Kanton Geneva Expects Smaller Deficit in 2024 than in Previous Years
Published: Thursday, Sep 14th 2023, 10:40
Updated At: Friday, Oct 13th 2023, 14:12
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The Geneva Cantonal Government has proposed a budget for 2024 with a deficit of 256 million Swiss francs, significantly lower than the deficits of over 400 million francs in the three preceding years. This budget is the first to comply with the debt brake since the onset of the coronavirus pandemic. The debt brake sets the maximum allowable deficit at 279 million francs. The improved financial situation of the canton is mainly due to the predicted strong growth in tax revenues, which are expected to increase by 7.2% or 507 million francs to 8.523 billion francs compared to the 2023 budget. Total revenues are estimated to increase by 6.3% or 603 million francs. Expenditures are expected to increase by 3.8% to 10.367 billion francs. The majority of the additional spending is due to an increase in social benefits, an increase in students and staff, and higher personnel costs.nnnnnnnnnnnnnnnnnnnnnnnnnn
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