The result of the city of Imatra was 4,5 million euros surplus

The financial result of the city of Imatra in 2023 was better than budgeted. 

The result for the financial year was 4,5 million euros. The result exceeded the budgeted 1,3 million euros. 

- The result was burdened by the write-downs of housing joint stock companies and real estate joint stock company Imatra Kerhomäki totaling 2,8 million euros. The liquidation of the Etelä-Karjalan Pelastuslaitos balance sheet unit and the gains on disposal of fixed assets and investment assets improved the result, group finance manager Marko Pollari says. 

The annual margin was realized at the level of 17,5 million euros and was 3,6 million euros stronger than budgeted. From the previous year, the annual profit increased by around nine million euros. The city's annual profit was just as good last time in 2010. 

- Even though the year went well financially, the situation will deteriorate a lot in the year that has started, especially due to the decrease in government shares. In addition, an exceptionally large amount of tax revenue was allocated to last year. In general, the prospects for the municipal economy in the next few years do not look very rosy, and therefore we will have to continue to look for long-term ways to strengthen the development of the economy, mayor Matias Hilden says. 

The better-than-anticipated economic situation increased tax revenues 

Operating income was 2,3 million euros and tax income was 1,5 million euros higher than budgeted. 

— In my view, the excess of municipal tax and corporate tax was due to a better-than-anticipated economic situation. In addition, municipal tax collection was increased by the so-called tax tail of 2022. Property taxes, on the other hand, fell short of expectations, says Pollari. 

Financial expenses fell short of the budgeted 0,3 million euros. Operating expenses, on the other hand, exceeded the budgeted amount by 0,4 million euros. 

— Personnel expenses, which totaled 38,1 million euros last year, explain the overrun. The amount is one million euros more than budgeted due to the salary settlement in the municipal sector being more expensive than anticipated, Pollari explains. 

Last year, investments without financing items were 23,0 million euros, and the cash flow of operations and investments, including financing items, was -0,5 million euros. 

The city's loan portfolio at the time of closing the accounts was 129,1 million euros. The amount of long-term debt capital was 112,0 and short-term 17,1 million euros. The loan portfolio grew by 10,3 million euros during the financial year. 

The city government deals with the city's financial results in its meeting on 19.2. The actual financial statements will be processed at the end of March. 

For more information: 

Group Finance Manager Marko Pollari, tel. 020 617 2268, marko bollardimatra.fi (marko[dot]pollari[at]imatra[dot]fi) 

Mayor Matias Hilden, tel. 020 617 2200, matias.hildenimatra.fi (matias[dot]hilden[at]imatra[dot]fi)