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2021 Amending Budget Adopted by the National Council

The public meeting of the National Council on Bill 1046 concerning the setting of the amending budget for the
2021 fiscal year took place on 7 October.

As a preamble, let us recall the context in including a curfew and the closure of certain granting the government wide flexibility in
which the preliminary 2021 budget was activities. It was, therefore, very difficult to the management of these funds through, in
studied and approved. anticipate the health and economic situation particular, Special Treasury Accounts.
At the time of the examination of the 2021 to come during the year 2021. Almost a year later, the situation is quite
preliminary budget, deposited on the desk of It is within this framework that national different, which is why a first draft amending
the National Council on 6 October 2020 and councillors wanted to give the state the budget for the fiscal year 2021 was submitted
approved the following 17 December, the financial means to deal with the health crisis on 30 June 2021 to the National Council.
health crisis was still acute. The Principality and limit the economic and social impact of However, taking into account the marked
did not have vaccines at the time. Restrictive the pandemic. For this, ministers voted for a evolution of revenue, in particular tax, observed
measures were still in force in Monaco, preliminary budget endowed with large sums, since this filing, thanks in particular to a level
of economic activity in the Principality which
is clearly more favourable during the summer
months than the trend observed over the first
six months of the year, it seemed opportune
to adjust the 2021 amending budget to this
level of revenue.
At the same time, in the context of the transfer
of SBM shares to the Constitutional Reserve
Fund, the price of SBM observed since June
having significantly increased, the estimate
of the transfer valuation has been updated.
Finally, given the decision of the Monaco
Telecom board of directors at the beginning
of July to make an additional payment of
dividends, the corresponding income has been
aligned with this decision. On this occasion,
the amounts dedicated to social measures
implemented in the context of Covid-19 were
also adjusted, thanks to updated information
on the level of spending during the summer
months, as well as equipment spending on
two construction operations (Larvotto beach
resort and the reconstruction of the quai des
Etats-Unis), taking into account additional
information obtained in the meantime on
these sites.
Thus, the forecast changes recorded between
the 2021 preliminary budget and the amending
budget result in a significant increase in
revenue (+ €249.4 million or + 17%) and a
slightly less marked increase in expenditure
(+ €143.7 million or + 9.1%).
In this way, the forecast budgetary result
for 2021, which showed a deficit of - €114.5
million in the preliminary budget, amounts
to - €8.8 million in the amending budget. In
addition, through the transfer of credits, the
investment credits available for three-year
© Conseil National operations are increased by €38.3 million.

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