Canton Glarus posts first deficit since 2004
Published: Tuesday, Mar 5th 2024, 15:20
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The canton of Glarus closes the 2023 annual accounts with a loss of CHF 5.7 million. This means that the result is CHF 8.8 million better than budgeted, but is the first negative result in 20 years.
The annual accounts published by the Department of Finance and Health on Tuesday show expenditure of CHF 449 million and income of CHF 443.3 million. The executive attributes the improvement compared to the budget in particular to significantly higher income, especially in tax revenue and the proceeds from the sale of electricity. In addition, social expenditure and investments were below the budgeted amount.
As envisaged in the 2023 budget, the accounts include a withdrawal of CHF 15.75 million from the financial policy reserve. This is to cover the one-off contributions to the energy fund, the location promotion fund and the unemployment benefit fund.
Net investments amounted to CHF 28.6 million. Equity decreased by CHF 5.5 million to CHF 359.1 million. Net assets amounted to CHF 119.9 million, CHF 24.9 million less than in the previous year.
Savings package announced
"The general financial situation is solid, but the fiscal policy challenges are great," wrote the Department of Finance. The cantonal accounts closed with a deficit for the first time in 20 years. However, the canton has only been able to report a positive result in recent years thanks to withdrawals from reserves. Within four years, net assets have fallen by almost 100 million francs to 119.9 million francs.
A clear financial prioritization and a reduction in tasks are unavoidable in order to preserve the canton's financial room for manoeuvre, it continued. The cantonal government intends to submit proposals in this regard to the cantonal parliament together with the 2025 budget and a 2025+ relief package.
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