Budget, Financial Services, Latvia

International Internet Magazine. Baltic States news & analytics Wednesday, 22.05.2019, 10:05

Riga's 2018 budget deficit proves EUR 64 mln smaller than planned

BC, Riga, 01.02.2019.Print version
Riga closed 2018 with a municipal budget deficit of EUR 35.2 mln, which equaled 3.8% of the local government’s revenue and is significantly less than originally planned, LETA was told at the city council.

The local authority had planned to close 2018 with a budget deficit of EUR 99.4 mln.

According to the financial department’s estimates, the combined budget deficit of Latvia’s other municipalities amounted to 6.5% of annual revenue in 2018.

According to the department’s data, revenue in the capital city’s basic budget totaled EUR 924.8 mln last year, beating the target by EUR 1.4 mln.

Meanwhile, expenditure in last year’s basic budget was EUR 62.9 mln smaller than planned and totaled EUR 960 mln.

In comparison with 2017, municipal budget revenue grew by EUR 18.7 mln, or 2.1%, the city council’s representatives said.

At the end of 2018, the city’s cash balance was EUR 92 mln in contrast to the planned EUR 32.8 mln.

As reported, the Riga City Council passed amendments to the municipal budget, increasing expenditure to EUR 1.023 bn.


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