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IOLProperty - South African Property For Sale
Tuesday Feb 21, 2012

Joburg worst, Cape Town best with finances

Financially, Joburg is the worst-performing municipality in the country, says Ratings Africa.

The ratings agency said the municipal financial sustainability index showed the council obtained 26 points out of 100, with Tshwane not far behind at 32 and Ekurhuleni on 47.

Among the nine metros, Cape Town scored the highest at 63 out of 100, while Kwadukuza (Stanger/Ballito) scored the highest among the smaller municipalities with 86.

Joburg was cash-strapped and faced a bleak future of poor service delivery and poor maintenance of infrastructure, said Leon Claassen of Ratings Africa. But the metro said it could not comment because Ratings Africa refused to reveal its scoring methods.

"The ratings agency has previously issued statements to the media on our financial position, but would not reveal how it scores the municipalities," spokesman Gabu Tugwana said.

"They said it was their intellectual property. This is sad, happening at a time when every institution in our democracy is crying for transparency. The city is, therefore, not in a position to make comments as their methodology remains unknown to us."

The Mercury

 
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