Current expenditure and investment executed came out at 95.63%, with 2,602 million euros. Spending reached 144.91 million euros more than the finance received, but represents a lower figure than the 150 million euros initially anticipated. The budget for 2023, approved by the Full Council in December, now anticipates a return to budget surplus in the current financial year.

The financial year closed out with gross budget savings stable (the difference between income and current expenditure) at 16.1%, with a figure of 493.4 million euros slightly above the recommended 15%.

Debt remained unchanged at 847 million euros, at a ratio of 29.52% compared to income and well below the limit of 75% set out in the Act on Local Tax Systems.

Payments to providers remained at 20.3 days on average all through the year. This is the time payment takes from the moment the invoice is received by the municipal register, and comes out well below the 30 days set out by the law. The figure is in line with the municipal administration’s desire to help maintain the liquidity of companies and the self-employed working with the administration.

Solvent economic management

The agencies of Standard & Poor’s and Fitch have kept the maximum rating they can give the city, taking into account it is limited by the rating received by the State as a whole. Both agencies coincide in that if they could rate the City Council independently to the State, the rating for municipal economic management would be even better in both cases.