RIGA, June 16 (LETA) - This year expenditure in Riga city's budget will exceed revenue by nearly EUR 136 million, according to the budget amendments adopted by Riga City Council on Wednesday. 

The local authority plans to raise the municipal basic budget's revenue by more than EUR 24 million and to increase expenditure by EUR 35.9 million.

As a result, the municipal basic budget's revenue will grow to EUR 940,658,679 and expenditure will rise to EUR 1,076,566,113.

As LETA was told at the city hall's press office, to step up participation in stimulating Latvia's economic recovery, Riga City Council intends to significantly increase the amount of investment projects.

To mitigate the impact from the Covid-19 crisis, the city will implement high-readiness projects after they get approved by the Cabinet of Ministers. The local government plans to announce additional investment projects worth more than EUR 78 million. They would be completed in the next two years, with projects worth EUR 43.5 million scheduled for completion this year.

The projects would be finances with loans and co-funding from the central government and municipal budget.