Rīga expenses in 2022 to exceed revenues by 159 million

Take note – story published 1 year ago

The expenses of Riga municipality in 2022 will exceed revenues by less around EUR 159 million, according to the draft budget of the municipality submitted to the Riga City Council's Finance and Administration Affairs Committee, LETA reported January 18.

Revenue for 2022 is expected to be EUR 995.8 million, while expenditure is EUR 1.15 billion.

Most of the difference in revenue and expenditure is expected to be covered by the balance of the budget at the beginning of the year, which exceeds EUR 150 million, as well as by loans.

Most of the revenues in the budget of the Riga City Council consist of tax revenues - EUR 691.6 million, of which EUR 579.6 million is derived from the income tax. The largest expenditure is for education: EUR 397.7 million.

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