site.btaFinance Minister, Sofia Mayor Discuss Sofia Municipality's Financial Situation

Sofia Mayor Vassil Terziev and Finance Minister Assen Vassilev discussed the financial situation of Sofia Municipality on Monday, the Finance Ministry reported. The two agreed on the need to analyze the financial situation and the implementation of the municipality's current projects.

According to the Ministry of Finance, as of September 30, 2023, Sofia Municipality reported available unspent funds on accounts under Education in the amount of BGN 104.8 million, of which BGN 92.2 million for current expenditures and BGN 12.6 million for capital investments. Under Health, there are a total of BGN 10.2 million in unspent balances, of which BGN 9.2 million for current expenditure and BGN 1.5 million for capital expenditure. At the same time, the municipality has commitments for expenditure amounting to BGN 1.3 billion.

The financial situation of the district heating company Toplofikacia Sofia EAD was the focus of the discussion, as it became clear that the company has accumulated over BGN 1 billion in debts to Bulgarian Energy Holding for gas supply. The need for financial rehabilitation, restructuring of the company and introduction of new technologies for cogeneration and balancing capacities were on the agenda.

The meeting also discussed the state of the capital's motor transport. Vassilev pointed out that switching to electric buses would significantly reduce the cost of repairs and maintenance of the fleet. Regarding the development of the capital's metro, funds have been secured under the National Recovery and Resilience Plan, the Operational Programme on Transport and Transport Infrastructure and from the state budget. In addition, the 2024 budget provides for a subsidy of BGN 89 million for public transport in Sofia.