This report contains innuendo or inferences that are worrisome as they may create a grossly negative perception about borrowings by water boards, including Umgeni Water.
It is important and relevant to note that water boards operate in a highly regulated environment prescribed by the Public Finance Management Act, the Municipal Finance Management Act, the Water Services Act and the National Water Act, among others.
It is important Umgeni Water sets the record straight so that the negative slant of the report and innuendo are not interpreted to mean that discipline or due consideration is, or had been, absent in decisions on borrowing, specifically the amount required and for what purpose....
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