The Sverdlovsk regional government reported $2.55 billion in revenue during the first nine months of 2014, leaving it with a budget deficit of $220 million, the Oblastnaya Gazeeta reported on Tuesday.
The government's budget costs for the same period were $2.7 billion, Galina Kulachenko, head of the regional Ministry of Finance noted during a meeting of regional officials. As of Oct. 1, the region's total public debt was $677 million.
Kulachenko said the deficit was due to a decline in corporate taxes. Corporate tax profits fell by nearly $84.8 million while the amount of tax refunds owed by the region was more than $4.6 million greater than they were for the same period last year.
Overall, the regional government's revenue was approximately $159 million more than it was in the first nine months of 2013.
Kulachenko noted that the volume of tax and non-tax payments amounted to $2.2 billion, which is nearly $134 million more than it was the previous year.