Sofia's 2013 budget to exceed BGN 1.2 bn

Sofia Municipality's 2013 budget is set to amount to BGN 1.214 bn, Mayor Jordanka Fandakova announced on Wednesday.

This includes BGN 526 mln in own revenues and BGN 229.6 mln in taxes. The money for a capital spending plan worth BGN 493 mln will come from own revenues, granted EU funding and the Investment Fund. It's a realistic budget based on targeted spending. Our priority is sustainable development – infrastructure, education, public transport overhaul and cleaning, Fandakova said.

Over the past three years we've weathered a deep financial crisis, managing to keep the capital's development on track and its credit rating intact. Last year was the first year in which Sofia got an investment grade, Fandakova said.

This year's budget implementation rate is up from the same period of 2012. Some 65% of projected overall revenues have been fulfilled so far, compared to 62% a year ago. More than 70% of projected tax receipts have been collected. „We do not plan any changes in local taxes and waste management charges. We don't want to burden people unnecessarily at a time of crisis,“ Fandakova said.

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