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Tuesday 17.07.2018 | Name days: Aleksejs, Aleksis
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Latvia’s government approves budget policy for 2014; budget plan submitted to Saeima

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Baltic news, News from Latvia, BNN.LV, BNN-NEWS.COM, BNN-NEWS.RU

On Tuesday, October 1, Latvia’s government approved the budget plan for 2014. Finance Minister Andris Vilks then submitted the portfolio holding the documents to the Saeima Chairwoman Solvita Āboltiņa.

The budget was submitted traditionally in a brown suitcase with a handle decorated with a ribbon of the flag of Latvia. Aside from paper documents, the suitcase also holds a digital version of the budget plan – on a USB-stick.

Chairman of the Saeima Budget and Finance Commission Jānis Reirs also participated in the traditional submission of the budget to the parliament. During the ceremony, he added a ribbon resembling the flag of the European Union to the handle.

As BNN had previously reported, Justice Minister Jānis Bordāns did not participate in the deciding vote on the budget plan.

He noted that neither he nor his ministry have any reasons to say anything negative about the budget plan. Nevertheless, the coalition has not reached an agreement regarding amendments to the Immigration Law. This is why he decided to abstain from the vote. Justice Minister hopes that the Saeima will be able to reach an agreement regarding residence permits.

Ministers applauded the work Finance Ministry had invested into the development of the budget plan.

Next year’s state consolidated budget’s revenue is planned at EUR 7,004,260,643 and expenses – at EUR 7,142,704,902, as mentioned in the draft for 2014 Latvia’s state budget.

Revenue of the state consolidated budget is formed by the total amount of the state budget and state special budget, excluding the bilateral transactions between these two budgets.

Compared to this year’s budget, budget plan of 2014 is planned to have EUR 341.9 million larger revenue and EUR 288.9 million lower expenses.

Revenue of the state budget for 2014 is planned at EUR 5.007 billion and expenses are planned at EUR 5.275 billion. State budget’s expenses in comparison with 2013 are planned to be 8.7% larger.

The funding for state functions has been increased by EUR 513.5 million. This includes the transfer of EUR 180.8 million from the state budget to the special budget, EUR 16.3 million to interest costs, EUR 21.2 million for the next payment to the EU budget, EUR 79.1 million to subsidies and grants, EUR 127.2 million to other expenses.

The state special budget’s revenue and expenses are planned for 2014 at EUR 2.206 billion and EUR 2.076 billion respectively.

It is planned to allocate additional funding for next year’s initiatives of the state budget – EUR 243,196,103.

Ref: 103.109.109.9199


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