The City of Cape Town had to adjust its expansion plans for its MyCiTi bus service due to funding constraints.
A council meeting on Thursday outlined the City's long-term strategy for public transport funding and sustainability, as presented in its Multi-Year Financial Operational Plan and Medium-Term Strategic Business Plan for Public Transport 2024 - 2038 ( MYFIN 2024 ).
The MYFIN 2024 focuses on the long-term financial implications of operating MyCiTi and Dial-a-Ride (DaR) services.
The MYFIN 2023 forecasted a large shortfall in funds over the 15-year MYFIN period (in escalated figures which account for inflation). However, the MYFIN 2024 plan focuses on providing certain services with the available funding without needing loans.
This means that MYFIN 2024 aims to prove what can be achieved with only the available funds.
