City of Joburg passes Adjustment Budget, which prioritises infrastructure

THE City of Johannesburg (CoJ) has passed its Adjustment Budget through its Council to see it through to the end of the 2021/22 financial year in June.

The CoJ says the Adjustment Budget is, in various ways, a prudent response to a loan market that is increasingly averse to lending money to municipalities, including metropolitans, which is, in part, owing to a lack of liquidity in the market.

“The broader financial picture faced by local governments across the country is that capital expenditure has largely been funded by cash and grants, with funding from loans being absent.

“The fact that there has been a deterioration in revenue collection, means that we have had to arrest the decrease in our surplus in order to maintain our financial standing, so that we can invest in the future through a properly funded infrastructure expenditure programme,” the city explains in a statement.

Despite the