Media statement: KwaDukuza solidifies its status as the most financially stable municipality in KZN




KwaDukuza Municipality located in the north of KwaZulu-Natal has been rated as the most financially stable municipality in the province and number six in the country - according to an independent financial ratings agency, Ratings Afrika.


The agency measures each municipality's operating performance, liabilities management, budget practices, and liquidity position, it then compiles the Municipal Financial Stability Index ratings (MFSI), giving each municipality a mark out of 100.


The agency analysed 112 of the biggest South African municipalities for the 2022/2023 financial year based on financial reports submitted to the National Treasury. For municipalities, a financial year is marked by a cycle period commencing from 01 July until 30 June.

 

KwaDukuza achieved the highest score among municipalities in the province and number six nationwide with a rating of 63.

 

KwaDukuza Mayor Lindile Nhaca has welcomed the MFSI report citing good governance, strong financial oversight, sound financial policies and controls which places her municipality among the top performers.

 

"It is evident that KwaDukuza has a budget that is founded on thorough financial planning. We have maintained a consistent financial position over the years and we have indeed demonstrated that we have solid financial policies, sound long-term financial strategies, good budgetary practices, effective financial controls and a robust revenue collection system. This allows the municipality that is led by the African National Congress (ANC) to efficiently provide and enhance infrastructure, and balance reserves to withstand any potential financial setbacks. The outcomes therefore serves as confirmation of our dedication to upholding sound budgeting practices, effective revenue generation and strong oversight", said Nhaca.




KwaDukuza has once again maintained its top spot as the most financially sustainable and secure municipality in the province of KwaZulu-Natal. Image Source: Ratings Africa


Ratings Afrika is a rating agency that specializes in ratings and similar opinions gauging the soundness of governance in companies, State-owned enterprises, Municipalities, Provinces, Central governments.

 

Ends


Enquiries: Sphe Ngobese | 073 784 7822 | sphelelon@kwadukuza.gov.za

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