1 October, 2003 Press Release JOBURG SUBMITS FINANCIAL STATEMENTS The City of Johannesburg is proud to announce that it submitted signed financial statements on 30 September 2003. "The City has submitted its financial statements in accordance with all statutory requirements '', said Kayoom Bhayat Director for Expenditure. "Joburg has met the target it set and this has not happened in the last decade", continued Roland Hunter Executive Director Finance and Economic Development. This happens at a time when the Executive Mayor Councillor Amos Masondo also delivers his his mid-term report. The work of the new strong political and administrative leadership is bearing fruit. The introduction of generally accepted municipal accounting practices and robust financial management sees Joburg continually improving its credit rating. ENDS Issued on behalf of: Roland Hunter Executive Director Finance and Economic Development City of Johannesburg