- Advertisement -
    HomeGeneva2023 accounts: better than expected results in a still unstable context |...

    2023 accounts: better than expected results in a still unstable context | City of Geneva

    The 2023 accounts of the City of Geneva were closed with a positive balance of 198.2 million francs, out of a budget of nearly 1.3 billion. The deficit of 23 million initially planned in the 2023 budget – established as usual on the basis of forecasts provided by the cantonal tax administration, which are the only data available to Geneva public authorities – has thus been more than largely absorbed .

    This surplus is due to extraordinary tax revenues, mainly from taxes on legal entities, while revenues from personal taxes remain relatively stable. The trend concerning legal entities is similar to the situation in 2022: the gap between forecasts and results comes in particular from companies active in markets whose volatility has been accentuated by the unstable international context.

    Unexpected income

    Net income from personal tax amounts to 665.6 million (+50.2 million). Their share in the overall budget increases from 50.4% in 2022 to 43.1% in 2023. The proportion of tax on legal entities – more fluctuating due to market volatility – increases from 23.1% to 27.9% of net revenues, to reach 313 million (+121.3 million, including 75.6 million corrections linked to previous years).

    In total, net revenues amount to 1.539 billion. Like last year, this improvement is attributable to the dynamism of key sectors in Geneva, such as international trade, finance or watchmaking, as well as to undervalued tax forecasts by companies. “It is clear that we are going through a period of turbulence at different levels, which is prompting companies to formulate cautious forecasts. If these do not materialize for a certain number of them in terms of results, the volatility of these incomes, which remain extraordinary, must encourage us to a certain form of restraint”, explains Alfonso Gomez, Mayor in charge finances. Net expenses are under control: they amount to 1,363 billion.

    A falling debt

    These exceptional results made it possible to reduce the level of debt. Thus, the 2023 financial year resulted in a substantial reduction in debt of 178 million. As of March 31, 2024, the date on which the canton pays the balance at the end of 2023 of the current accounts to the municipalities, the debt reaches 1,530 billion (1,690 billion as of 12/31/2020). Thus, the ratio of debt compared to annual net income is close to 1.

    A significant increase in investments

    In 2023, annual investments amounted to 124.8 million. Although they remain below the planned envelope of 180 million, they show a significant increase compared to the 2022 financial year (+30.3 million). Total investments have reached, over the last ten years, an amount of 1.304 billion, an annual average of 130.3 million and an average achievement rate of 89.9%.

    Media Contact

    Mr. Alfonso Gomez, Mayor, Department of Finance, Environment and Housing, by contacting Ms. Anna Vaucher, Personal Assistant, 022 418 22 40 or 078 760 97 97 – @E-mail

    We acknowledge Source link for the information.



    Please enter your comment!
    Please enter your name here


    Must Read