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City of Tshwane: Media Statement on Audit Report
THE CITY OF TSHWANE METROPOLITAN MUNICIPALITY
(A municipality as described in section 2 of the Local Government Municipal Systems Act, 2000, duly
established in terms of Notice No. 6770, promulgated in the Provincial Gazette Extraordinary of 1 October
2000 in terms of section 12(1) read with section 14(2) of the Local Government: Municipal Structures Act,
1998, as amended)
(Issuer code: CTMM)
("City of Tshwane" or "City")
Media Statement: Deputy Executive Mayor of Tshwane and MMC for Finance
Further to the announcement released by the City of Tshwane on the availability of the audit report for
the financial year end 30 June 2025, noteholders are advised that the City of Tshwane's audit report is
available for downloading on the city's website at:
https://www.tshwane.gov.za/wp-content/uploads/2025/12/COT-Final-Audit-report-2024-25.pdf
Noteholders are reminded that the Audit Report has not yet been tabled at council. It will be tabled at the
next council meeting on or before 30 January 2026.
Noteholders are also advised that the City of Tshwane's Deputy Executive Mayor of Tshwane and MMC
for Finance have also issued a media statement regarding the audit report.
The details below are direct extracts from the media statement.
Tshwane Records Clear Improvement in the 2024/25 Audit Outcomes
The City of Tshwane received the Auditor-General's audit report for the 2024/25 financial year yesterday.
Although the report has not yet been tabled in Council and remains at an internal stage, it already
provides a clear picture of the progress the City has made over the past financial year. The audit reflects
areas where we have strengthened our financial governance and where the work of the administration
is beginning to show measurable results.
In the 2021/22 financial year Tshwane received an adverse audit opinion, which signalled a deep
breakdown in financial management and governance. In 2022/23 the City improved marginally, receiving
a qualified opinion with thirteen separate qualification areas. Together these outcomes demonstrated
the extent of the institutional failures that the administration inherited and the scale of the work required to
restore stability.
Although the audit outcome for 2024/25 remains qualified, the latest report reflects clear and measurable
improvements. The most notable is the reduction in qualification areas, which have decreased from six in
2023/24 to only two in 2024/25. This marks meaningful progress and confirms that the interventions
introduced through the Audit Outcome Remedial Action Plan are beginning to strengthen the City's
financial governance.
There has also been encouraging progress within our municipal entities. Housing Company Tshwane
achieved an unqualified audit opinion for 2024/25, which is an improvement from the previous year.
While there are still findings on performance information and compliance, the improvement in the
financial statements marks an important step in stabilising the entity.
The Tshwane Economic Development Agency sustained its unqualified audit opinion. Although
compliance matters still require focused attention, the consistency of TEDA's financial reporting is a
positive sign. The unqualified outcomes for both HCT and TEDA indicate that governance within the City's
entities is improving.
In light of the report, the remedial actions implemented throughout the year will remain in place to address
the remaining qualification areas and strengthen the overall audit process. These steps included
improved internal coordination through the Audit Steering Committee and the Executive Audit Tracking
Committee, better preparation and quality of working papers, and stricter requirements for departments
to submit information on time. These efforts have contributed to a more orderly audit process and a
stronger internal control environment.
These improvements, while significant, do not mean that the work is complete. The two remaining
qualification areas must be resolved as a matter of urgency. Compliance with legislation and the reliability
of performance information must improve across all departments and the entities. Our objective remains
to move the City out of qualified audit status and to rebuild financial credibility in a sustainable and
transparent manner.
The administration will continue to implement the Audit Outcome Remedial Action Plan and strengthen
oversight structures to ensure we meet the standards required by law. We remain committed to open and
accountable financial management and we will provide a further update when the consolidated audit
report is tabled in Council in January.
As we conclude this process, the direction of travel is clear. Tshwane is moving in the right direction. The
improvements reflected in this audit demonstrate a City that is rebuilding its financial foundations and
strengthening the systems that support effective service delivery. We remain committed to accelerating
this progress and restoring full confidence in the City's financial governance.
Enquiries:
Nomfundo Mkhize
NomfundoMk@tshwane.gov.za
+27 (12) 358-4610
A further announcement will be released once the Annual Report and Audit Report are tabled at council.
For further information, please reach out to the City of Tshwane Metropolitan Municipality:
David Masimini: Acting Divisional Head (Treasury Office)
Email: DavidMasi@TSHWANE.GOV.ZA
Tel: 012 358 6045
Or
Gareth Mnisi: Chief Financial Officer
Email: cfo@tshwane.gov.za
Tel: 012 358 8801
Tshwane
05 December 2025
Debt Sponsor
Absa Bank Limited (acting through its Corporate and Investment Bank division)
Date: 05-12-2025 03:17:00
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