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Tuesday 18.02.2020 | Name days: Kintija, Kora
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Latvia’s 2020 budget revenue predicted at 9.89 billion, expenditures – at 10 billion

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Baltic news, News from Latvia, BNN.LV, BNN-NEWS.COM, BNN-NEWS.RUOn Friday, 11 October, Latvia’s Cabinet of Ministers supported at an extraordinary meeting the country’s 2020 state budget, the consolidated revenue of which is estimated at EUR 9.89 billion, whereas expenditures – at EUR 10 billion.

Compared to 2019 budget, Latvia’s state expenditures will increase EUR 717.1 million and expenditures will increase EUR 610.1 million.

Revenue of the state base budget in 2020 is expected to be EUR 6.88 billion and expenditures are planned at EUR 7.22 billion. The increase of the state base budget expenditures is expected to be 5.9% or EUR 400 million when compared to 2019. The increase of expenditures is estimate at EUR 325.2 million to help finance state basic functions.

The funding increase for implementation of projects and measures co-financed by the European Union (EU) policy instruments and other foreign financial assistance is estimated at EUR 74.8 million.

The state special social insurance budget’s revenue and expenditures are expected at EUR 3.2 billion and EUR 2.97 billion respectively. The increase of special budget’s expenditures when compared to 2019 plan is EUR 211.2 million or 7.6%.

Grants for municipalities have been approved at a total amount of EUR 382 689 344 and state budget grants for municipalities are estimated at EUR 184 539 752.

The total increase of municipalities’ loans is set at EUR 118 138 258.

The division of PIT revenue between state and municipal budgets will be 80% for municipal budgets and 20% for state budget. The predicted PIT revenue for municipal budgets is EUR 1.4 billion.

To compensate the negative fiscal influence created by public transport company Rīgas satiksme on the general government budget balance, it has been decided for the State Treasury to prepare by the 15th of every month an amount of EUR 38 million for Riga municipality’s budget.

GDP outlook in actual prices for 2020 is EUR 33.154 billion. Next year’s permitted general government budget deficit is estimated at 0.3% of GDP.

Maximum state debt at the end of 2020 is set at EUR 11.75 billion. The government’s permitted range of actions to cover commitments taken on behalf of the state in 2020 is estimated at EUR 2 052 000.

Additionally, the 2020 budget includes an amount of EUR 1 889 071 covering Education and Science Ministry’s finances for tuition fee loans.

It has been established that the state president’s monthly wage will not exceed EUR 5 960 and representation costs will not exceed EUR 1 192.

The fee withheld from state pensions, benefits or other bonuses for their home delivery will be EUR 2.39.

AS Latvenergo will pay from 2019 revenue no less than EUR 127 070 731 in dividends for 2020, VAS Latvijas valsts meži will pay no less than EUR 71 065 500, VAS Latvijas Loto will pay no less than EUR 2 241 000, and AS Augstsprieguma tīkls will pay no less than EUR 1 735 958.

The government also decided that if factual revenue from confiscation of illegally acquired funds in 2020 exceeds the planned amount, the finance minister will have the right to decide on dividing this money for state reforms.

Keywords: budget Latvia topical


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