29 Jun 2013 04:40
WINDHOEK, 29 JUN (NAMPA) - The chairperson of the City of Windhoek (CoW)'s Management Committee, Moses Shiikwa on Thursday tabled the City's N.dollars 3,8 billion 2013/2014 budget.
Shiikwa said an amount of N.dollars 527 million will go towards the capital budget, while the remaining N.dollars 3,2 billion will go towards the operational budget.
Of the N.dollars 527 million, N.dollars 344 million is being set aside for ongoing capital projects, while N.dollars 183 million is earmarked for new capital projects.
?Our decision in considering the capital budget was influenced by the economic principles of opportunity cost, most urgent public infrastructural needs, resource availability and the prevailing economic factors,? he said.
He stressed that the operational budget was also compiled under difficult circumstances as the costs of operation keep escalating.
?We nonetheless remained cognisant of the fact that we have a social obligation, hence we did not increase the tariffs to a level where residents cannot afford it,? he said.
Amongst other things, he announced that the electricity tariff would increase by 13 per cent subject to the approval of the Electricity Control Board (ECB).
Shiikwa said the proposed tariff adjustments are aimed at reducing the City of Windhoek?s budget deficit, which stands at N.dollars 314 million.
He then appealed to City of Windhoek Chief Executive Officer (CEO) Niilo Taapopi to be committed to implementing strict cost control measures in an effort to prevent a deficit at the end of the year.
Shiikwa said N.dollars 176 million has been earmarked for the capital budget of the 2014/2015 financial year.
During the 2011/2012 and 2012/2013 financial years, N.dollars 110 million and N.dollars 100 million respectively were received for the servicing of land in the Otjomuise residential area.