Transparent accounting in Porto is fundamental to the city's economic recovery. Budget review will add almost 100 M.

The Municipal Executive will vote budget review on 27th April, which will enhance the financial availability of Porto City Hall to 323.3 million euros, following the biggest cash balance ever. In 2019, it was close to 100 million euros (97.7). This operation will enable Rui Moreira and its councillors to better face the pandemic and the resulting economic effects. 

According to the proposal, signed by the Mayor, this first municipal budget revision shows, on one hand, "the profound uncertainty we are living", and "in fact, the exceptional scenario, hit by the pandemic, by the requisite containment measures and the international environment do not allow defining, to the detail, the revenue performance; also, it depends on exogenous factors to the Municipality and a timeline that we cannot evaluate at present".

The Municipality of Porto has had a prudent management, which resulted in the reduction of the level of bank debt that attained zero euros for the first time in decades.

The proposal that will be presented for approval on 27th April, during the Municipal Executive meeting by videoconference, states that "as a deep and likely recession is about to begin, we should expand public deficit - because we can - to restore the economic equilibrium".

That is, the Executive of Mayor Rui Moreira promises to continue to act, in the economic and tax areas with the same social responsibility and in line with the pillars of the governance programme, namely Social Cohesion, Culture, Economy and Employment.