JOHANNESBURG - The City of Johannesburg has released its long-awaited financial results for the year ended 30 June 2025.
The Auditor General's office paints a gloomy picture and warns there is substantial doubt about the City’s ability to continue as a going concern.
At the end of March, the JSE suspended the City of Joburg’s bonds from trading.
It did so because the metro failed to publish its audited annual financial statements.
On Thursday evening, shortly before the market closed, the City announced the documents were now available.
What emerges is a story of mismanagement and little consequences.
Debt exceeds revenue by 45 percent meaning the City is effectively bankrupt. Furthermore, some of the other alarming figures coming out of the report include the city having to write off R9.5-billion.
It also states that reasonable steps were not taken to prevent irregular expenditure of R2.3-billion nor to prevent unauthorised expenditure of the same amount.
The City also lost electricity to the value of R5.6 billion and water worth R2.8-billion.
Of the 678 cases of alleged irregularity, about 60 percent were still being finalised by the end of the financial year.