It is important for the city’s finances to be in balance so that services can be provided to citizens without going into debt, now and in the future. The city’s revenues consist of fees and sales, grants, tax revenues, government contributions and other financial revenues. Operating expenditure consists of purchases of services, staff costs, purchases of materials, supplies and goods, grants to organisations and individuals, renting and leasing of premises and other individual items of expenditure.

Financial management is an important part of decision-making and day-to-day operations. The budget sets out the city’s priorities for the coming year, service levels and charging bases, as well as investments.

During the year, the finances are actively monitored and changes in the operating environment and costs are responded to by amending, where necessary, the revenue and operating expenditure estimates set out in the budget.

The overall performance for the year is assessed in the annual report in connection with the financial statements. Each year, the City prepares consolidated financial statements, including the financial statements of the companies and foundations owned by the City and of the co-owned entities.