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City’s financial results show resilience despite challenges<p>The period 2021/22 has seen strong delivery on a number of the City's key strategic priorities:</p><ul><li>Over 38 000 Mayoral jobs created</li><li>Expansion of the metro's CCTV camera and network infrastructure </li><li>Expansion of the Law Enforcement Auxiliary Programme (LEAP) in the fight against crime</li><li>Nearly 100% of the City's national and provincial grant allocation either spent or committed</li><li>96% of building plans approved within 30 – 60 days</li><li>More than 99% of rates clearance certificates issued within 10 working days</li><li>Over 94% of planned tenders completed to enable service delivery</li><li>51,1 km of water and 29,1 km of sewer reticulation mains replaced </li><li>Over 99% access to waste removal and area cleaning in informal settlements</li><li>Targets for the installation of water, sanitation and electricity points in informal settlements exceeded</li></ul><p>'We are able to deliver on our strategic priorities because of the City's sound financial management and good governance. Our financial results show that we are in a good position to successfully navigate these uncertain times, and are bolstered against any potential economic shocks. We will also continue to refine and adapt our business processes to meet the needs of our customers, as well as ongoing changes in our operating environment,' said Councillor Siseko Mbandezi, Mayoral Committee Member for Finance.</p><p>The City's performance has shown an overall improvement, despite an approved budgeted deficit. The balance sheet remains healthy, with the City's current ratio, solvency ratio and debt to income ratio all performing well within National Treasury benchmarks. </p><p>Strong liquidity has been maintained through disciplined control of capital investment, operating costs and working capital. </p><p>The cash coverage ratio has reduced slightly to 1,84, but is well within the National Treasury benchmark of 1 to 3. The City therefore has sufficient working capital to support the continuation of service delivery in the event of any economic shocks. </p><p>Consumer debt has been adequately contained despite the economic disruption caused by the pandemic. The payment ratio of 97,64% shows that most customers were able to continue paying their accounts. </p><p>The City is constantly refining its debt management strategy to ensure that those who are able to pay, do so. Assistance in the form of rebates or payment arrangements is available to those residents who are struggling. More than 40% of Cape Town's residences benefit from some level of financial rates and services relief.</p><p>'Our operating environment is characterised by increasing shocks and disruptions, and economic recovery will take time. Resilience and sustainability are key to navigating these uncertain times, and the City is continuously refining its business processes to meet changing needs, enhance customer experience, and improve service delivery,' said Councillor Mbandezi.</p><p> </p><p> <strong>End</strong></p><p><br></p>2022-08-30T22:00:00ZGP0|#1d539e44-7c8c-4646-887d-386dc1d95d70;L0|#01d539e44-7c8c-4646-887d-386dc1d95d70|City news;GTSet|#62efe227-07aa-45e7-944c-ceebacca891dGP0|#191b1b12-4267-46d3-a6e7-02be3df25e7a;L0|#0191b1b12-4267-46d3-a6e7-02be3df25e7a|budget;GTSet|#2e3de6c1-9951-4747-8f53-470629a399bb;GP0|#616d06d3-df1e-4f8f-8f3f-46854851d694;L0|#0616d06d3-df1e-4f8f-8f3f-46854851d694|Finance;GP0|#331636e2-8592-48c1-a8c3-e7b644dbc669;L0|#0331636e2-8592-48c1-a8c3-e7b644dbc669|city administration10

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