The FF Plus insisted during a special council meeting of the Ekurhuleni Metro Council that the first quarter of the 2023/24 financial year’s unaudited financial statements should be presented to the council.
The idea is to obtain a clearer picture of the Metro’s financial situation.
According to reports, the Metro has only R438 million in cash at its disposal, which comes down to less than 13 days of cash flow. The Metro also owes its creditors more than R3 billion – R1,5 billion of which to Eskom.
The Metro’s current financial position can only be determined once the first quarter of the 2023/24 financial year’s unaudited financial statements are made available.
The FF Plus also requested that a report on the Metro’s assets and the value of its immovable property is presented along with the unaudited financial statements.
A bigger picture of the Metro’s actual financial position is needed in order to make informed decisions regarding a turnaround strategy for the Metro.
It is, however, doubtful whether any of it will be possible with the current ANC/EFF coalition government in power.
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