Is Johannesburg going bust?

sox63 said:
Hence my statement that the two exceptional expenses are not going to be repeated, so this seems to me to be premature at the very least. The likes of Moodys have not downgraded them, IIRC, and thus market confidence in them to service this debt is there. So "going bust" seems silly...
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Well the billing crisis isn't going away in a hurry, so one of the biggest sources of income for the city is still in a bit of a concern
Why is FNB stadium cost all of a sudden an issue? FIFA made a few billion on the tournament and now our cities are all of a sudden waking up to a big fat loss ?:rolleyes:

[-]I'm getting a bit old so my memory isn't the greatest but isn't Cape Town the only metro that has consistently received an unqualified audit in recent times?[/-] scratch that ... age = memory-like-a-sieve
 
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Albereth said:
Those two exceptional expenses haven't been audited yet - they're in the year that finished last week Thursday. I am sure we'll be looking at another qualified audit.

CoJ has been downgraded by Moodys. In 2008 the rating was Aa2 and it is now Aa3. The BCA was 7 and it dropped to 8 (where 1 is a good thing and a 21 is Zimbabwe)
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Well, according to the article, the stadium cost one has been audited. The outstanding one is the billing crisis. Both those ratings reflect a reasonable ability to service debt no?
 
McSack said:
Well the billing crisis isn't going away in a hurry, so one of the biggest sources of income for the city is still in a bit of a concern
Why is FNB stadium cost all of a sudden an issue? FIFA made a few billion on the tournament and now our cities are all of a sudden waking up to a big fat loss ?:rolleyes:

[-]I'm getting a bit old so my memory isn't the greatest but isn't Cape Town the only metro that has consistently received an unqualified audit in recent times?[/-] scratch that ... age = memory-like-a-sieve
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LOL, dont worry, you were duped by the DA campaign

:D
 
McSack said:
Well the billing crisis isn't going away in a hurry, so one of the biggest sources of income for the city is still in a bit of a concern
Why is FNB stadium cost all of a sudden an issue? FIFA made a few billion on the tournament and now our cities are all of a sudden waking up to a big fat loss ?:rolleyes:

I'm getting a bit old so my memory isn't the greatest but isn't Cape Town the only metro that has consistently received an unqualified audit in recent times?
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Folk involved with the CoJ get quite tetchy when you mention Cape Town. They quickly offer to take you there to show you things not working. I am sure that there are problems but you sort of get an idea that Cape Town (as a whole) works while Johannesburg (as a whole) bumbles along.

And there is still the idea that having to spend the budget is the objective, not the return. I was in a meeting with some folk last week and they were well chuffed that they had managed to spend R400M on the last day of the year. For what? What can you possibly buy in one day that costs that amount of money?
 
sox63 said:
Well, according to the article, the stadium cost one has been audited. The outstanding one is the billing crisis. Both those ratings reflect a reasonable ability to service debt no?
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The stadium costs may have been audited but has the whole FIFA thing been audited? Answer will be no. It impacted JRA, JMPD, EMS, City Power, etc etc.
 
marine1 said:
Crickets chirping..............
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Still Rather Have those Stadiums up than having no Staduims and Minsters leading a Jet Setting lifestyle.

Which would the world look at as better? World class Stadiums or Our 'Leaders' driving expensive European Cars.
 
zeyad 001 said:
Still Rather Have those Stadiums up than having no Staduims and Minsters leading a Jet Setting lifestyle.

Which would the world look at as better? World class Stadiums or Our 'Leaders' driving expensive European Cars.
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Sorry but that doesnt quite work that way, they still carrying on like there is no end to the money they can spend and in the end WE are going to pay for these stadia / stadiums, roads, and whatever else.
 
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The ticking time-bomb is really the issue of the free loaders who dont pay their bills. The City is stuck between a rock and a hard place - efficient collection of revenue fixes the cashflow but upsets the voters and non-efficient collection sends the City further into the poo but voters are happy......for a while. Either way the are screwed eventually.
 
Municipalities with clean administrations, as measured by the audit reports, were Mpumalanga's Ehlanzeni district municipality, Steve Tshwete and Victor Khanye municipalities, the City of Cape Town, the district municipalities of Metsweding in Gauteng and Frances Baard in Northern Cape and the local municipality of Fetakgomo in Limpopo.
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Dont see Jozi there anywhere with a clean report http://www.iol.co.za/business/business-news/clean-audits-for-only-7-of-237-municipalities-1.1090878

Only 7 municipalities got clean reports and Jozi was not one of them sox63.
 
Lord Dimwit Flathead the Excessive once campaigned for a 100% tax rate.

Seems we're heading that way. Time to bail out. But where to?
 
ghoti said:
http://www.joburg.org.za/index.php?option=com_content&task=view&id=3548&Itemid=241 (2009)
http://www.joburg.org.za/index.php?option=com_content&task=view&id=2120&Itemid=114 (2008)

Did they get 2010? or is that the one they failed? I couldnt find the 2007 report.
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There first one was in 2008 - and seeing how long the audits take, it could have been for 2006/07. If they got 07/08 and 08/09 theat will be 3. They got qualified in 09/10. And the 10/11 year ended on 30 June - i.e. last week. So there isn't an audit yet.
 
zeyad 001 said:
Still Rather Have those Stadiums up than having no Staduims and Minsters leading a Jet Setting lifestyle.

Which would the world look at as better? World class Stadiums or Our 'Leaders' driving expensive European Cars.
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where does that 'or' come from? What looks better to the world, I suspect, is a quality education system, quality healthcare, and a solid economy (or at least one not built on tenderpreneurism). Empty stadiums amount to worthless tinsel.
 
Chicken Boo said:
where does that 'or' come from? What looks better to the world, I suspect, is a quality education system, quality healthcare, and a solid economy (or at least one not built on tenderpreneurism). Empty stadiums amount to worthless tinsel.
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I didn't know that FNB stadium was now empty. It was never empty before the World Cup upgrade why should it be empty now?
 
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