Saxony generated a surplus of 162 million euros in 2024. This is according to the budget statement presented to the cabinet by Finance Minister Christian Piwarz (CDU). However, the Free State also had to draw on its reserves. In the end, a surplus of around 0.6 percent of the budget volume remained, it was said. The amount will be transferred in full to the budget equalization reserve.
Reaching into the reserves was necessary
After completing all bookings, Saxony's 2024 state budget has total revenue of around 25.72 billion euros and total expenditure of 25.33 billion euros. Without dipping into reserves, the difference between revenue and expenditure would have amounted to a deficit of 843 million euros.
Finance Minister speaks of precision landing
Piwarz spoke of a precision landing and difficult framework conditions. "Over the course of the year, these were primarily significantly higher personnel expenses and lower tax revenue expectations, which were the reason for the budget freeze of 185 million euros in June 2024." At the time, a tax revenue shortfall of 385 million euros was expected, which actually fell to just 155 million euros at the end of the year.
According to the Ministry of Finance, investment expenditure amounted to just under 3.5 billion euros, falling short of the 2024 target and also the actual expenditure of the previous year (3.6 billion euros). The investment ratio was 14.0 percent. A total of 672 million euros in planned investments were initially not used. The money can now be used for the original purposes by the departments this year.
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