Economy category powered by

New District Councils to submit budgets by 27 May

Newly-established District Councils should prepare their first budgets for the second half of the year by 27 May, Finance Ministry has said in a circular.

The circular was dispatched one month ahead of the 9 June local elections from which the presidents of the five District Councils will emerge and will assume the administration of the organisations which will integrate local services such as water and sewage boards and planning permits. The reform of the Cyprus Local Authorities System kicks in on 1 July, featuring a reduced number of Municipalities and District Councils, as well as local community clustering.

Furthermore, the Finance Ministry called on local communities and community clusters to submit their budgets for the second half of the year until 24 May at the latest.

The state subsidy for the communities totalling 286, ie those not merged with Municipalities, amounts to €5.56 million for the second half of the year.

The Ministry called on both District Councils, Communities and Community Clusters to prepare a balanced budget.

In view of the implementation of the reform in the local government, the Finance Ministry called for the preparation of two separate budgets one for the first half of the year and one for the second half which will encompass the reform which begins on 1 July 2024.

(Source: CNA)

Read More

Bank of Cyprus: Shareholders greenlight the dividend and Board members elected and re-elected
Takis Arapoglou: “2023 was a year we fully reaped the benefits of the Bank’s transformation”
Panicos Nicolaou: Strong performance for Bank of Cyprus with a distribution over six-times higher than 2023
Cyprus joins the International Propeller Club of the United States (pics)
International and local experts address the 7th Cyprus HealthCare Conference (pics)
Supporting rural areas is a primary goal for the government, President says
AstroBank: Investment opportunities in Paphos
Cyprus hosting regional Ministerial Meeting on immigration
Fokion Karavias: “All our strategic initiatives, including Hellenic Bank in Cyprus, are on track”
Leptos Group: Paphos remains the champion of property sales to foreign nationals