Cape Town cashflow OK
2010-09-07 21:59
Cape Town - The City of Cape Town emerged from the Soccer World Cup with improved capital investments and a strong cash position, mayoral committee member for finance Ian Neilson said on Tuesday.
The past financial year had seen an increase in the city's available cash and cash investments, rising by R0.72bn to over R4.72bn, he said in a statement.
Its ratio of debt to revenue of 26.09% was well below the 50% considered to be an upper benchmark for municipalities.
In terms of collections, the city's payment ratio had increased from 94.07% in 2009 to 95.17% for the year, which ended June 2010.
Among the investments were the World Cup soccer stadium, which cost some R4.36bn, and the integrated rapid transport project, which had seen spending so far of R1.05bn.
- SAPA