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St. Petersburg City Budget Confirmed


St.-Petersburg’s proposed budget allows for reduction of revenues from 409 bln to 408.1 bln rubles, while the deficit is reduced to 50 bln rubles. The budget for the most part does not include provisions for establishment of new infrastructure projects.

Saint-Petersburg’s government financial committee published proposed budget for 2015 and planned period of 2016-2017. Compared to current budget, proposed budget envisions certain reduction of revenues, down to 408.1 bln. Current revenue of 2014 budget with adjustments amounted to 409.1 bln rubles. Expenditures will amount to 439 bln rubles.

Most likely, in the process of budget approval by the Legislative Assembly these numbers will grow, though, probably, insignificantly. The budgets are decreased compared to the previous year for the second time. In 2012, the Legislative Assembly received a budget proposal with revenue of 374 bln rubles, while total revenue of 2011 amounted to 380 bln rubles. Then the Legislative Assembly approved revenue of 386 bln rubles, after adjustments this number shrunk down 368 bln rubles. During previous 12 years, proposed budget revenues continually grew, with the exception of post-crisis year of 2010 – with a sequester in the middle of 2009.

The proposed budget deficit is reduced from 62.7 bln to 49.9 bln rubles. However, this number is definitely not final, as last year the deficit was originally proposed in the amount of 39 bln rubles, in the process of consideration by the Legislative Assembly the number grew to 46 bln rubles, and later, by gubernatorial adjustment, to 62.7 bln rubles. Two weeks ago sources in the budget and financial committee of the Legislative Assembly announced the budget’s “key figures” – 380 bln rubles of revenue and approximately 20 bln rubles of deficit, and it was expected that the numbers will grow but will still exceed numbers of 2014 budget by several percent.

Targeted investment program (TIP) is proposed in the amount of 85.9 bln rubles, which is lower than in the current year (99.3 bln rubles). According to the TIP plan, in 2015 funds will be delegated for several construction projects, including renovation of the west part of Krestovsky Ostrov and reconstruction of Sennaya Square, as well as continuous development of the subway system.

Plans for TIP for the most part do not include provisions for any new projects, with the exception of a new sports complex for people with disabilities. Most of the funds will be directed to continuation and/or completion of the already started projects.

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