Funding:

The CMDP is funded by a number of sources (see fig.2) with major contributions being made by the RDP (R130m), the European Union (R130-R150m depending on exchange rate), the Provincial Housing Development Board (R67m) and the Durban Metropolitan Council and South Central Local Council (R27m). 

Contributions to earlier phases of the development were made by USAID, Swedish International Development Agency (SIDA), IDT and individual donations. Bridging finance has been supplied by the Metropolitan Council throughout the duration of the project for a variety of uses.

 
EU Funding  

RDP funding:
RDP funding was secured in 1995 and as a result many projects, including roads, drainage and schools implemented during the period under review have been RDP funded. Of the R130m RDP funding, a total of R82 335 435 had been expended as at December 1998. Figure 3 provides an illustration of budgeted RDP investment by programme. Cumulative investment from all sources since inception of the project as at December 1998 stands at Rl30 307 395 (see figure 4).

EU Funding:
In February 1997 a Financing Agreement was signed between the Government of the Republic of SA and the Commission of the EU granting approximately Rl50m (see the EU Programme Report).

Financial Controls:
Financial control of RDP funding is governed by a Memorandum of Agreement entered into between CMDA, the Department of Local Government and Housing, the Durban Transitional Metropolitan Council and the North and South Central Local Council. The Durban Metropolitan Council co-ordinates the financial control of the project in terms of the agreement. This requires the release of funds only upon satisfaction that the proposed expenditure is in accordance with the provisions of the above agreement.


Contractor appointments for capital works are tendered via the Metro's tender system, whilst consultant appointments are overseen by the Consultant Appointment Review Panel (CARP), which consists of professionals nominated by the professional institutes.

Auditors:
Two independent auditing firms have been re-appointed as the company's joint auditors for the period under review namely Nkonki Sizwe Ntsaluba and MSGM Masukuleena (KwaZulu-Natal) Inc. which are both Chartered Accountants (S.A.) and Registered Accountants and Auditors. The March 1998 audit is in the process of being finalised.

 

EU Funding
 
 
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