Faro City Council paid 27 million euros of debt in six years

Faro Chamber allocates 904 thousand euros to local associations - Jornal diariOnline Região Sul


The accounts for the 2019 fiscal year of the Faro Chamber, which consolidate “the path of reduction of liabilities” of the last years, were approved by majority in the meeting of the municipal assembly, which took place last Friday.

The documents received the positive votes of the coalition benches (PSD, CDS, MPT and PPM) and the abstentions of PS, PAN, CDU and Bloco de Esquerda.

“Consolidating the path of reducing liabilities, the year of 2019 reflects a medium and long-term debt of 17,460,173.65 euros, which represents a decrease of around 2.3 million compared to 2018”, emphasizes the executive led by Rogério Bacalhau, in a statement.

In the last six years, the municipality has managed to write off nearly 27 million euros of medium and long-term debt, “without this compromising the investment capacity”, adds the municipality.

The short-term debt of the municipality of Faro also decreased in 2019 compared to the previous year, by around 100 thousand euros, having increased to 578,091.90 euros.

Regarding revenue, the municipality obtained a total of 50,004,598.33 euros last year, about 4.3 million more than in 2018.

Of this amount, 12 million euros (11,920,039.74 euros) were collected through the Municipal Property Tax (IMI), a figure that fell slightly compared to 2018 (11,927,620.59 euros).

Regarding the Municipal Tax on Onerous Transactions in Real Estate (IMT), it remained at 8 million euros (8,011,784.14 euros), an amount equivalent to 2018 and about twice that calculated in 2017.

Municipal revenues related to the Single Circulation Tax (IUC) increased very slightly (around 87 thousand euros) from 2018 to 2019, standing at 2,226,249.78 euros last year.

In that year, the Faro Municipal Council also collected 2,403,907.91 euros related to the tax, a municipal tax on the taxable profit of legal persons (53,210.79 euros less than in 2018).

In 2019, the municipality's revenue execution rate was again higher than 100 percent (103%) and, with regard to expenditure, the execution rate was 83.7%, “a value well above what was usual "in the Algarve Chamber," before the process of restoring its financial balance and the credibility that has since been recovered ", stresses the executive.

The 2019 balance sheet finally shows an average “historically low” payment period of only five days, when in 2018 the municipality paid ten days.

"Long gone are the times when payments from the Chamber were extremely time-consuming, reaching more than 300 days, which contributed to the destabilization of the county's economic fabric," recalls the executive.

In 2020, the municipality decided to implement the cash payment system, as part of the approved package to support the economy and mitigate the effects of the pandemic outbreak.

For the Mayor of Faro, Rogério Bacalhau, “these data show healthy accounts and realistic management”.

“Only in this way can the municipality continue to assert itself as a credible partner, being, at the same time, capable of operating the great transformation that is underway in the public space and in the capacity to make the municipality more dynamic, open, attractive and with quality of life for all our citizens ”, maintained the local councilor, quoted in a statement.

“Were it not for the current good state of its accounts”, he continued, “the municipality could not face the pandemic crisis and its socioeconomic effects in the muscular way it did it, nor prepare the county's adaptation strategy to difficulties of all kinds. which, unfortunately, are already being felt in our community. ”

An example of this is the proposal to reduce the urban IMI for 2021, from 0.38% to 0.35% – the municipal assembly meeting will be taken – which “will allow to inject into the local economy around 1 million euros”.

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