THE city has adjusted its mid-term budget by R136 million due to additional funding, delays in projects and less income from water and electricity. Midway through the city's financial year, it has reviewed and assessed its budget with mayoral committee member for finance Ian Neilson , saying this year's adjustment was not as significant as previously because of keeping tighter budgets. Neilson said the city was adjusting the R5.6 billion capital budget by only R12m because of additional funding from national and provincial government, delays in projects, or projects which were ahead of schedule |that would receive more money. "These adjustments are not large numbers because |we do not have a great amount of slippage as we had in previous years." On the operational budget, he said the major changes resulted from lower-than-expected electricity and |water sales. There was a reduction of R184.9m in electricity sales. The city report said this was due to changes in Eskom's billing and consumer energy savings. Another reduction of R15m for traffic fines was proposed as the city received R15m less revenue from those than predicted. Another reduction in the operational budget was from R25.5m on water sales. There was a R m adjustment for the entire operational budget which, halfway through the city's financial year, stands at R34.5bn. There were also two additional amounts to be added to the budget of R4m and R6m from external funding. Neilson said the R4m would be allocated to road repairs and maintenance while the R6m would be allocated to the safety and security directorate for hand radios. The mayoral committee yesterday also approved investment contracts with three major financial institutions to manage the repayment fund of the |city's R4.2bn stock exchange bonds. email@example.com Cape Times
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