Runavík City Council approves budget with increased child deduction and sports voucher for 2025

Communities across the country are currently finalizing their budgets for the upcoming year. In the third-largest municipality, Runavík, the tax rate will remain at 21.5%. However, the child deduction will increase by 1,500 Danish kroner, bringing it to a total of 10,500 kroner, the highest in the country.

The voucher for children and youth access to sports and leisure activities will also rise from 2,500 to 3,000 kroner. The budget for 2025 balances at 300 million and 400,000 kroner, with a surplus of approximately 10 million kroner, not including any loans. Tax-funded investments for the coming year are set at 52.4 million kroner.

The largest individual investment by the municipality is the swimming pool, expected to be completed by this summer. To date, over 107 million kroner of the total cost, which stands at 165 million kroner, has been spent and paid.

The municipality’s net debt is 181 million kroner, which is 95 million kroner lower than the borrowing limit. The Runavík City Council approved the budget on Thursday evening in its first reading, with ten votes in favor and one against.

The second reading will take place at the last regular council meeting for this electoral term, scheduled for Thursday, November 28.