Swiss Government Predicts a Million-Dollar Deficit for 2024
Published: Thursday, Sep 21st 2023, 09:41
Aktualisiert am: Freitag, 13. Oktober 2023, 14:12
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The Swiss canton of Schwyz is expecting a deficit of 50.4 million francs in its budget for 2024, with total expenditure of 1.8 billion francs. This is a significant deterioration from the previous year's budget, which had a small surplus of two million francs. The main causes of the worsening financial situation are lower dividends from the National Bank, higher contributions to the National Financial Equalisation (NFA), increased payments to third parties for public services, and from 2025 the cost transfer from districts and municipalities of around 80 million francs. In addition, large investments of around 140 million francs per year are planned for projects such as road construction, the expansion of the police and administrative centre in Biberbrugg, and the renovation of the cantonal school in Nuolen. If the financial situation continues to develop in this way, the net assets of the canton will decrease from 800 million francs to 90 million francs by 2027, and the equity from 870 million francs to 440 million francs. Despite this, the government has decided not to raise taxes, but to initiate a medium-term cost stabilisation programme to control costs, particularly in personnel and material expenditure.
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