Tartu adopts €208 million budget for 2020
Tartu's City Council adopted the 2020 budget on Thursday which will total €208.1 million and focus on education, quality of living, and preparations for hosting the European Capital of Culture in 2024.
Estimated tax and grant revenue is expected to be €170.7 million next year. Revenue exceeds expenditure by €10.2 million, which means Tartu will be compliant with the legal requirement that the operating profit of the budget must be zero or positive at the end of the financial year.
The city's budget will increase by €16 million, approximately 8 percent, next year which will see wage increases for teachers, cultural and social workers, as well as focusing on schools and improving living and business environments, ERR News reported in November.
The city plans to borrow €18.9 million in 2020, of which €7.8 million will be used to refinance its financial liabilities and €11.1 million to be spent on new investments.
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Editor: Helen Wright
