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Masvingo City begins 1st Quarter budget review meetings

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Masvingo City begins 1st Quarter budget review meetings

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SIMBARASHE MTEMBO
MIRROR REPORTER

MASVINGO – City of Masvingo kick started its budget review meetings for the first quarter of 2024 on Tuesday morning at the Civic Centre.
Mayor Aleck Tabe said the full schedule of the meetings will be published before Friday. The review meetings will be held in all wards and the business community will also be engaged.
The period under review is from January 1 – March 31, 2024.
The inception meeting was attended by Tabe, Finance and General Purposes Committee chairperson Councillor Bernard Muchokwa, acting Deputy Finance Director Bernard Mhlolo, colleges and university representatives, school heads, security sector representatives, residents associations and Persons with Disabilities (PWD) s.
Mhlolo told the meeting that the budget is being reviewed in ZWL$ because it was the prevailing currency.
He also added that the local authority had an 82% revenue collection efficiency.
“Total cumulative revenue for the period up to 30 March 2024 amounted to ZWL$66, 261, 159, 730.33. Total revenue realised constitutes 82% of the budgeted revenue for the period amounting to ZWL$80, 469, 308, 199.14. The budget is indexed to exchange rate movements. We experienced a delay in the budget approval and council billed first quarter revenues using 2023 approved tariffs,” he said.
Thirty one percent of the revenue was realised from rendering of services, sales and tariffs contributed 37%, fees, penalties, licenses and levies constitute 26%. Rental revenue from facilities and equipment contributed 4%, grants and other incomes constitute a percent each.
Employee costs constitute 65.11% of the local authority’s expenses. General expenses constitute 23. 26%, capital expenditure makes up 5.96%, repair and maintenance constitute 4.29%. Purchases make up 1.39%.

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