Oudtshoorn municipality reflects positive cash flow again after R110m deficit
Cape Town – The Oudtshoorn Municipality’s financial position has improved in the last three financial years – from a cash flow deficit of about R110 million in 2015 to a positive cash flow of R98.3m this year. Mayor Colan Sylvester disclosed the embattled municipality’s financial state following the council’s approval of the Integrated Development Plan for the next financial year starting next month and the multi-year budget for the 2019-2022 financial years.
“The municipality has, however, made great strides in its financial recovery from a position of near bankruptcy during the administration, to one where we are in a position to start focusing economic resources towards service delivery, infrastructure refurbishment and maintenance instead of using available resources to pay off overdue debt,” Sylvester said.
The cash flow position, although significantly improved, remained less than adequate when compared to the liquidity requirements set in the approved long-term financial plan of R82.2m of unencumbered cash at hand. The remainder will be financed from own revenue generated, amounting to R14m, and for the first time in more than four years borrowing as a funding option is proposed to fund an amount of R18m for major infrastructure refurbishments and replacement.
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