Financial Services, Latvia

During discussion 18 proposals submitted by the opposition lawmakers were rejected.

This year, municipal institutions and enterprises had requested EUR 25.65 mln worth of extra allocations, but the Riga City Council financial department only agreed to grant EUR 24.75 mln of this amount.\

Although property tax revenues have dropped EUR 2.4 mln this year, the local government’s revenues have grown by EUR 15.28 mln to EUR 923.69 mln, while budget expenditures have totaled EUR 1.023 bln.

According to the municipal budget approved in the spring of 2018, the local government’s expenditures were planned at EUR 998 mln and revenues at EUR 908 mln.

By combining the state and municipal funds, the biggest additional financing or EUR 12.15 mln will go to the education, culture and sports department. The financial department has been allocated additional EUR 9.73 mln, the property department – EUR 617,136, the transport department – EUR 574,275, the welfare department – EUR 357,925, the housing and environment department – EUR 52,928.

Also several municipal institutions will receive additional financing.

Source: Jānis Hermanis