Kharkov 2014 regional budget exceeds 6 billion UAH

Total 2014 budget income for Kharkov region is estimated at 6,000,102,700 UAH. The budget was adopted at the session of the Regional Council on 30 January. Individual income tax will provide UAH 1.13 billion, it is expected. Individual income tax is the largest source of income for the regional budget. This year, the revenues from the individual tax will grow 131 million UAH compared to the year before, particularly due to erosion of shady cash-in-hand salary payments. Equalization grants to local budgets for delegated authority will reach UAH 990 million. Amount of revenue will ensure year-round payment of salaries to public sector employees. In general, the average salary in all spheres of activity will rise by the end of 2014 to 3,256 UAH, 9.2% up on 2013.

The 2014 regional budget plans expenditure on the same level as the revenue. In this case, the expected increase in spending by additional grants and subsidies from the state budget could reach about 10% of the amount approved at the beginning of the year. In regional budget specifies UAH 9.2 million for financing of the regional council, UAH 746 million for education and 1.153 billion for healthcare. In particular, UAH 39.3 million has been allocated for the “Diabetes” program, including UAH 20 million to the Kharkov budget. The budget allocates UAH 200 million for the social protection of the population, 11 million - for culture and arts (in particular, 20 million for four regional museums), 40 million - for physical activity and sport, 3.2 million - for financial support of the “Gosprom”.

The budget earmarks UAH 471 million for regional development programs; much of this amount will come from the sale of the “Metalist” stadium. The stadium was sold on August 7 last year for UAH 674.522, but by the end of 2013, the budget received only 92.9 million. Now the receipt of funds has been blocked by litigation. The funds of the development budget will be spent on the reconstruction of Kharkov Regional Philharmonic Hall (136 million) and Kharkov Historical Museum (29 million). Besides as a subvention amount, Kharkov will receive UAH 305 million for subway construction.

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