Tallinn Investment Capacity Nil, Says IRL Councilman
The investment capacity of the nation's capital is virtually non-existent, according to Toivo Jürgenson, chairman of the IRL faction of the Tallinn City Council.
"[Tallinn's] investment activities have dropped around 45 percent, which is a clear warning sign," said Jürgenson. "While Parliament is currently adopting a state budget with an all time highest investment volume, the capital is moving in the opposite direction, making cutbacks in areas which could increase the revenue base in the future," he added.
For example, the city cut 37 percent of the initial funds planned for allocations to the City Enterprise Board for creating 100 new jobs. This means that the department fell 441,000 euros short and the money has to be found from the city's second supplementary budget, said Jürgenson.
Ingrid Teesalu