The mayor prepares the budget proposal annually for the next calendar year and the economic plan for the next three years.
The mayor’s City of Helsinki 2018 budget proposal was published on Tuesday, October 10, 2017:
Tax reduction as a counterbalance to the rising costs of living
Economic growth combined with the City's tradition of responsible management of finances enable new commitments in both investments and the operational economy. These are especially visible in the Education Division, in accordance with what has been outlined in the City Strategy.
The good overall situation in the Helsinki economy allows for the compensation of the rising costs of living with a moderate reduction of the income tax by 0.5 percentage points. In the future, Helsinki would have a municipal income tax rate of 18 %.
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The City Board discusses the budget proposal twice in October. The City Council then discusses the budget proposal twice in November (November 15 and November 29, 2017). On the first occasion, the City Council decides on the local taxes and property tax for the next year. The budget will be approved November 29th.
The budget is published in Finnish and Swedish. The annual reports are published in English.
What is the City budget?
Presented in the budget are the development goals for city functions and an account on how the operations and investments will be financed. The starting point for the drawing up of the budget lies in the financial goals of the City strategy 2017–2021.
An investment examination is worked out in Helsinki for ten years, in connection to the budget work. The budget includes task and project specific operational objectives, appropriations and revenue estimates.
The City Council decides on the binding level of the department goals annually in connection to the budget work. Only the Council can alter the contents of the budget during the year. The completion of the objectives established in the budget is followed up and the City Councillors will be notified on the progress.