Decrease in Moscow budget revenues decreased to 4.8% in annual comparison

Decrease in Moscow budget revenues decreased to 4.8% in annual comparison

Decrease in Moscow budget revenues decreased to 4.8% in annual comparison

As of September 1, 2020, 1 trillion 674.2 billion rubles were transferred to the revenue side of the Moscow budget. Compared to the same period last year, the decline was 4.8%. Such data are given in the message of the press service of the Moscow Department of Finance.

The recovery of economic activity in Moscow is leading to a reduction in the lag of city budget revenues from the indicators of 2019.

The fall in budget revenues in 2020 compared to 2019 was: for five months – 8.4%, for six – 6.9%, for seven – 6.3%, for eight – 4.8% compared to the same period in 2019 of the year.

As indicated in the message, tax revenues of the city budget as of September 1, 2020 amounted to 1,475.9 billion rubles. The decrease in tax revenues for eight months of 2020 amounted to 4.3%, or 66.6 billion rubles compared to the same period last year.

The largest share in Moscow's tax revenues is taken by the personal income tax (PIT) and corporate income tax, which since the beginning of the year provided 84.5% of all tax revenues to the city budget.

Payments to the Moscow budget for personal income tax show a positive trend. For eight months of this year, they increased by 34.8 billion rubles or 5.3% compared to January-August 2019 and amounted to 690.4 billion rubles.

The revenues of the budget of the city of Moscow from corporate income tax in January-August 2020 amounted to 556.5 billion rubles. Compared to eight months of last year, corporate income tax has decreased by 85.2 billion rubles, or 13.3%.

Organizations' property tax revenues decreased by 5.7 billion rubles or 5.5%, amounting to 96.5 billion rubles. The decrease is due, among other things, to the provision of a deferral for the payment of tax to enterprises from the industries most affected by the coronavirus pandemic.

Non-tax revenues were received in the amount of 140.5 billion rubles and amounted to 8.4% of the total volume of Moscow budget revenues.

Cash execution of expenses as of September 1, 2020 amounted to 1,835.7 billion rubles. 96.2% of all expenditures or 1,766.8 billion rubles were allocated to finance the city's state programs.

Social expenditures account for more than half of Moscow's budget expenditures. In January-August 2020, 54.6% of all city budget expenditures – 1,002.0 billion rubles – were directed to finance three city social programs: “Social support for Moscow residents”, “Capital education” and “Capital health care”. This is 41.1% more than in the same period in 2019.

The financing of the state program “Metropolitan Health Care” has increased 2.1 times. For eight months of 2020, it amounted to 404.1 billion rubles. Taking into account the funds of the territorial compulsory medical insurance fund, healthcare costs in Moscow in January-August 2020 amounted to 547.5 billion rubles.

362.0 billion rubles were allocated from the city budget for the state program “Social support for residents of the city of Moscow”, which is 17.2% more than in January-August 2019. 236.0 billion rubles were allocated for the Capital Education program. The volume of funding for the education system in Moscow increased by 12.2% compared to the same period last year.

The size of the state debt of the city of Moscow remained at the same level – 30.0 billion rubles. The level of debt burden on the budget of the city of Moscow as of September 1, 2020 amounted to 1.1% of the planned own budget revenues, according to a press release.

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