Rīga adopts budget for 2024

Riga City Council on Wednesday, January 31, adopted the local government's budget for this year, where expenditures are planned to be about EUR 200 million higher than revenues.

Local government budget revenue is planned to amount to EUR 1.354 billion, while expenditure – more than EUR 1.545 billion, while the budget spending gap of EUR 191 million is planned to be financed from the balance of the budget and loans.

When the 2023 budget was adopted, it estimated revenue at EUR 1.2 billion and expenditure at EUR 1.4 billion, respectively spending was also about EUR 200 million higher than revenue that year. 

The revenue increase is mainly due to the planned increase of 75 million euros in personal income tax revenues. Revenue from the state budget is also increasing in the local government budget, mainly due to the increase in teachers' wages by EUR 47 million and from support for the construction of Kundziņsala transmission by EUR 23.5 million.

The largest section of expenditure - 35% or EUR 547.4 million - is devoted to education, 24% or EUR 378.9 million is devoted to economic activity, while 13% or EUR 195.2 million is devoted to social protection.

Rīga Mayor Vilnis Ķirsis (New Unity) called this year's local government budget an “investment budget” because this year it is planned to dedicate EUR 240 million to investments.

It is planned to implement the construction of the embankment of Mūkusala for EUR 8.4 million, the repair of Zemitānu Bridge for more than EUR 20 million, and repair of Vanšu Bridge for EUR 0.5 million.

Investments are also planned for the implementation of the fourth round of the Dienvidu Bridge, for which more than EUR 44 million are planned, and for construction of the Kundziņsala transmission, which requires more than EUR 47 million.

Construction of the city's public transport connection points at railway stations is planned, for which more than EUR 9 million is planned to be used; the same amount is planned to be spent on the development of bicycle infrastructure, while it is planned to use EUR 34.6 million for the restoration of street infrastructure.

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