City faces cash flow problems
WINDHOEK - The City of Windhoek strategic executive head of finance Jerome Davis has warned that the city is facing cash flow problems that requires creativity, cooperation and political will from the executive and senior management teams to resolve.
“The streamlining of the City’s cash flow management efforts and preparation of credible financial statements for the purpose of sourcing funds for various capital projects is currently receiving and will continue to receive much attention during the 2018/19 financial year,” Davis said.
He said this in his Financial Executive Summary of the City’s Annual Performance Report of 2017/18, the first of its kind, availed to New Era yesterday.
The report covers the fourth quarter of the 2017-2018 financial year and the forecast into 2018 -2019.
In addition, Davis said concerted efforts are needed by way of targeted stakeholder engagements to seek various partnerships and funding to help sustain the City’s service delivery mandate.
Also, Davis said internal synergies especially in terms of information flow remain a challenge and need to receive full attention going forward.
“It is anticipated that the first two quarters of 2018-2019 will be particularly demanding as all capital projects will need external funding to be approved by the line ministry, which has brought to a halt all major capital projects,” he said.
However, Davis said with the right attitude, respect of customer and stakeholder expectations and perseverance, the City will implement a strategy that guides a turnaround of the current financial state.