Faro council approves 2019 consolidated accounts

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The Faro City Council executive approved the Consolidated Accountability document for the year 2019, aggregating the accounts of the municipality and municipal companies.

The 2019 consolidated account, prepared and subject to the appreciation and deliberation of the local authorities, "continues to present unequivocally the positive results of CMF and its universe of municipal entities, following what has been registered in the last 10 years", highlights the executive led by Rogério Bacalhau, in a statement.

The document includes the accounts of the Municipal Theater of Faro, Fagar and Ambifaro and, according to the mayor, constitutes "the expression of the new situation of the municipality, after the debt payment phase has ended in the 2013/2017 term".

2019 was a year of “consolidation of the high level of credibility of the municipality and capacity to provide quality services, as well as to carry out large investments,” adds the mayor, in a statement.

In 2019, the municipality's net result for the year was 6,429,886.32 euros, which is due “to the maintenance of a good level of revenue supported by the good economic dynamics” verified in the municipality, “which, in 2019, remained attractive for investments of various kinds: hotels and tourism, housing, new technologies, retail and others ”, guarantees the Faro municipality.

At Ambifaro, the net result was 14,865.92 euros, similar to that achieved in 2018 (16,588.41 euros), “which indicates a new and healthier trend after the necessary restructuring of the company to better meet the obligations that still arise from the construction of the Municipal Market ”, points out the executive.

As for Fagar, 51% owned by the municipality, “it continues to show a very balanced financial situation, being operationally better equipped for the challenges that the management of water supply, sanitation and solid waste collection networks imposes. ”. The municipal company ended 2019 with a positive net result of 1,813,553 euros.

In the green, there was also the Municipal Theater, which generated a positive result for the year in the amount of 16,512.11 euros, a decrease of about 29,444.62 euros compared to the previous year.

According to the Câmara de Faro, total indebtedness stood at 34,037,122.44 euros, a decrease in the order of 4.5 million euros, “the result of the amortization of loans and, also, of the philosophy of rigor and demand implemented in the management of the treasury – now, and for 10 years, employed mostly in reproductive investment with direct impact on the lives of communities ”.

In relation to investment, in 2019 there was an increase of around 2.1 million euros in terms of capital goods, which signals the “commitment” of the municipality to “continue to make changes in terms of public space and the attractiveness of the Faro territory ”.

“The financial structure of the Municipality of Faro expresses well the current installed capacity to continue the fulfillment of public services with an increasing qualitative performance and to develop the wide range of investments projected, in tender and under construction throughout the municipality, in addition to allowing the due to the fight against the Covid-19 pandemic that is felt this year 2020 ”, reinforces the executive.

The process now goes to the Municipal Assembly for consideration and voting.

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