Economy

City economy

The economy of the city still has a sound foundation, even though the increasing operating costs have exceeded the limits determined by the City Strategy. The city has succeeded in reducing the loan portfolio in accordance with the strategy while the investment costs have been high. The social welfare and health care reform in 2023 will change the financing base considerably.
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Favourable attitude towards companies and cooperation with companies

The measures promoting a friendly attitude towards companies, for which the Economic Development Division of the City Executive Office was responsible, have largely been successful. In the future, the development of corporate cooperation and a favourable attitude towards companies will require contributions from the entire city organisation and the Economic Development Division in particular.
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Follow-up on the recommendations of the financial audit

The auditor has repeatedly issued recommendations on the following topics: memo vouchers, balance sheet breakdowns, the tracking of movable assets and the existence of assets, procurement activities and administration.
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The City’s finances

It has been possible to reduce borrowing despite large investments. The increase in expenditure has exceeded the target of the City Strategy. The COVID-19 pandemic is causing economic uncertainty.
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Modernisation and refurbishment project of the Olympic Stadium

The costs of the Olympic Stadium modernisation and refurbishment project were almost EUR 127 million higher than estimated in the project plan. Additional and alteration work increased the costs the most. Another reason for the cost overrun is the fact that the costs of the project plan were not tied to the tender price index.
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The City’s finances

The City’s finances were strong in 2019. The coronavirus pandemic will weaken the City’s finances in 2020.
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