The National Council have amended the 2022 budget and increased it to a sum of over €2 billion during a session on 30 June. The new budget, sanctioned by Prince Albert II, was significantly amended due to an increase in both revenue and expenditures.
The precise amount of Monaco’s new budget is €2,035,908,900. The changes between the initial budget and the amended budget show an increase in revenue (€146.7 million or 7.8%) and higher expenditure at (€147.9 million).
€59 million increase for Housing plan
Several items have created the big change in the Primitive Budget, including an increase in investment and expenditure, which can be broken down as: €59 million for the Housing plan, €34.5 million for Grand Ida, €25.7 million for Testimonio II and II bis, €14.4 million to top-up of the deposit account for the construction of the Waste Treatment and Recovery Centre, €8.5 million for the extension of the Grimaldi Forum, and €7 million to raise the Public Security Department building.
€28 million increase for CHPG
Public intervention expenditure was increased by €46 million. Subsidies allocated to the CHPG and its satellite establishments was increased by €28 million. The loss of revenue caused by the pandemic and the implementation of phase 2 of Ségur de la Santé and other health measures totalled €12.9 million (including €8 million for the continuation of the Blue Fund).
Increase in VAT taxes
An increase in tax revenue raised the budget by €100.2 million and was created mainly by an increase in VAT. This number excludes real estate VAT (€85 million) which was estimated based on a conservative revenue growth figures.