budget.
Operating revenue for the period amounts to R1.83 billion and operating expenditure R1.86 billion resulting in an operating deficit of R36.1 million in the first quarter. - MetroMinutes.
Photo courtesy of www.washcova.com
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