The Moscow authorities responded to the publication of the S&P rating agency that by the end of the year there will be no financial reserves in the capital. Deputy Mayor Vladimir Efimov said that the city’s budget does not include airbags.
“We don’t have a safety cushion. The funds that are now in the accounts of the budget will be directed to the implementation of the contracts already concluded by the city and the fulfillment of the social obligations it has undertaken to the residents, ”Mr. Efimov told reporters (quoted by TASS). In his opinion, the city manages the budget efficiently and pragmatically. The deputy mayor believes that today it is necessary to effectively use funds and direct money for development, and not create a liquidity cushion.
Vladimir Efimov also noted that funds in the accounts of budgetary institutions cannot be a safety cushion for the city budget, because these funds are “fully under obligations.” Of these, budgetary organizations pay salaries and make payments under contracts.
According to the Deputy Mayor, in 2021 the budget situation is better than in 2020. He recalled that the authorities decided to enter the borrowing market in order not to reduce the pace of implementation of the city investment program.
S&P previously said that by the end of 2021 Moscow will fully spend its financial reserves in the amount of about 440 billion rubles. At the same time, the rating agency noted that the capital has about 500 billion rubles. – funds of city budgetary institutions.
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