The Swiss Times - Swiss News in English

Aargau Reports Surplus of 119.5 Million Francs for 2023

  • By The Swiss Times
  • 15 March 2024

The Canton of Aargau continues its fiscal success story, boasting a CHF 119.5 million surplus in 2023.

Aargau Reports Surplus of 119.5 Million Francs for 2023
Keystone/GAETAN BALLY

For the seventh year in a row, the canton of Aargau has presented annual accounts with a surplus of millions. Despite the absence of profit sharing from the Swiss National Bank (SNB), the 2023 accounts show a surplus of CHF 119.5 million.

It had already become apparent last summer that the budget was too pessimistic with a deficit of CHF 296.5 million, Finance Director Markus Dieth told the media on Friday.

According to the Government Council, there are various reasons for the difference of over CHF 400 million. The expenditure for the refugees from Ukraine was less than planned.

With the financial results for 2023, the canton’s state budget will now be debt-free, after a steady reduction of CHF 1.3 billion in debt since 2016.

Seventh Year of Surplus

After the seventh positive financial statement in a row, the Aargau financial budget is on a very stable footing, said Finance Director Dieth: “The debts have been paid off and a financial reserve has been formed.”

The surplus from 2023 is to flow into this financial equalisation reserve. If the Grand Council agrees, this reserve will increase to CHF 957 million. The “cushion” will help to overcome future challenges and investments such as the construction of secondary schools, rising healthcare costs or the digitalization of the administration, it was said.

Tax revenue for natural persons was 0.6 percent higher in 2023 compared to the previous year, while tax revenue for legal entities was 0.9 percent higher.

©Keystone/SDA

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