June 5, 2006
By Ndaba Dlamini
JOHANNESBURG has much to celebrate, including the announcement of its record-breaking R21-billion 2006-7 budget and the successful issuing of a R1,2-billion municipal bond.
And to celebrate, the City hosted a function in Sandton on 2 June attended by Executive Mayor Amos Masondo, the Council's chief whip, Bafana Sithole, the City manager, Mavela Dlamini and members of the mayoral committee.
Radio and television personality Tim Modise was the programme director for the night. He set the scene with a brief overview of the City's recent successes.
Celebrating the City's successes: Council chief whip Bafana Sithole, executive mayor Amos Masondo, mayoral committee member for corporate services and administration Christine Walters and City Treasurer Jason Ngubeni
"The recently announced budget of R21-billion is the biggest the City has tabled and the recent issue of the fourth bond sent financial institutions tripping over themselves to get a share of the bond. The City's credit ratings also shot up, a sure sign that the City is delivering."
In the last financial year, the City spent over 90 percent of its allocated capital budget, proof that it has developed capacity to implement programmes that it has set for itself, said the mayoral committee member for finance and economic development, Parks Tau.
Concerning the successful issue of the fourth bond, Tau said people had placed confidence in the City's leadership to manage public resources.
"The over-subscription of the bond has left us with a difficult decision to make on how to broaden the number of participants in the long term. In other words, we need to respond to what the market is saying to us and make tactical decisions in the medium term. Our view is to create not only a market for the City of Johannesburg but a mini-bond market."
Masondo described the night as one of "joyous celebration". He said the 2006-7 budget and the fourth bond show that the City demonstrated a massive commitment to address infrastructure needs.
"The issuing of the bond proves that we have come of age, that we are on our way to building Joburg into a world class city. By 2030, we want to see the city continue to lead as a dynamic centre of production, a city of opportunity where everyone is able to enjoy a decent quality of life."
Masondo congratulated City Treasurer Jason Ngobeni, Tau and the City's chief financial officer, Mankodo Moitse, for making the budget and bond a success.
He said both the budget and the bond make the City's 2030 vision a reality. "This gives us reason to celebrate but this can further be achieved if the private sector and the City work together," he said.
Closing the formalities, Dlamini called all stakeholders and residents to invest in the City to ensure that all services critically needed to run the City are delivered.
And then it was time to celebrate …
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