Whatshot
KwaDukuza rated the most financially sound municipality in KZN and number three in the country
KwaDukuza rated the most financially sound municipality in KZN and number three in the country
Financial ratings agency, Ratings Afrika has proclaimed KwaDukuza as one of the best performing municipality in Kwa-Zulu Natal in terms of financial sustainability and number three in the country after Swartland in the Western Cape and Senqu in the Eastern Cape.
The independent agency said its latest Municipal Financial Stability Index ratings (MFSI) which analysis 100 of the biggest South African municipalities.
The agency measures each municipality's operating performance, liabilities management, budget practices, and liquidity position, it then compiles the MFSI, giving each municipality a mark out of 100.
This means that KwaDukuza has well entrenched financial policies, budgets based on sound long-term financial strategies. The municipality adheres to good budgetary practices, strict financial controls, and good revenue collection.
KwaDukuza has maintained a consistent financial position over the years. In the 2014/2015 financial year, KwaDukuza scored 78 which made it the most financially stable municipality. In local municipalities, a financial year is marked by a cycle period from 01 July until 30 June.
KwaDukuza has done well over the years. From around 2004 onwards, we were under serious financial constraints and performing at the lowest levels in the country.
In 2010, we had achieved the second position in the country. In 2011 till 2013, we were at number one. We are amongst the very rare municipalities to have maintained such a consistent record.
Ratings Afrika is a ratingagency that specializes in ratings and similar opinions gauging the soundness of governance in companies, State-owned enterprises, Municipalities, Provinces, Central governments.