RIGA, Jan 22 (LETA) - After more than ten hours of discussions, the Riga City Council on Wednesday night approved this year's budget, which forecasts revenues of EUR 1.5 billion and expenditures of EUR 1.7 billion.

The Riga City Council's budget revenues this year are planned to be EUR 37.6 million higher than last year. Total revenues this year are planned to be EUR 1.508 billion, while last year's budget revenues were planned at EUR 1.47 billion.

The capital city's municipal expenditure is planned to be at EUR 1.702 billion, which is just under EUR 194 million more than revenue.

Tax revenues for the municipality this year are planned to be just under EUR 1.056 billion. Of this, EUR 934 million is planned to come from personal income tax. Meanwhile, EUR 119 million in revenues is planned to come from property tax.

Just under EUR 352 million will be received as state budget transfers, of which almost EUR 63 million will be a grant for the implementation of projects co-financed by the European Union.

The largest part of the budget - 36.9 percent or EUR 628.2 million - will be devoted to education, while 24.6 percent of expenditure, or EUR 418.9 million, will be spent on economic activities.

Another 14.2 percent or EUR 240.8 million will be spent on social protection, 6.9 percent or EUR 117.5 million will be spent on general government services, while 2.9 percent of expenditure, or just over EUR 49 million, is earmarked for municipal territory and housing management and the same amount for recreation and culture.

A total of 2.2 percent or EUR 37.3 million is planned to be spent on public order. Less than 1 percent of the budget is planned to be spent on environmental protection and health.

The Riga City Council's contributions to the municipal financial equalization fund are planned to amount to more than EUR 137 million this year, which is 8 percent of the municipal budget, while expenditure for unforeseen circumstances is planned to amount to EUR 7.7 million.

The opposition submitted 70 proposals to the council meeting, which were rejected.