Monaco’s National Council recently unveiled an amending budget for 2024 which shows that a surplus of €84 million had been made instead of the initial surplus of €64 million. However, the Treasury Special Account 84.10 ‘Damage Advances’ first lead to the National Council presenting the 2024 Initial Budget with a forecast of -€14.4 million.
The 2024 Budget shows revenue forecasts of €2,045.8 million, up 0.8% (or €15.5 million) compared to those of the 2023 Initial Budget (€2,030.3 million). Expenditure forecasts are now €2,060.2 million, up +1.9% (or €39 million) compared to the 2023 Initial Budget (€2,021.3 million).
The 2022 financial year closed with a surplus balance of + €32.2 million. The 2023 Initial Budget was presented with a revenue surplus of +€9.1 million, increased to +€10.1 million in the 2023 Amending Budget.
Four major changes…
To break things down, there have been four major changes compared to last year’s Budget. Firstly, Operating expenditure is up sharply by €57.1 million (7.9%). This includes €23.2 million for personnel expenses and €12 million for the leased property portfolio.
Public intervention expenditure increased by €35.6 million. This includes €8.5 million dedicated to the tariff shield, €5.3 million for the subsidy allocated to the new Monaco Télévisions channel and €4 million for the operating grant of Le Commune.
Equipment and investment expenditure is up by €34.3 million. This includes the acceleration of the flow of expenditure for the urbanization of the abandoned S.N.C.F. (€47.4 million) as well as the increase in the deposit account dedicated to the construction of the New Waste Treatment and Recovery Centre (€25 million). Expenditure dedicated to the National Housing Plan is down by €114 million to €122.7 million.
Finally, revenues are experiencing a more limited increase than the previous financial year (€99.5 million, or + 5.1%) and mainly concern tax contributions (€80.4 million).
