Thurgau government again budgets a deficit
Published: Wednesday, Sep 25th 2024, 15:10
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The Thurgau government has presented a budget for 2025 with an expenditure surplus of CHF 15.9 million. At the same time, the canton is almost using up its net assets. In order to restore the budget balance, the cantonal government is demanding an eight percent increase in the tax rate.
The budget for the coming year shows total expenditure of CHF 2.653 billion and income of CHF 2.637 billion. The result was only achieved thanks to drastic savings and cutback measures, according to a statement from the canton on Wednesday.
Savings had to be made in areas such as public transport, agriculture, health, energy promotion and biodiversity. Investments have been reduced to the bare minimum or postponed.
Reversing the tax cut
The cantonal government is proposing to the cantonal parliament that the tax rate reduction from 117% to 109% decided in 2021 be reversed. "The financing shortfall of 151.5 million francs shows that this reversal is absolutely necessary to achieve a balanced state budget in 2030," Finance Director Urs Martin was quoted as saying in the press release. "Especially as the budgeted double distribution from the Swiss National Bank for the budget year 2025 is subject to considerable uncertainty."
The canton's net assets will continue to decrease with the 2025 budget. These are expected to be almost exhausted by 2026, the press release continued. The canton of Thurgau will then have a net debt. In 2022, the canton still had net assets of 641 million francs.
Large deficit in the current year
Back in August, the canton of Thurgau announced a significantly higher deficit for the current year compared to the 2024 budget. The budgeted loss of CHF 86.7 million is likely to rise to CHF 132 million.
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