OSTRAVA'S BUDGET AT A RECORD HIGH OF CZK 10.4 BILLION

Ostrava's 2019 budget, approved by the City Assembly at its meeting of 12 December 2018, expects total revenues of CZK 9.072 billion, up CZK 738 million from last year. This also includes a transfer of CZK 1.63 billion from 2018, mainly intended for investments, the involvement of the Environmental Fund (CZK 6 million) and repayment of loans, which are to decrease by CZK 301 million. This totals CZK 10.406 billion.

Total expenditures of CZK 10.406 billion will cover not only the city's current expenditures, but also reduce the City's debt by CZK 0.3 billion, also including CZK 2.8 billion for investments.

"The 2019 budget represents prudent and responsible economic management of the city. It has again reached record highs, making Ostrava resilient to any changes in economic developments in the coming months. For three consecutive years, Moody's has increased Ostrava's credit rating, placing us among the very best nationally, with the same credit rating as the Czech Republic, Prague and Brno. Next year, we are expecting major investment projects such as the modernization of the Ostrava City Hospital or the preparation of the new concert hall", said Mayor of Ostrava Tomáš Macura.

"The City does not expect to take any loans next year. We will continue to reduce our debt. The reduction should be more than CZK 300 million, bringing the debt down to CZK 1.7 billion. In proportion to tax revenues, we are well below 30%, while other cities are at 80%. Ostrava will have an excellent starting position when it needs money or when tax revenues slow down", said Mayor Tomáš Macura.

For 2018, the Ostrava's credit rating assigned by the international rating agency Moody's was A1. In addition, Moody's changed the outlook from stable to positive. The City of Ostrava thus has the same Moody's rating as the Czech Republic, Prague and Brno. The rating confirms the city's economic and financial stability as well as high reliability in repaying its debts.