City Board: Vantaa’s 2024 financial statements – Steady growth continues despite weak economic conditions
The Vantaa City Board met on Monday, 24 March, to review the city’s 2024 financial statements and the annual report of internal audit. In addition, the meeting addressed the zoning plan amendment for the expansion of Metsolanmäki daycare centre and the zoning plan for the Vantaa tramway in Länsimäki, Vaarala and Rajakylä.
Vantaa’s economy showed a deficit of approximately €61 million last year. In addition to the generally weak economic situation, the city’s finances were affected by, among other things, a decline in tax revenues and a near-complete halt in construction activity. However, investments have been made in Vantaa that will ensure stable growth in the future.
Key figures for 2024
- Deficit for the financial year: €61.3 million
- Result for the financial year: €–58.8 million
- Operating income: €146.2 million
- Operating expenses: €862.7 million
- Total tax revenue amounted to €585.2 million and government transfers to €179.1 million
- Gross investment expenditure: €149.6 million, with €147.5 million financed internally
- External loan stock increased by €70 million, bringing total external debt to €861 million at year-end
Internal control at a generally good level
The City Board noted the annual report of the City of Vantaa’s internal audit. A total of 23 audits were completed during 2024, including 17 main audits and 6 follow-up audits.
The audits did not reveal any broader areas with significant needs to improve internal control or risk management, except for procurement activities within the Streets and Parks service area of the Urban Environment sector, where there is still room for improvement.
Overall, internal control in the audited functions can be assessed as being at a generally good/satisfactory level across the city.
Expansion of Metsolanmäki daycare centre and progress of the Vantaa tramway
The City Board decided to submit the zoning plan for Metsolanmäki daycare centre to the City Council for approval. The amendment expands the current public buildings block area by incorporating part of a park, enabling the existing daycare building in Metsola to be extended to two storeys.
In addition, the City Board decided to make the zoning plan for the Vantaa tramway in Länsimäki, Vaarala and Rajakylä publicly available. The zoning plan and its amendment prepare for the tramway by allocating sufficient space for different modes of transport, the related street environment, and tram-related functions.
