Cape Town's Deputy Mayor Ian Neilson said on Thursday job creation is the key ingredient in maintaining the current positive bank balance of the city's coffers.
Neilson outlined the city's finances for the 2011 / 2012 financial year.
The city has a healthy bank balance of R6,1 billion.
The operating revenue tallied almost R21,5 billion, 98 percent of which has been spent on various maintenance projects and capital investments.
However, Neilson said job creation is imperative to maintain the stable financial status that has already weathered tough economic conditions.
“The only way we can improve people’s financial situation is by creating more jobs. We cannot simply distribute money. Therefore, it is important that we grow the economy and create the platform for business to be able to operate effectively in the city.”
He said Capetonians experienced some of the lowest property rates compared to other cities in the country.
He added that he aims at keeping it that way because rates were affordable and people were able to meet their monthly payments.
The deputy mayor said rate rebates will be maintained to assist poorer households.
“Underprivileged households get significant rebates, old aged pensioners and handicapped people are also able to get rebates so that they are not squeezed to hard.”
(Edited by Tamsin Wort)