Tórshavn projects 1.6 billion kroner in revenue

Tórshavn Municipality expects total revenue of 1.6 billion kroner next year, according to Kringvarp Føroya. That is nearly 100 million kroner more than the revenue recorded last year and 85 million kroner more than the amount forecast for this year.

Revenue is therefore expected to rise by 5.6 percent next year. After operating and other expenses, 298 million kroner is expected to remain for investments.

390 million kroner for social and health services

The municipality’s largest operating expense will be social and health services, at 390 million kroner. Services for children and young people will cost 289 million kroner, technical services 181 million kroner, and the municipal administration 129 million kroner.

Of these main areas, the municipal administration will see the largest increase, rising by 6.8 percent next year.

The 2027 budget proposal, which received its first reading by Tórshavn City Council on Thursday evening, assumes that the municipal tax rate and child deduction will remain unchanged. The municipal tax rate is 19 percent, while the child deduction is 9,000 kroner.