10:50
Amid the record half year bank profits, local authorities (town, municipal, county) are also releasing their year end numbers (June 08)
The finances for the Nairobi City council showed revenue of Kshs. 8.1 billion ($123 million) which came from the following sources; government 2.53 billion, (Nairobi) water company 147m, borrowing of 505m, 772m from business permits, market fees 325m, 1.72 billion ($26m) from property rates, and 649m from parking collections.
Expenditure was the same 8.1 billion shillings comprising payments to councilors of 71 million, salaries amounting to Kshs. 3.7 billion ($56m), operations & maintenance 1b, capital projects (investments) 1.1 b, and debt repayment of Kshs. 2.1 billion)
The popular and celebrated town clerk John Gakuo (who’s vilified by others) remains in office despite a change of guard in the chaotic politics of running Nairobi City.
Also, the local government minister published new accounting rules last month for councils to follow which they must as they on average get about 60% of their revenue from the government, and most are dependent on the Government (taxpayers) for their continued operations.
10:08