Municipalities "clear" BGN 33 mln overdue liabilities in a year

Overdue liabilities of municipalities decreased at the end of 2012, compared to the end of 2011, from BGN 33 mln to BGN 174.3 mln, according to figures from the Ministry of Finance. For the last three months of 2012, however, the decrease was insignificant. Over half of the municipalities in the country (148) have overdue liabilities. Some 120 municipalities have decreased their overdue payments by a total of nearly BGN 55 mln, while another 55 have increased their delayed payments by more than BGN 22 mln. The rest of the local authorities in the country (89 municipalities) had no overdue liabilities at the end of 2012.

At the end of 2012, the municipal budget balance on a consolidated basis amounted to BGN 49 mln, while, at the end of 2011, this indicator was negative - it amounted to BGN 58 mln. In 2012, there was a tendency for a reduction in overdue liabilities which, in the last two quarters, remained at a level of 8% compared to revenues and equalisation subsidies. In the last quarter of 2012, only a BGN 3.8 mln decrease in municipal overdue liabilities was reported. Municipalities' debt and securities remained at the level of around 45%, compared to revenues and equalisation subsidies.

According to the criteria that were implemented last year by the Ministry of Finance for the assessment of the financial stability of municipalities in the country, Bourgas and Rousse were the most solvent of all the large municipalities with a population over 50,000, followed by Stara Zagora, Blagoevgrad and Dimitrovgrad.

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