RIGA, Jan 22 (LETA) - This year's Riga municipal budget will be a development and security budget, Riga Mayor Vilnis Kirsis (New Unity) informed at a press conference on Wednesday.

He stressed that this is reflected in the investment plan, which has been significantly increased in recent years and will reach almost EUR 300 million this year.

As the Mayor pointed out, the lack of investment has been a chronic problem in Riga for years. The municipality has underinvested in streets, bridges, schools, social care institutions, parks and elsewhere, he said.

In the last three years, the city council has tripled the amount of investment. Much of the investment is European Union funding.

In security and civil protection, investment has increased even more. If we look at civil protection separately, the amount of investment is even six times higher than before, explained Kirsis.

As reported, revenue in Riga's 2025 municipal budget is projected to grow by EUR 50 million from last year, while budget expenditure is expected to increase by EUR 110 million, according to the Latvian capital city's draft budget.

Total municipal revenue is planned at EUR 1.47 billion, which is EUR 50 million more than in the 2024 budget.

Expenditure in the amended budget for 2024 was planned at EUR 1.584 billion, while in 2025, expenditure is expected to increase to EUR 1.694 billion, which would be EUR 110 million more than last year.

While last year's budget expenditure was expected to exceed revenue by around EUR 164 million, in 2025 the municipality's budget expenditure is expected to exceed revenue by more than EUR 200 million.