City of Chemnitz budget approved without conditions
The Chemnitz State Directorate has confirmed the budget of the City of Chemnitz for 2014 without any conditions.
As envisaged by the city council when adopting the 2014 budget, the investments planned for this year in schools (€34.5 million), daycare centres (€2.1 million) and infrastructure assets - i.e. roads and bridges - amounting to €16.2 million can now be implemented quickly. The borrowing of EUR 26.9 million requested by the City of Chemnitz for investments and investment promotion measures was also approved.
When granting the budget approval, the legal supervisory authority recognised that the City of Chemnitz had a balanced budget for the years 2015 to 2017 according to the comparative financial statements. Furthermore, the progressive reduction in debt of around €80 million since the end of 2004 was viewed favourably in the assessment of the City of Chemnitz's performance.
The administrative and structural concept adopted by the city council in December 2013 was also recognised as positive.
"The regional authorities have thus recognised our efforts to balance the budget and implement the challenge of budget consolidation in such a short space of time," said Lord Mayor Barbara Ludwig. "With the budget approval, the planned investments can now be swiftly set in motion."