The Harare City Council says there is urgent need to revalue council assets in order to ascertain their net worth.

Harare Mayor, Councillor Bernard Manyenyeni, who was speaking after the signing of the capital’s audited accounts, said many of the council’s assets are undervalued, hence the need for the audit.

Despite being in possession of cash cows such as prepaid parking, the issue of finances has remained a challenge for the local authority with council minutes revealing that a paltry US$40 000 is remitted to the city annually as a dividend.

Non-payment of salaries to workers has also been a bone of contention with the authority arguing that residents are not honouring their financial obligations which has ultimately led to a slide in service delivery.

The audited results will be perused by the Council Finance Committee before being sent to the full council for adoption after which they will be released for public consumption.