Cyprus Mail
Cyprus

Paphos budget sees €1m euro surplus

By Bejay Browne

PAPHOS forecasts to have a surplus of one million euros in its budget for 2014, as approved by the local council late on Tuesday.

A spokesman for Paphos municipality confirmed that after lengthy discussions, the two parts of the budget were approved with only minor amendments.

“Last night, the council approved the two regular budget for revenues and expenses and the second one for development projects,” he said yesterday.

The budget for income and expenditure sees 2014 revenues at around 18.8m and expenditure at about €17.6m, resulting in a surplus of €1.2m.

After discussion, the spokesman said that the council decided to use this surplus to finance the development budget.

“We expect that in 2014 we will encounter problems in financing projects which we were unable to undertake in 2013. These include the new town hall, and improvements to pavements and roads.”

In addition, the cultural committee requested €250,000 and got €200,000.

“The council also decided to cut municipal employees’ overtime pay by 30 per cent and also put a ceiling of €6,000 on the amount any municipality employee can claim in overtime in any year.”

The spokesman said that the council took an “optimistic approach. It now remains to be seen if the revenue estimates for 2014 will be realised.”

He added that the municipality’s biggest sources of revenue are the hotel overnight stay tax, water supply, common taxes and weddings.

“Our biggest expenses are the municipal salaries and electricity.”

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