Despite the Covid, the City of Geneva made a nice profit in 2021
Posted
The Municipality’s 2021 accounts show an unexpected surplus of 10.8 million. Like the Canton, it benefited from the good health of watchmaking, international trade and finance.
Decidedly, the year 2021 proved to be excellent for the finances of public authorities, despite the health crisis. At the end of March, the Canton announced a wonderful financial year for its stock market: its accounts showed a profit of 49 million francs whereas a loss of 847 million had been forecast, that is an unexpected bonus of almost 900 million. In the City of Geneva, the same causes have produced the same consequences: due to the flourishing health of the watchmaking, international trade and finance sectors, the year 2021 has also filled its coffers. This Wednesday, the Municipality announced that it had achieved a surplus of 10.8 million, while a deficit of 49.4 million had been budgeted.
As for the Canton, tax receipts from companies largely explain this unexpected good economic health: company taxes made it possible to collect 187.2 million instead of 137.8 million budgeted (+49.4 million). Personal income taxes are also up by 18.1 million compared to the budget.
(I f)