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Nenets Region to cut state debt by current revenues

As of December 1, 2017, the region’s budget received $296 million, while the year’s plan was $ 286 million

ARKHANGELSK, December 18. /TASS/. The Nenets Autonomous Region will use the regional budget’s additional revenues, received at the end of the current year, to cut the region’s state debt, the regional administration’s press service said on Monday.

"With additional revenues we shall lower the regional budget’s loan burden, as this money will be used to settle a part of the state debt," the press service quoted the region’s acting Head Alexander Tsybulsky as saying. "Thus, we shall cut expenses for serving the debt in 2018."

As of December 1, 2017, the region’s budget received 17.4 billion rubles ($296 million), while the year’s plan was 16.8 billion rubles ($ 286 million). The region’s Deputy Governor Tatyana Logvinenko explained the good results by effective work of the local tax collecting commission.

Over eleven months, she continued, the region’s expenses made 15 billion rubles ($256 million) (while the plan was for 18.5 billion). Thus, the current budget surplus is 2.4 billion rubles ($41 million). The debt is 2.6 billion rubles ($44 million). The region spent in 2017 for serving the debt 270 million rubles ($4.6 million). More than 300 million rubles ($5 million) was saved by attracting short-term treasury loans at 0.1%.

The most reliable source of the budget revenues was the tax on corporate property: over the current year, the region has received 5.8 billion rubles ($98 million), which is 35% of all the revenues.

The biggest spending was for education - 4.3 billion rubles ($73 million), social payments to the local residents - 2.4 billion rubles ($41 million), subsidies to corporates - 1.9 billion rubles ($32 million), and for healthcare - 1.1 billion rubles ($19 million).