The updated total of the 2020 Tallinn city budget is €862.3 million. Mayor of Tallinn Mihhail Kolvart said at a press conference on Wednesday that despite the emergency situation and the resulting difficulties, the city's financial situation remains stable.

The spring forecast was rather pessimistic, forecasting a negative supplementary budget, Kolvart said, adding that it can now be said that the budget of Tallinn is growing instead, particularly due to support to the city and the loans Tallinn is planning to take out. 

The supplementary budget will increase revenue by €18 million, the largest part of which will be state support for coping with the coronavirus pandemic. Additional income will also come from dividends and foreign financing, Kõlvart said.

Revenue will decline by €8 million in the sale of goods and services, and personal income tax receipts will drop by €6.1 million euros. Revenue from local taxes will decrease by €2.4 million and other revenues from assets have fallen by €38,900.

The city's expenditure will grow by €8.7 million with the supplementary budget, and increases will be largest in the expenditure on city transport, health care and road and street maintenance and construction.

Investments are to grow by €7.1 million, mainly due to support by the state, Kolvart said.

The mayor noted that the prognosis for the city's net debt will remain unchanged at 23 percent until the end of 2020. 

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