RIGA, Jan 28 (LETA) - After several hours of debates last night, the Riga municipal budget for 2021 was approved, foreseeing expenditures to be by EUR 20 million less than last year.

However, revenue will still exceed expenditures.

Riga's budget revenue for this year is expected at EUR 916.6 million, while expenditures at EUR 1.04 billion.

Given that budget revenue this year will be EUR 124 million lower than the previous year, it is planned to cover most of the expenditure that exceed revenue from the funds available in municipal accounts, where at the end of the year there were EUR 119 million.

The remaining approximately five million euros, which the municipality lacks to finance the planned expenses, will be borrowed.

This year, tax revenues are planned for the local government in the amount of EUR 671.4 million, state budget transfers are planned in the amount of EUR 200.4 million, and non-tax revenue is estimated at EUR 13.9 million.