US EditionGarcia Denies City Hall Deficit Under His Term: ‘We Had P11B in Bank’
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6 Articles
Garcia denies City Hall deficit under his term: ‘We had P11B in bank’
CEBU CITY, Philippines — Former mayor Raymond Alvin Garcia disputed claims of a multibillion-peso budget deficit under his watch, saying the city had more than P11 billion in cash deposits and could well afford to pay job order (JO) workers. Garcia, in an interview on July 4, pushed back against allegations that his administration left a huge budget deficit, saying the city’s finances were healthy and sufficient during his term. “Pila raba na an…
The key reasons for this year's poor revenue dynamics are lower corporate income tax and personal income tax collections.
According to the Fiscal Council's calculations, the budget deficit amounted to 800 million euros, which is 750 million euros more than in the same period last year.
Joi, the Ministry of Finance has put in place the first package of measures aimed at correcting the budgetary deficit and for which the Government has decided to take its answer before Parliament.
State budget revenues increased by 0.6 percent in the first half of the year, standing at 6.9 billion euros. Expenditures were 11.5 percent higher at 7.7 billion euros. According to the Fiscal Council's calculations, the deficit amounted to 800 million euros. This is 750 million euros more than in the same period last year. "The increase in this deficit was foreseen in the current budget. It is expected to amount to around 1.7 billion euros for …
State budget revenues increased by 0.6 percent in the first half of the year, reaching EUR 6.9 billion. Expenditures were up 11.5 percent at EUR 7.7 billion. The deficit, according to the Fiscal Council's calculations, amounted to EUR 800 million, which is EUR 750 million more than in the same period last year.
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