Thursday, August 17, 2017

Sverdlovsk reports $780 million budget deficit for 2013

The Sverdlovsk region's press service announced on Tuesday that it operated with a $780 million budget deficit last year.

While government revenues amounted to $4.54 billion during the year, spending totaled $5.32 billion, Ural Business Consulting reports.

Members of the regional government cite decreased income in the region due to the ongoing global economic recession as the primary factor in last year's budget deficit. Revenues received in 2013 were approximately $100 million less than forecast. Meanwhile, the region's expenditures for the year were 15.7 percent greater than budgeted.

The legal limit for a federal region's budget deficit is $890 million, according to Ural Business Consulting.

Final 2013 financial figures for the Sverdlovsk region will be available later in March.