City of Geneva budgets deficit of 63.4 million francs
Published: Wednesday, Sep 4th 2024, 17:00
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The City of Geneva is expecting a deficit of CHF 63.4 million in its 2025 budget. This is due to the tax cuts for companies and individuals, which will be voted on by the electorate in September and November.
"Without these tax cuts, which amount to 54.5 million francs, the deficit would be 9 million francs, said Finance Director Alfonso Gomez (Greens) to the media on Wednesday. "This would correspond to a path to a return to a balanced budget, which was defined after the AHV tax reform came into force." The executive is "absolutely against this tax cut", which would put the municipalities in difficulties.
The draft budget, which was unanimously approved by all five members of the City Council and is the last of the legislative period, envisages expenditure of 1.393 billion francs. According to Gomez, the increase of CHF 37 million compared to 2024 is in line with growing social and environmental needs. In addition, the level of investment remains high at 180 million francs.
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