site.btaUPDATED Sofia Municipality to Submit 2023 Draft Budget of BGN 2.5 Bln, Says Mayor Fandakova

Sofia Mayor Yordanka Fandakova said at a briefing that Sofia Municipality will submit a draft budget for 2023 in the amount of BGN 2,555,000,000. 

"Due to the lack of a state budget, the municipalities could not adopt a budget at the beginning of the year. This made it necessary to develop investment programs so as not to stop investments in the cities," Fandakova pointed out.

She said that the draft budget will be submitted to the Sofia Municipal Council on Monday. A public discussion will be organized by the end of the month, and it will be voted on in September.

"This is a budget that my team will continue to work on, as will the next mayor and their team," Fandakova said.

Sofia's Mayor noted that the financial stability of the municipality has been preserved, and this is evidenced by two facts - the preserved credit rating of the municipality, equal to that of the state, as well as not allowing a decline in the capital program.

"The funds for investments in the current budget are a little over BGN 670,000,000. Of these, BGN 323,000,000, or about 48%, are from the municipality's own revenues. About 44%, or BGN 295,600,000, are the funds protected under European programs for specific objects. The targeted funds from the state budget for investments in Sofia are about 8% are ," explained Yordanka Fandakova.

The funds under the new budget will be used for construction and repair of road infrastructure, new metro lines, kindergartens and schools, green projects, etc.