Photo from UNIAN

Kyiv City Council has approved the budget of the Ukrainian capital city of Kyiv for 2020 with revenue and expenses at about UAH 59 billion (US$2.5 billion) each.

The document was supported by 72 out of 80 deputies at a Council meeting on December 12, according to the Council's press service.

In particular, the city's revenue will stand at UAH 58.826 billion (US$2.5 billion), including UAH 53.6 billion (US$2.28 billion) to the budget's general fund and UAH 5.1 billion (US$216.47 million) to the special fund.

The major sources of financing in 2020 are the following: individual income tax at UAH 26.4 billion (US$1.12 billion); unified tax at UAH 7 billion (US$297.11 million); land fees at UAH 5.8 billion (US$246.18 million); and corporate profit taxes at UAH 5 billion (US$212.22 million).

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Chairman of the Kyiv City Council Standing Committee on Budget Issues Andriy Strannikov, who was a rapporteur on the draft, said the municipal budget is balanced as expenses amount to UAH 58.826 billion (US$2.5 billion), including 38.3 billion (US$1.63 billion) for the general fund and UAH 20.5 billion (US$870.12 million) for the special fund.

According to Strannikov, UAH 21.7 billion (US$921.1 million), or 37% of the budget, is to be allocated for the development of education, while UAH 10.3 billion (US$437.2 million) for transport and road facilities.

"Housing and utilities sector is in third place with more than UAH 6.7 billion [US$284.4 million]," he said.

Moreover, UAH 6.7 billion (US$284.4 million) is earmarked for health care, while almost UAH 4.5 billion (US$191 million) will go for social payments to Kyiv residents. Some UAH 400 million (US$17 million) is provided for the purchase of housing for applicants from the waiting list for affordable housing, while UAH 50 million (US$2.12 million) will go for the acquisiton of apartments for orphans.

Some UAH 1.6 billion (US$67.9 million) has been allocated for culture and art.

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"Public Budget 2020 should be mentioned separately. We have 554 winning projects. As promised, we envisaged UAH 160 million [US$6.8 million) for their implementation," the official added.

As UNIAN reported earlier, this year, the Kyiv City Council adopted the city's 2020 budget under the new regulation.