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The Mandela Bay Development Agency has received a clean audit report from the Auditor-General for the 2011/12 financial year.
While it is the first time the MBDA has been given a clean audit with no matters of emphasis, it is the eighth year it has received an unqualified opinion.
The AG's report forms part of the Draft Annual Report for Nelson Mandela Bay that will be presented to Council on Thursday.
In his report, the A-G said that the financial statements of the MBDA, present fairly, in all material aspects, the financial position of the MBDA.
Further, he said, the MBDA's financial performance and cash flows were in accordance with South African standards of Generally Recognised Accounting Practice (GRAP) and in the manner required by the Municipal Finance Management Act and Companies Act.
The AG also found that the information provided to him concerning the annual performance of the Agency had been useful and reliable.
In his report, CEO Pierre Voges says that during the 2011/12 financial year the MBDA took ¡s a giant leap towards becoming a viable, effective project management house fulfilling key functions on behalf of the NMBM.
He says that the biggest challenge remains funding, adding that the MBDA is putting measures in place to source external funding.
Spelling out some of the performance highlights, the CEO says these include:
*The completion of Phase 1 of the King¡¦s Beach Triangle upgrade, with Phase 2A of the project scheduled for completion at the end of next month
*Completion of Phase 3 of the Donkin Re-serve upgrade with Phase 4 scheduled to be finished by the end of March
*The start of work on the Bird Street-Belmont Terrace upgrade that will be com-pleted by the end of March, and
*Completion of the refurbishment of the Athenaeum Club building.
Voges says capital projects worth R77.1 million were completed and signed off in the 2011/12 financial year.
