Budget: 2016 Results and 2017 Preliminary Budget

At a press conference this morning, Jean Castellini, Minister of Finance and Economy, gave an update on the results for the 2016 budgetary year, presented the major points of the 2017 preliminary budget once again and discussed the initial results for the current financial year.

As in the previous four years, the 2016 financial year shows a surplus of EUR 35,866,124, i.e. an increase of 22% in comparison with 2015. This result can be explained by a marked increase in income and lower growth in expenditure, particularly with regard to ordinary expenses.

"The 2017 Preliminary Budget, which was voted by National Council on 15 December 2016, was in line with the previous budgets, and was drawn up on prudent bases" stated Jean Castellini. It shows a projected income surplus of + EUR 6.3 million, as against + EUR 5.8 M in the 2016 Preliminary Budget. This budget presents a forecasted amount of "Revenue" of EUR 1,210,318,900, an increase of + EUR 67.1 million (+ 5.9%) in comparison with the 2016 Preliminary Budget.

As at the end of March, the results, both on the basis of tax revenue and the number of tourists, are in line with the forecasts.