PMB back in the black

2010-11-05 00:00

FROM a negative bank balance of R160 million in March to a positive amount of R32 million in November.

These are the significant strides that the provincial intervention team has made in rectifying the strained Msunduzi Municipality’s finances over the past eight months.

Delivering Msunduzi administrator Johann Mettler’s report in his absence, Piet van Dyk said the team has managed to average a balance of just over R25 million in the past two months.

According to the report, September was the last month that the municipality was in the red with a negative bank balance of just under R30 million.

“We’re not where we wanted to be, but it’s a move in the right direction,” said Van Dyk.

The team has also managed an average collection rate of 75, 2% over the past three months, which is a distinct advance on the average collection rate of 55% it was faced with when it first came in.

Van Dyk said Operation Pitbull, which has targeted illegal electricity connections, has been a resounding success and it will continue because it has netted the municipality R32,36 million since it was launched in August.

Msunduzi Mayor Mike Tarr congratulated the team on its hard work.

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