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Riga's 2016 budget adopted

Xinhua, December 16, 2015 Adjust font size:

The local authority of the Latvian capital city passed Riga's 2016 budget on Tuesday.

The budget was adopted after an hour and a half of debating by 38 votes to 17, with two councilors abstaining.

Under the budget bill, adopted by the Riga City Council, revenues in the 2016 municipal budget are projected at 809.512 million euros and expenditures at 810.181 million euros, which should result in a 669,000 euro deficit.

Next year, the local authority expects to collect 507.059 million euros in personal income tax and 107.4 million euro in property tax.

Budget reserves are expected to reach at least 27.5 million euros at the end of 2016, which would be four times less than in 2009 when the current coalition of the leftist Harmony and Honor to Serve Riga (GKR) came to power in Riga.

Riga mayor Nils Usakovs explained that the budget reserves shrank because of the debts taken over from the city's previous administration. Endit