NEWS

City of Athens says its finances are in good shape

city-of-athens-says-its-finances-are-in-good-shape

Despite seeing its funding from the central government reduced drastically over the last few years, the City of Athens produced its fourth consecutive budget surplus last year, according to data made public on Monday.

The 2014 figures show that the municipality’s surplus reached 14.8 million euros. Its state funding last year was 44 percent lower than in 2011. The surplus partly came about from an almost 50 percent increase in the collection of arrears.

“Through hard work, respect for citizens’ money, effective administration and transparency, the municipality has kept the city standing with a financial surplus,” said Mayor Giogros Kaminis.

During the four years, Kaminis has reduced the City of Athens’s debt obligations by almost 40 percent, from 289.5 million euros to 179.3 million.