News / Local
Council expect Revenue and Capital budget of $154M
13 Nov 2015 at 06:28hrs | Views
Bulawayo City Council is expecting a revenue and capital budget of $153 611 644 for 2016 financial year.
This was revealed by Bulawayo City Council's Chairman for the Finance and development Committee James Sithole during a full council meeting.
According to council minutes Sithole delivered the budget proposals in which he proposed a Revenue budget of $107 633 672 and a Capital budget of $45 977 972-a total of $153 611 644.
"In his delivery, he highlighted the challenging domestic economy, low productivity and high unemployment. He said that this had given rise to unprecedented growth of the informal sector," reads the council minutes. "Virtually everyone was now a vendor."
The minutes states that the budget was a product of an extensive consultation process with stakeholders.
"The following factors among others had been considered in coming up with the proposals: the ZIMASSET aspirations, Economic indicators, Council's Liquidity, The need for vulnerable groups to access basic services, De-industrialisation and the dearth of the formal employment,Consultations with residents had indicated a 10% increase in attendance over the previous year," reads the minutes.
"This pointed to an increase in awareness and stakeholder participation among residents."
The minutes states that Sithole paid tribute to those residents who were making an effort to pay their bills timeously and appealed to Councillors to encourage city residents to pay their taxes so as to achieve full implementation of this standstill budget. He emphasized the fact that this was just a provision, the realisation of which can only come with the requisite cash inflow.
"In the ensuing discussion, Councillors supported the Budget Statement as submitted by the Chairman of the Finance and Development Committee," reads the minutes.
The council resolved that the estimates of income and expenditure on Revenue ($107 633 672) and Capital ($45 977 972) – a total Budget of $153 611 644 for the year 2016 as submitted be adopted, and the Minister of Local Government, Public Works and National Housing be advised accordingly in terms of section 288 of the Urban Councils Act, Chapter 29:15, so that the budget can be approved.
This was revealed by Bulawayo City Council's Chairman for the Finance and development Committee James Sithole during a full council meeting.
According to council minutes Sithole delivered the budget proposals in which he proposed a Revenue budget of $107 633 672 and a Capital budget of $45 977 972-a total of $153 611 644.
"In his delivery, he highlighted the challenging domestic economy, low productivity and high unemployment. He said that this had given rise to unprecedented growth of the informal sector," reads the council minutes. "Virtually everyone was now a vendor."
The minutes states that the budget was a product of an extensive consultation process with stakeholders.
"This pointed to an increase in awareness and stakeholder participation among residents."
The minutes states that Sithole paid tribute to those residents who were making an effort to pay their bills timeously and appealed to Councillors to encourage city residents to pay their taxes so as to achieve full implementation of this standstill budget. He emphasized the fact that this was just a provision, the realisation of which can only come with the requisite cash inflow.
"In the ensuing discussion, Councillors supported the Budget Statement as submitted by the Chairman of the Finance and Development Committee," reads the minutes.
The council resolved that the estimates of income and expenditure on Revenue ($107 633 672) and Capital ($45 977 972) – a total Budget of $153 611 644 for the year 2016 as submitted be adopted, and the Minister of Local Government, Public Works and National Housing be advised accordingly in terms of section 288 of the Urban Councils Act, Chapter 29:15, so that the budget can be approved.
Source - Byo24News
