Register now for Fin24 Dashboard and get access to portfolios, watchlists, financial comparison tools, and a whole lot more to help you achieve your financial goals.

Data provided by McGregor BFA
All data is delayed
Loading...
Where am I? Home
 
Prices are delayed by 15min.
Join the Fin24.com conversation about JSE-listed stock by using every time you tweet.

Warning lights flashing for 2010

Jun 08 2009 08:44 Antoinette Slabbert

Related Articles

World Cup lifts car market hopes

Cell firms 'won't cope in 2010'

Bus crisis hurts 2010 credibility

2010 to have long-term payoff

CT transport plan 'unrealistic'

Sport events to help hotels

 

Top Stories

Cell C move sparks price war

May 27 2012 11:21

There's a price war raging between South Africa's cellphone networks after Cell C lowered the rates of its prepaid calls by more than 34%.

Another golf estate victim

May 27 2012 13:09

The oversupply of golf estates has claimed another victim.

MyCiti buses running at a loss

May 28 2012 07:53

The City of Cape Town has spent R175m running the Myciti bus service since the Soccer World Cup compared to an income of R35m, a report says.

 
Share Share line Print

Pretoria - Host cities for the World Cup soccer tournament next year are struggling to spend their capital budgets.

This could mean that the soccer stadiums may be ready, but that traffic jams, dry taps and power failures could be on the cards for soccer enthusiasts visiting these cities.

With three-quarters of the current municipal financial year having elapsed, the Mbombela municipality in Nelspruit has spent only about one-third of its capital budget, Tshwane about 41% and Rustenburg 44%.

In its most recent review of municipal budgets National Treasury has expressed concern over the under-expenditure.

This comes after President Jacob Zuma warning last week in his State of the Nation speech that the government - against the background of the economic crisis - should spend every cent wisely and fruitfully.

There would be no wastage, and no budget carry-overs, he declared.

From the Treasury's report it appears that the backlog is not in the building of the stadiums, because more than 95% of the allocations for them had already been spent by March 31.

Danny Jordaan, chief executive of Fifa's local organising committee, told Sake24 on Sunday that construction of the stadiums was on track.

He said the host cities should, however, draw up an integrated development strategy on the upgrading of general infrastructure like electricity, water and roads.

"Most of the work will ultimately be done, but is being expedited with a view to the World Cup," he explained.

After the tournament residents will continue to benefit from the improved infrastructure.

Jordaan reckons this would be seen as a positive legacy of the soccer tournament.

From Treasury's report it appears that expenditure on roads is generally low. This despite the fact that the transporting of soccer fans to and from airports, stadiums and their accommodation is universally regarded as the organisers' major operational challenge.

By the end of March the host cities had on average spent less than a third of their capital budgets on roads, pavements, bridges and storm water facilities. The municipal financial year ends on June 30.

Mangaung (21.9%), eThekwini (22.9%) and Mbombela (24.3%) had the poorest performance in this regard.

Only three of the host cities had spent more than half of their capital budgets for water. Mangaung (92.1%) did best, with eThekwini (72.3%) coming second and Polokwane (51.5%) only just passing the halfway mark. The other six host cities have spent 30% to 47% of their capital allocations for water.

The host cities have on average spent 46.1% of their capital budgets for electrical projects, with Tshwane (63.4%) leading the group and Mbombela (28.8%) taking the rear.

The Treasury says its report is aimed at empowering provincial and national governments for their supervisory role over municipalities, and points out problems in implementing municipal budgets and allocations.

- Sake24.com

For more business news in Afrikaans, go to Sake24.com.

 
 
Comment on this story
0 comments
Comments have been closed for this article.
It pays to know the cost and what you’re getting in return
May 28 2012 09:33

Investors may not have a clue what they’re paying their money managers or they type of service they’re getting, or, whether they can actually negotiate lower fees. (Reuters)

Sasha

"In the short term this is true, Greece will dominate the headlines on a day to day basis, until their next elections when there would be some clarity to answer the question, "What next for Greece?" Amazingly everyone except the politicians seem to be lining themselves up for worst case scenario, b... Read their blog...

Recently updated
Podcasts
The Sishen saga

Legal expert Peter Leon on the increasingly complex legal wrangle over the Sishen Iron Ore mine. Time: 8:17 Listen Here...

Before you list

Is the clarion call of the JSE calling? Listen to Fin24’s expert panel discussion before you list your small business. Time: 17:29

Compare and Buy

Compare and apply for hundreds of financial products from many suppliers.

Credit cards Medical aid Current accounts Think Money

Money Clinic

Money Clinic Do you have a question about your finances? We'll get an expert opinion.
Click here...

Loading...