The view from Vaud
Lausanne, Switzerland (GenevaLunch) – The Vaud cantonal government said 27 October that it projects annual budget deficits of between CHF70 million to CHF360 million over the four years from 2011-2014, the result of its periodic review of cantonal finances. In part, it says, the revision is a reflection of the economic crisis that affects everyone.
Switzerland’s GDP is expected to rise only 0.4 percent in 2010. In Vaud, tax receipts are projected to rise an average of 1.5 percent annually for the foreseeable future, less than expected earlier. Unemployment is sure to rise, further straining the canton’s finances. The deficit is expected to rise by CHF1.8 billion until 2014 with an attendant interest service cost of CHF95m.
The government simultaneously announced a plan to reorganize the canton’s administration which is expected to save some CHF70m per year. It plans to simplify formalities and procedures, to offer many more services on-line, and to restructure the cantonal administration.
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News story, GenevaLunch, 28 October 2009.
Filed under: Society
Tags: administration, Canton Vaud, deficits, finances, restructuring, unemployment