The city has announced an annual deficit of CHF 35 million for 2013, although in a statement it said the deficit was due to an extraordinary payment of CHF 120 million made to the city’s new inter-communal pension fund to cover underpayment in previous years. Without this exceptional item, officials report that the city would not only have remained within budget but would have returned a surplus of CHF 84 million. In its announcement, the Department of Finance emphasised that the accounts clearly demonstrate that the City has control of spending and that its new accounting system is working effectively. The report also highlighted investment of some CHF 100 million in cultural projects such as a fine art storage facility, the efurbishment of the Alhambra theatre and concert hall, and preliminary work on large projects including the planned renovation of the Grand Théâtre and the Musée d’art et d’histoire.
