Swakopmund’s finances are healthy

THE Swakopmund Municipality is in sound financial condition, according to the latest report of the Auditor General.

The municipality showed a profit of about N$27,5 million for the 2007 financial year, with the accumulated surplus at year-end amounting to about N$69,9 million. Last year’s financial results showed a profit of about N$31,5 million before any transfers to funds, with an accumulated surplus of just short of N$70 million.The accumulated surplus for 2007 included N$63,8 million in respect of the investment in Erongo RED, which represents the capital portion of the revenue and funds, and funds and grant assets transferred to the electricity distributor.The report concluded that the findings were “very positive” and indicative of “sound financial control”.Last year’s financial results showed a profit of about N$31,5 million before any transfers to funds, with an accumulated surplus of just short of N$70 million.The accumulated surplus for 2007 included N$63,8 million in respect of the investment in Erongo RED, which represents the capital portion of the revenue and funds, and funds and grant assets transferred to the electricity distributor.The report concluded that the findings were “very positive” and indicative of “sound financial control”.