The Contractors Council is preparing to revise its member fees in a bid to address a budget deficit that has plagued its finances, according to its president Thekla Kadi.

Speaking during a presentation of the council’s 2025 budget to the House finance committee, Kadi stated that the deficit for the current year stands at approximately €390,000.

Kadi said that the council, which is responsible for the registration and control of contractors in Cyprus, generates its income from membership fees, which have not been revised since 2015.

She explained that the council operates independently of public funding, relying solely on its own resources.

“With the fee revision, the council’s finances will improve, allowing it to better meet its needs,” she said.

During the meeting, Kadi also stressed the need for proper staffing to enhance the council’s ability to conduct site inspections and fulfil its duties more effectively.

In 2024, the council carried out 2,151 inspections, a significant increase compared to 1,489 in 2023.

Of these, 185 related to disciplinary cases, while 52 concerned criminal offences.

The council’s efforts to streamline its disciplinary procedures were also discussed.

Kadi pointed out that, following more than a decade of delays, the council appointed a director in January 2023 to facilitate decisions on disciplinary matters.

She added that the council is in the process of reviewing its legislation to further address these challenges.

The council’s budget for 2025 anticipates revenue of €990,000, against expenses of €1,379,353, resulting in a projected deficit of €389,353.

Deficits of €167,332 and €188,913 are also forecast for 2026 and 2027, respectively.

However, these shortfalls are expected to be covered by the council’s reserves, which are projected to amount to €1,710,647 by the end of 2025.