Budget, Financial Services, Latvia, Legislation

Revenue for the Riga Municipality this year is expected to be LVL 475.5 million, whereas expenditure is planned in the amount of LVL 498.1 million. Thus, the budget will have approximately LVL 22.5 million deficit, informs LETA.

The master budget income prognosis is set at LVL 430.9 million, whereas the master budget expenditure is expected to be around LVL 453.9 million. The special budget revenue and spending are planned to be balanced and each amount to LVL 44.7 million.

State budget transfers – earmarked subsidies and grants in 2009 are planned to total LVL 72.9 million, which is by LVL 37.1 million less than in 2008.

The largest part of Riga Municipality 2009 master budget revenue is expected to come from personal income tax, its earnings are expected to be LVL 274.3 million or 22.6% less than in 2008.

The real estate tax revenue projection is set at LVL 36.9 million, which equals 8.6% of the total volume of revenues.

Proceeds from earnings from municipal enterprises in 2009 are planned to reach LVL 38.9 million or 9% of the total revenues.

Other budget revenue, which do not surpass 1.8% of the total amount of expected proceeds, are expected to add LVL 7.8 million, of which LVL 4 million will come from the gambling tax, LVL 1.4 million from fees and fines and LVL 2.4 million from other sources.