Zurich’s state accounts almost balanced thanks to high tax revenues
Published: Friday, Mar 15th 2024, 16:50
Updated At: Friday, Mar 15th 2024, 15:51
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The canton of Zurich's 2023 accounts show a small deficit of CHF 2 million on total expenditure of CHF 18.8 billion. Compared to the budget, this is once again a significant improvement - but the canton had to take on new debt again.
The canton got off lightly, said Finance Director Ernst Stocker (SVP) at the presentation of the key figures for the state accounts on Friday afternoon. Instead of the deficit of 353 million francs envisaged in the budget, the accounts are now practically balanced.
The improvement is due in particular to high tax receipts. These rose by 3.9 percent compared to the previous year to 8.9 billion francs. The budget included CHF 636 million less, as Stocker explained to the media.
In particular, more tax revenue from previous years - from the pandemic years - was received than expected. This testifies to the robust condition of Zurich as a business location, explained Stocker.
The Finance Director commented cautiously on the fact that the 2023 accounts had improved compared to the budget: despite solid economic growth, record low unemployment and no major crises, the bottom line was still only a red zero.
Need for action on investments
The canton invested CHF 1.2 billion last year. For the first time in eight years, it was no longer able to finance this from its own funds. At 65%, the self-financing ratio fell well below 100%. Net debt rose by around 9 percent to CHF 4.2 billion.
"This is unsatisfactory, there is a need for action," Stocker stated. Such a situation would be acceptable in a crisis situation in which the state is investing anti-cyclically. "In these good times, you should be able to pay for everything you order."
As there are no signs of change in the coming years in view of the many projects in the pipeline, the government has now initiated a prioritization of investments. The aim is to avoid an increase in new debt, according to a statement from the Finance Directorate.
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