KZN overspends, but stays in the black

2012-06-01 16:18
Durban - Despite overspending by some R360m, KwaZulu-Natal's provincial government still managed to end the 2011/12 financial year with a budget surplus.

Finance MEC Ina Cronje said on Friday that apart from setting aside a R948m contingency fund, the provincial government exceeded its own revenue collection targets by R760m.

This, together with the contingency fund, left the provincial government with a net surplus of about R1.34bn.

In a statement issued after addressing the provincial legislature, Cronje said five departments had contributed to R78.7bn being spent, compared to the budget of R78.2bn for 2011/12.

The bulk of the over-expenditure occurred in the education department. It exceeded its allocation by R591m.

The health department exceeded its budget by R130m , while the transport department overspent by R6.5m.

The Royal Household over-spent by R489 000 and the provincial arts and culture department by R68 000.

Most of the education department's over-expenditure was related to additional personnel costs.

The other 11 departments under-spent their budgets.
Read more on:    ina cronje  |  durban  |  pietermaritzburg

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