News:Harare City Council reduces number of active bank accounts
<vote /> Harare City Council has complied with Government directive to reduce the number of active bank accounts. It now has five active transaction accounts while a few are dedicated to bill payments.
Before the directive, council had 40 bank accounts and as a condition for approving the city's 2016 budget Local Government Minister Saviour Kasukuwere ordered the city to reduce its bank accounts.
According to the recent Finance and Development Committee minutes, Councillors heard that the accounts were maintained in read only status.
Acting Finance Director Mr Tendai Kwenda reported that the Ministry of Local Government, Public Works and National Housing had conditionally approved the 2016 budget. The city was told to bring its employment costs in line with the 30:70 employment costs to service delivery ratio by the end of the year.
They were also ordered to reduce their permanent overdraft facility from $1,5 million as the interest is too high for rate payers to carry.
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