The 2019 Consolidated Accounts Rendering document, which aggregates all the accounts of the Chamber of Faro, Municipal Theater and the management reports and accounts of Fagar and Ambifaro were approved in a Chamber meeting and presented “positive results, similar to previous years.
The Chamber of Faro considers that this 2019 Consolidated Account "continues to unequivocally present the positive results of the CMF and its Universe of Municipal Entities, following what has been registered in the last 10 years".
The municipality highlights, for example, that the Municipality continues to show positive results. In 2019, the net result for the year was 6.429.886,32 euros.
According to the City Council of Faro, this is due to «the maintenance of a good level of revenue supported by the good economic dynamics verified in our municipality, which, in 2019, remained attractive for investments of various kinds: hotels and tourism, housing, new technologies, retail and others» .
Also, adds the council, «the entities that make up the Municipal Universe continue to show good results, as in previous years. With regard to Ambifaro, the net result was 14.865,92 euros, similar to that achieved in 2018, which was 16.588,41 euros, which indicates a new and healthier trend after the necessary restructuring of the company to better respond to the obligations that still arise from the process of construction of the Municipal Market – which, it is recalled, was based on financial engineering that proved to be too penalizing for Ambifaro and for the Municipality itself».
Now, the Chamber considers, «again presenting positive accounts, Ambifaro it seems to definitely leave the most difficult years behind, showing itself effectively prepared for a new cycle».
As for Fagar, which is 51% owned by the Municipality, «also continues to show signs of a very balanced financial situation, being operationally better equipped for the challenges that the management of water supply, sanitation and collection networks. urban solid waste imposes. The municipal company ended 2019 with a net profit of 1.813.553 euros, thus consolidating the trend of positive results seen since 2011».
The Chamber of Faro also highlights the fact that the Municipal Theater was also “in the green”, with a positive result for the year in the amount of 16.512,11 euros. Even so, there was a decrease of around 29.444,62 euros compared to the previous year.
The total indebtedness stood at 34.037.122,44 euros, decreasing by around 4,5 million euros. This debt reduction is due, according to the Chamber of Faro, «the repayment of loans and, equally, the philosophy of rigor and demand implemented in the management of the treasury».
«Gone are the times when the liabilities of the Municipality of Faro it was one of the highest in the region, with a mortgage on its credibility as a business partner”, adds the municipality.
On the other hand, investment, in 2019, increased by around 2,1 million euros in terms of capital goods, which, for the Chamber of Faro, «it speaks well of the municipality's commitment to continue to make changes in terms of public space and the attractiveness of Faro's territory, capable of attracting more and more visitors and entrepreneurs».
The Municipality of Faro considers that "the financial recovery of the Municipality is a fact well demonstrated in the above mentioned aspects and in the entire Consolidated Account of 2019, and the financial structure of the CMF expresses well the current installed capacity to continue the fulfillment of public services with a qualitative provision growing and to develop the wide range of projected investments, in competition and under construction throughout the county, in addition to allowing the due fight against the Covid-19 pandemic that is felt in this year of 2020 with the necessary support from the CMF for the relaunch of the economic and social activity'.
Rogério Bacalhau, president of the Chamber of Faro, considers that "this Consolidated Account of 2019 is the expression of the Municipality's new situation, after the debt payment phase in the 2013/2017 mandate, and this year 2019 was a year of consolidation of the municipality's high level of credibility and ability to provide quality services, as well as to carry out large-scale investments'.
The mayor considers that «with this approval, a legal precept is fulfilled and an organized information base is maintained, which makes it possible to compare the evolution of the accounts of the Municipal Universe, very important for the proper and sustainable management that we are undertaking. carry out and that we will continue for the benefit of the CMF and the Municipality of Faro and, in particular, of all who live here or visit us».
The Consolidated Account will still be appreciated and voted on in the Municipal Assembly.
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