Greater transparency and public control over how municipal finances are managed

02/04/2018 - 11:16

The Transparency Portal details the City Council’s borrowing as of 31 December 2017, including information on conditions, purpose and interest rates on debts with financial entities, with additional information over and above what is required by law.

Borrowing by the City Council remains at 835.5 million euros, a figure reached two years ago and the lowest in the last decade, as well as one of the lowest among Spanish cities.

Besides maintaining the current level of borrowing, the main change introduced during this term of office has been the prioritisation of social contracts and ethical banking when formalising or renegotiating when due dates come up.

Financial operations with an overall value of 126,125,000 euros were conducted in 2017, with 32% corresponding to state-owned banks, 28% to sustainable green bonds, 22% to traditional banking and 18% to ethical banking.

Recommendations

The figures are the result of an analysis by the internal auditing service and will also help towards the compilation of a manual to facilitate the management and control of financial operations. This should help financial management to be governed by the principles of competition, publicness, transparency, non-discrimination and equality, the aim being to act as reliably as possible and in the public’s interest.

A list of financial entities which collaborate by way of public competitions will also be published, as well as their corresponding results.

For full information click here.