Faro will have a budget of 73,7 million in 2024

Rogério Bacalhau, president of the Chamber of Faro, highlights that «the year 2024 will be a year of great unpredictability for many families and companies»

Photo: Bárbara Caetano | Sul Informação

The Chamber of Faro approved, this Monday, November 27th, a budget of 73,7 million euros for 2024, higher than the 66,9 million this year.

The value of the budget thus allows all expenses incurred in 2023 to be carried over to 2024 to be accommodated, in addition to a budget for investment in the municipality in the order of 24.735.000 euros.

This number, says the Chamber of Faro, «will usually grow with the incorporation of the management balance from the previous year».

«This budget thus allows, without compromising the correct accounts, to implement a set of projects that the municipality has long aspired to and that have been projected for the future», considers the executive of Rogério Bacalhau.

The budget foresees the implementation of investments already underway in the area of ​​housing, namely the construction of residential buildings in Montenegro and on Rua Ludovico Menezes, the improvement of the offer in the area of ​​education, through the construction of EB1/JI Afonso III and the rehabilitation of Estoi's EB1, the improvement of traffic and the municipality's road network, with the completion of Avenida Mário Lyster Franco, the requalification of Rua Dr. Egas Moniz, in Montenegro, and the completion of the new access bridge to Praia de Faro.

It is also planned to begin the project to requalify the recreational port and the Ribeirinho Neighborhood.

After approval of external financing, the requalifications of the Dr. José Neves Júnior, Dr. Joaquim Magalhães and D. Afonso III Schools may also be materialized.

Like the Sul Informação already realized, with the signing of the bank loan contract, in the amount of 16.420.000 euros, it will also be possible to finance and launch the works to requalify the Central Axis of Baixa de Faro (3.000.000 euros), the extension of the Porta Nova Port Infrastructure (8.500.000 euros), the construction of the Rotunda das Pontes de Marchil (2.400.000 euros) and the coastal ecovia in the connection Faro-Olhão (2.500.000 euros).

These are investments that in this forecast budget are listed as undefined financing, but which, after approval from the Court of Auditors, will have the respective tender procedure to be concluded in 2024 and to be carried out in the coming years.

Another major investment planned for 2024 will be the rehabilitation of the property acquired on Rua Monsenhor Henrique Ferreira da Silva, the work of which amounts to 916.730 euros, and will allow for future service installations and a restructuring of spaces to better accommodate the municipality's employees.

The Municipal Police will also begin its duties in 2024, with staff recruitment currently underway.

The budget also foresees a reduction in Municipal Property Tax (IMI) rates for urban buildings from 0,35% to 0,32%, while taxation on corporate profits (drops) from 1,5% to 1,35% % on taxable profit in IRC (companies with a turnover of up to 150.000 euros remain exempt).

To Rogério Bacalhau, president of the Chamber of Faro, «the year 2024 will be a year of great unpredictability for many families and companies, and in this sense, it is up to us to ensure that it will be, for the municipality, a year of project execution, maintaining rigor in municipal management, to support all the structure of fixed costs, the increase in the inflation rate, the increase in Euribor, at the same time that we continue to make the municipality attractive for those who live here and visit us, which will allow us to maintain sources of revenue, generating savings to ensure the continuity of financial balance and sustainability of investment».

«Some of the projects will be implemented with our own investment, others with external financing, but the objective will be common, to enhance the municipality and its heritage, maintaining its roots and giving it a new life», concludes Rogério Bacalhau.