Tuesday, 17 January 2012 08:50
Treasury uncovers worrisome picture
Local government finances have deteriorated significantly over the past four years. Some 66 of the country's 262 municipalities are in financial distress and another 37 are on the verge of it. More than half do not have sufficient cash reserves and could face liquidity meltdown making meeting short-term liabilities impossible. And overall they have underspent R12.4 billion or 29.3% of their capital budgets.
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