Elected officials from Monaco’s National Council finally adopted the 2024 Rectifying Budget and gave the Government an appointment for the 2025 Preliminary Budget. At the end of the Public Session on 15 October 2024, the Rectifying Budget Law was adopted by 12 votes for, 6 votes against and 3 abstentions.
The road to an adopted budget was not easy, as the National Council initially rejected the 2024 Amending Budget. During a public session on 8 October, Minister of State Didier Guillaume, addressed seven main issues that caused a stand-still, including the housing of Monegasque citizens, the new Fontvieille shopping centre and mobility. He also touched upon dozens of other subjects in his thorough speech, including the Mareterra project, the Blue Fund, care for the elderly and much more.
“Today is the first time that I have taken part in a public session of the National Council,” began the newly appointed Minister of State, “Yes, the Government is concerned about all those who make Monaco. It works for the success of the entire Principality. I know that the National Councillors have the same desire.”
The Minister of State went on to say that, “We will win together, not against each other….If we are divided, the entire Principality will suffer.”
The 2024 Initial Budget presented a structural surplus of + €64 million. However, the 2024 Initial Budget forecast was – €14.4 million. Finally, after the revision of revenues, particularly tax revenues, the 2024 Amending Budget was +€82.1 million.
Housing
On the housing of Monegasques, the Government is working on the completion of the “Villa Luciole” and a state-owned operation in the Jardin Exotique district, with a view to its launch by the end of 2024. In addition, teams are working to deliver the “Bel Air” in the 3rd quarter of 2027.
The Government and the National Council share the need to close the First phase in the National Plan for the Housing of Monegasques. The report for this first phase will be presented to elected officials before the summer of 2025. Concerning the renovation of “recovery apartments”, the Government confirms the holding of an allocation committee in 2026 for approximately 120 housing units.
Fontvieille Shopping Centre
The Government plans to present a final project for the Fontvieille Shopping Centre before the summer of 2025. Similarly, the Government will inform elected officials before the summer of 2025 of its final decision concerning the Waste Treatment and Recovery Centre.
Mobility
The Government aims to continue its efforts to regulate traffic by improving services offered by the Compagnie Monégasque des Autobuses with more extensive communication and the use of city entrance car parks. The Government also plans to ensure smoother access to the Principality by developing cross-border projects and monitoring commitments made by the SNCF.
The Minister of State concluded by voicing his optimism for the future, and in true Monaco-style, added an F1 analogy:
“Charles Leclerc crushes the competition in Monaco or Monza on Sundays, on Mondays he is hard at work to gain an extra hundredth of a second. It is the same state of mind that drives us and you can count on the Government to put all its energy at the service of our common treasure.”
