By: Justicia Shipena
The City of Windhoek has reported improved financial performance for the 2022/2023 fiscal year compared to the previous year, driven primarily by a significant decrease in bad debts by N$244 million and an increase in service charges by N$300 million.
According to preliminary results, the revenue increase was largely due to tariff hikes in property taxes and service charges, which ranged from 3.4% to 5%.
“The decrease in bad debts was due to improved collection as debtors’ balances stabilised around N$1.2 billion,” stated the report.
Despite an improvement in its current ratio from N$0.46 to N$0.60 for every N$1.00, the City of Windhoek remains concerned about its liquidity.
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